Filing Past Years Income Tax Returns

If you have missed the date for filing an Income Tax Return, you should note that the option of filing belated ITR is available to you subject to certain conditions. As per the Income Tax Act of India, you are allowed to file belated return at any time before the end of relevant assessment year or completion of assessment, whichever is earlier.

Filing ITR for previous years is much more than just fulfilling a legal obligation. There are multiple long-term advantages, and it can help you avoid multiple unnecessary future financial and legal complications. Here are the reasons:

1. Legal Compliance: To fail to file ITR within the given due date can not only attract penalties, interest, etc., but can also land you in prosecution if severe enough.  Filing belated ITR or ITR for previous years allows you to regularise your tax history.

1. Claiming Tax Refunds: Only by filing ITR are you able to claim a refund, if excess TDS was deducted or if you paid any advance tax. If you miss the ITR filing date, you are likely to lose the right to receive your money back.

1. Carrying Losses Forward: According to Indian tax law, certain types of losses such as a business loss or a capital loss can only be carried forward if the return is filed in a timely manner. Therefore, your ability to carry a loss forward to future tax years will be lost if you file a delayed ITR.

1. Gifting You Financial Credibility: ITR documents will most likely be required as part of the application process for a home loan, personal loan, business loan, a visa, and even credit cards. Regularly filing your ITR indicates financial responsibility and helps you build credibility with banks and institutions.

1. Rectifying Mistakes in Previous Tax Filings: If you notice mistakes in a previous ITR form, you are allowed to go back and amend the mistakes within the same assessment year such as missing income or incorrect deductions/tax calculations.

Eligibility to File Belated/Previous Year ITR

Moreover, you also have eligibility to file your belated ITR if:

1. You have not answered the original ITR deadline for filing.

1. The assessment year is still open to file (meaning the deadline has not yet expired).

1. You are voluntarily filing a return even if taxes are not due.

Note: However, the assessment year has lapsed and cannot be filed, unless you are being served under Section 148, in which case you are allowed to complete this return in response to the notice.

Important Income Tax Return Filing Deadlines for FY 2024–25 (AY 2025–26)

Below are the important deadlines when original income tax returns for financial year 2024–25 must be filed:

1. July 31, 2025 - Due Date for Individuals and Non-Audit Taxpayers

This is the usual deadline for the majority of individual taxpayers not subject to audit. For the above refers to salaried individuals and pensioners and freelancers without business audit requirements. Returns which are filed by this date are original and timely; allowing full taxpayer benefits such as the carry forward of losses and interest payable on refunds.

1. October 31, 2025 - Due Date for Auditable Taxpayers

This date shall apply to taxpayers whose accounts are subject to audit as referred to in Section 44AB. Taxpayers must be businesses and professionals if the prescribed limits of turnover or gross receipts in the Income Tax Act apply. Companies and firms whose accounts must be audited may also use this deadline.

1. November 30, 2025 - Due Date for International Suitable Transfer Pricing Cases

The above date shall apply to taxpayers engaged in International or Specified Domestic Transactions, which seek a transfer pricing report prescribed under Section 92E of the Income Tax Act. The extended due date provides time for preparing the supporting documentation and completing all required reporting for this complexity, as returns have been extended to 30th November 2025.

Filing Deadlines for Belated and Updated Income Tax Returns Even with the original return filing time limit having been missed, the Income Tax Act does allow you to regularise your returns on a few further occasions. It will be useful here to clarify the distinctions and the time limits.

1. Belated Return - Time Limit: 31 December 2026 A belated return, as the name suggests, is a return that is filed on or after the original due date, but still in the same assessment year. For AY 2025-26, the filing due date for belated returns is 31 December 2026. The outcome of filing a belated return may involve penalties and also prevent the carry forward of losses, with the exception of losses in house property.

1. Updated Return - Available for 24 months: An updated return is an opportunity to voluntarily fix errors or omissions in a return that has already been filed. It is available under Section 139(8A) of the Income Tax Act. The time limit for filing an updated return is 24 months after the end of the relevant assessment year, meaning that the limit ends on 31 March 2028 for AY 2025-26. It is useful if you have income that has been underreported, if you have failed to declare any source of income at all, or if you have incorrectly claimed any deductions.

Extensions of Time Limits and the Qualifications Surrounding Extensions

 At different times, the Government of India may also extend ITR filing due dates and updates may or will provide relevant reasons for the extension, including:

1. Natural disasters

1. Technical or system disruptions on the e-filing portal

1. Pandemic-related disruptions

1. Representation from taxpayers and industry bodies

Documents you will need to File your ITR Relating to Previous Years

Before commencing the process of filing an ITR for previous financial years, it is essential to gather all the documents you require to make a successful application. Here is a list of those documents in detail:

1. PAN Card - Your Permanent Account Number is your unique identity for tax purposes

1. Aadhaar Card - Must be linked with PAN.

1. Your Bank Statements - To track interest charges and other credits from your bank.

1. Form 16/16A/16B - TDS certificates from your employer or deductors.

1. Form 26AS - The tax credit certain, found on the income tax portal.

1. Proof of investments - To claim Tax deductions under sections 80C, 80D, 80G, etc.

1. Salary Slips - Manageable documents to verify the income earned, tax credits claimed.

1. Capital Gains Statements - For any capital gains you incurred from shares, mutual funds, or property.

1. Loan Rates/Statements - For home loans, education loans, or any other loan repayments.

1. Proof of Other income - Renting, dividends earned, interest earned, etc.

Step-by-Step Process to File ITR Online for Old Years

To file your income tax return for an earlier assessment year, you can follow the instructions given below:

Step 1: Go to the Official Income Tax e-filing Portal

You must go to the official website of the Income Tax Department of India at https://www.incometax.gov.in. This is the only legally recognised and safe portal to e-file your income tax return.

Step 2: Login or Register to the Portal

Since this may be the first time using the portal, you need to register using your Permanent Account Number (PAN), which also serves as your user id. You must submit your basic details including your name, date of birth, mobile number, and email address. If you have already registered on the site, then you can log in using your PAN with a password.

Step 3: Link Aadhaar with PAN

The Income Tax Department requires that your Aadhaar card be linked with your PAN card to file ITR. The portal will require you to link your Aadhaar with the PAN card before proceeding further if this hasn't already been completed.

Step 4: Get to ITR Filing Section

After you login, Go to Menu - Click on ‘e-File’. Then select ‘Income Tax Returns’ and click on ‘File Income Tax Return’ to start the process of filing your return.

Step 5: Choose Assessment Year

You now need to select which assessment year you wish to file your return under. For example, if you are filing a return for Financial Year 2022–23, you have to choose. Assessment Year 2023-24. You also have to select the filing status, for example Individual, Hindu Undivided Family (HUF), Firm, Company, etc.

Step 6: Select Correct ITR Form

Selecting the correct ITR form is an important part of the filing process. The ITR form you need will depend on your sources of income, residential status, and taxpayer status. If you do not select the correct ITR form, you risk rejecting your return or misreporting income.

Step 7: Fill all Required Details

After choosing the ITR form, fill in all the required details to the best of your knowledge. This generally requires:

1. Your Personal Details such as name, address, contact details

1. Your income from various sources, such as salary, business, property, and capital gains

1. Any deductions you claim under various sections such as 80C, 80D, 80G, etc.

1. Tax Deducted at Source (TDS) and advance tax paid

1. Bank account detail for refunds

Step 8: Match data with Form 26AS

Cross-check the tax details you have provided with Form 26AS available on the income tax portal. This statement reflects tax credited (by deductors) to your PAN and must tally with the TDS entries you declare in your ITR.

Step 9: Submit and Verify the ITR.

Once you have entered and checked everything, you can submit your return from the portal. Keep in mind, once you submit your return, it is not filed yet. You must take action to verify your return within 30 days of filing it.

How to Verify your ITR

Once you have submitted your return, it’s time to verify it. Verification is necessary to have your return recognized by the Income Tax Department. If you do not verify your return within 30 days, your return will be void, and it will be considered as if you had not filled one at all.  Here are some ways which you can verify your ITR:

1. Aadhaar OTP: you can authenticate by obtaining a one-time password that will take it from your Aadhaar linked mobile number.

1. Net Banking: you can log in to your net banking account with your bank and use the e-verification option to validate your return.

1. EVC: an electronic verification code can be generated from the income tax portal, which you get mailed or by a registered mobile.

1. Bank ATM: few banks allow you to generate an EVC from their ATM facility.

1. Digital Signature Certificate: compulsory for companies and those who are being audited.

1. Demat Account: If your demat account has already been pre-validated with the income tax portal, you can verify your return using it as well.

Benefits of Filing Past Years Income Tax Returns

There are a number of benefits that come with filing tax returns for the previous years:

1. Loans - Individuals who have filed their returns for past years will find it easier to get their loans approved by banks and financial institutions. The loan process becomes faster and less complicated.
2. Proof - Filing past years tax returns also act as a proof of an individual's income. Tax returns are valid documents that can be submitted whenever there is a requirement to validate an individual's income.
3. Investments - Individuals who have filed their tax returns for past years will also find it easier to make investments or conduct stock or share trading, since financial institutions look favourably on individuals who have their returns in order.
4. Refunds - In case an individual has been taxed beyond what his or her taxable liability is for the previous years, that individual can claim for a refund on the excess tax that he or she has paid for the past years.
5. Travel - Individuals who have filed their tax returns will also find it easier to obtain visas to travel abroad. Tax returns serve as a proof of financial abidance, which is a mandatory check when it comes to applying for a visa.

Consequences of Not Filing Income Tax Returns for Past Years

Failure to file income tax returns for previous years could result in certain consequences such as:

1. Interest - Individuals who fail to file their income tax returns within the due date for previous years will be liable to pay interest on their outstanding tax amount when filing returns at a later point in time
2. Loss - Any losses that an individual may have incurred during the past years, which may be losses through business or capital loss, will not be allowed to be carried forward to successive years.
3. Penalty - Individuals who have failed to file their tax returns for previous years before the cut off date are liable to pay a penalty of Rs 5000, which will be levied by the taxation authorities.
4. Prosecution - Failure to file tax returns, concealment or nondisclosure of income for past years could also result in prosecution of the individual by the income tax authorities.
5. Error - Sometimes individuals who have failed to file their returns in time for previous years, encounter errors in these returns when they actually do decide to file returns.
6. Delay in Refund - Filing of past years income tax returns at a later time could result in a delay in the processing of an individual's tax refund that he or she may be eligible for.

Penalties for Late Filing of ITR for Previous Years

Filing your income tax return after the due date is subject to penalties and additional consequences that could last into the future. Under Section 234F of the Income Tax Act:

1. If you submit your return after the due date, you could be charged a late filing fee of Rs.5,000. Taxpayers with total income below Rs.5 lakhs are charged a reduced fee of Rs.1,000.

1. If you have been unable to pay your tax, you may be subjected to additional interest charges under Sections 234A, 234B, and 234C in respect of unpaid taxes

1. A number of different losses can be asserted in respect of a taxpayer's ‘loss’. You might lose the advantage of carrying forward certain types of losses (capital losses, business losses, etc.) if your return has not materialized on time.

1. If you have a refundable tax from the ITR and miss the extended deadlines, it may be delayed or forfeited altogether.

How can I check if my ITR is filed or not?

Follow the steps mentioned below to check if your ITR is filed:

Step 1: Visit https://www.incometaxindiaefiling.gov.in/home.

Step 2: Choose the option ‘ITR-V Receipt Status.’

Step 3: Fill in details like your PAN number and the year of assessment.

Step 4: Fill in the Captcha code.

Step 5: Click on the submit option.

Step 6: In case you have filed ITR for the mentioned year, the screen will display ‘ITR-V Received’. In case you have not filed, a message regarding the same will be displayed on screen.