Filing Last Year’s ITR: What You Need to Know

As of August 2023, if you haven't filed your Income Tax Return (ITR) for the financial year 2020-21, and the corresponding assessment year 2021-22, you can still file it, but it will be considered a belated return. This article will provide crucial information and guidelines on filing a late ITR, including deadlines, penalties, interest, and documentation requirements.

Detailed Information on Filing a Late ITR

The deadline for filing a belated ITR for the financial year 2020-21 was traditionally set for December 31, 2021. However, the Income Tax Department allows for belated returns to be filed up to a maximum of two years from the end of the relevant assessment year. Therefore, you can still file your ITR for 2020-21 until March 31, 2023.

Penalties and Consequences of Late Filing

If you file a belated return, you may be subject to a penalty under Section 234F of the Income Tax Act. The penalty can range from a minimum of INR 1,000 to a maximum of INR 10,000, depending on your total income. Additionally, you may be liable to pay interest on any tax due if you file your return after the due date.

Affordable Tax Deducted at Source (TDS) Credit

Even if you have missed filing the original ITR, any Tax Deducted at Source (TDS) deductions that were made during the financial year can still be claimed when you file your belated return. This ensures that you do not lose out on potential tax savings.

Documentation and Accuracy

To avoid further complications, ensure that you have all necessary documents and details ready before filing your belated return. Accurate and complete information is crucial to comply with the requirements and avoid additional issues. The official Income Tax Department website or a tax professional can provide you with the most current guidelines and support.

General Guidelines for the Assessment Year 2021-22

The last date to file an updated return for the assessment year 2021-22 is March 31, 2024, as permitted within two years from the end of the assessment year. If you missed the original filing deadline, you can still file an updated ITR before March 31, 2024.

Additional Considerations

For clarity, please answer the following questions:

What is the financial year you are seeking this information for (2020-21 or 2021-22)? Are you referring to the Indian Income-tax Law? Are you a tax resident of India? Are you willing to pay additional tax and penalties for late filing?

Based on your responses, I can provide more specific guidance on whether you can file an updated return and what additional steps you should take.

For the most accurate and up-to-date information, it is advisable to consult a Chartered Accountant or visit the official Income Tax Department website.

Disclaimer: This information is current as of August 2023 and may be subject to change. For the most current and detailed instructions, please refer to the official Income Tax Department guidelines.