If you have missed deadline of filing your Income tax return and want to know, How to Get ITR For Last 3 Year, you have landed the right place. No worries, now It is possible to file income tax return of last 3 years with the help of ITR U i.e Updated Return form.

is it Possible to Get ITR For Last 3 Year

Yes, its Possible through ITR U Form. Now After Budget 2022 Introduce ITR U Form so anyone can file the Updated Income Tax Return for the past year.

What is ITR U

ITR-U is the Form that allows you to update your ITR by rectifying errors for up to two years from the end of the relevant AY.

Who can file ITR U

An Individual who has made an error or omitted certain income details in any of the following returns can file an updated return:

  • Original return of income, or
  • Belated return, or
  • Revised return.
  • or not Filed the Income Tax Return in the relevant Assessment Year.

How to File ITR For Last 3 Year

For how to get ITR for last 3 years or filing ITR for past years may seem daunting, but following a systematic approach can simplify the process:

Determine Eligibility: First thing you should do is, establish if you can file a ITR U or Not. Typically, if not Filed the ITR then you can File the ITR U Form within the 2 year from End of Relevant Assessment Year.

Collect Documents: Collate relevant income and tax deduction document proofs, including Form 16, bank statements etc.

Choose the Correct ITR Form: Ensure you have selected the right ITR form, based on the nature and sources of your income.

Calculate Penalties and Interest: For late ITR filing, calculate your penalties and any interest on outstanding tax payments.

E-Filing: You can use the official Income Tax Department’s portal. Upload all necessary details, verify, and submit the ITR.

File the ITR: Once you have filled all the details and paid any pending taxes, you can file the ITR for each of the 3 years online from the website of Income Tax Department.

Verify the income tax return: After filing the income tax return, you need to verify it using your Aadhaar card, net banking, or by sending a physical copy of the ITR-V to the IT Department.

By following these steps, you can file ITR for the last three years. It is always recommended to file your ITR on time to avoid any penalties. We would suggest that you should take Professional Help for any uncertainty, consult a tax expert for ITR Filing to guide you through complexities.

Is there any penalty for ITR-U

No penalty is levied for filing ITR-U. However, an additional tax shall be levied under section 140B. The additional tax is 25% or 50% of the tax and interest due, depending on whether the ITR-U is filed within 12 or 24 months from the end of the relevant AY.

Can nil return be filed in ITR-U

You cannot file a Nil return in ITR-U so you need to show atleast Income more than 2.5 lakh Rupees but less than 5 lakh Rupees where you can pay the penalty Only & submit your ITR easily.

What are the benefits of filing Form ITR-U

By filling out ITR-U, one can avoid the Scrutiny assessment under section 143(3), best judgement assessment under section 144, and income escaping assessment under section 147.