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ITR for FY:21-22 AY:22-23

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Zeeshan Haris

74 Points Posted on 23 February 2023

1. Can we still file ITR-3 or ITR-4 (Sugam), for income under 2.5L till 31st March 2023 for FY:21-22 AY:22-23?

2. I've been filling ITR-3 from last 8-9 years and not filled for FY:21-22 AY:22-23, so can I just add income of FY:21-22 and adjust proprietor's capital in FY:22-23 AY:23-24 's ITR, if unable to file ITR for FY:21-22?

It's business turnover under 20L and business income under 2.5L, So mandatory ITR is not applicable.

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Quick Summary

This discussion addresses filing Income Tax Returns (ITR) for FY 21-22 (AY 22-23) after the deadline. It clarifies that filing ITR-3 or ITR-4 (Sugam) is no longer possible for that period. However, individuals who haven't filed can file an updated return by paying a late fee under section 234F, especially if their aggregate income is below Rs. 2.50 lakhs, potentially declaring profits up to Rs. 5 lakhs without tax.