loader2
Partner With Us NRI

How to file income tax return for last year?

Missed filing your taxes for the last year or received an overdue income tax filing notice? You can still manage to complete the process. 

The Government has amended a few rules for filing the income tax return for last year. You can now file your belated income tax return anytime on or before 1 year from the end of the relevant or specific Assessment Year. For instance, to file your income tax returns for AY 2019- 2020, the last day to file your belated return was 31 March 2020. 

With the moderation of rules for filing your last year's income tax, the Government does not put hefty penalties and interest charges if you file the tax within the stipulated period. This brings us to the question of how to file the income tax return for last year? 

Filing your income tax for last year is similar to how you would file your taxes for the current financial year. However, the main aspect to keep in mind is your financials, investments, and other information to be collated for the specific Assessment Year you will be filing your income tax. Below are the steps on how you can file your income tax return for last year. 

  • Step 1: Calculate your income for the last year. This calculation should be income from all sources such as salary, freelancing, interest or dividend income and any other source. Claim the deductions, exemptions and rebates as specific to the last year. 
  • Step 2: Select the correct income tax return form for you to file. To file your taxes online, there are only two income tax forms present ITR 1 and ITR 4. If your fall in any other category, you would have to proceed via the traditional means of filing your taxes. It is advisable to check with your Chartered Accountant before you proceed with the same. 
  • Step 3: Download the income tax return utility from the income tax digital portal. Make sure you select the exact assessment year as you are filing your tax for last year. 
  • Step 4: Fill in your details in the downloaded file. There are specific detailed tabs; make sure to fill in the correct figures and carry out the verification for the same before you validate our form. 
  • Step 5: Within the form itself on the main page, there is a validate button. But before you validate your income tax return, make sure all the required information is filled in. 
  • Step 6: Convert your filled and validated file to the requisite upload format of the XML format. 
  • Step 7: Log into the e- filing portal, select the e-file tab and select the income tax return option. Input the necessary details such as Pan, Assessment Year- this is extremely important as you are filing returns for the last year. ITR form number and the submission mode. Upload your XML file and select submit. 
  • Step 8 – verify your income tax return submission through the Aadhar OTP or electronic verification code. 

This is the generic means to file your income tax return for last year. However, the tax department permits you to file your previous year taxes post the deadline in some instances. You need to file a condonation of delay request with the tax department. You can send a formal request to the income tax commissioner to file your income tax returns with the exact reason for missing the deadline. However, there are stipulations and criterion for the officer to accept your request: 

  •  The claim is genuine and accurate.
  • The income tax case is established on authentic hardship of merit. 
  •   A refund resulted from excess deduction of tax, advance tax, TDS or self-assessment tax. 

Disclaimer :ICICI Securities Ltd.( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Centre, H. T. Parekh Marg, Churchgate, Mumbai - 400020, India, Tel No : 022 - 2288 2460, 022 - 2288 2470. Please note, filing of tax related services are not Exchange traded products and I-Sec is acting as a distributor to solicit these products. All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. The content is solely for informational and educational purpose. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon.

Most Popular

  • 21 Jun 2022
  • ICICI Securities

Should you invest in Mutual Funds SIPs or FDs?

Choosing between a Systematic Investment Plan and a Fixed Deposit comes down to risk appetite and investment goal. Nevertheless, mutual fund SIP investments can be beneficial in many ways. This article will outline the difference between the two investment instruments and which one you should choose.

  • 21 Jun 2022
  • ICICI Securities

How to choose the best SIP investment?

Systematic Investment Plans (SIPs) are an option to make regular investments in mutual funds. Before heading to make an investment in SIP mutual funds, consider these factors to find the one that perfectly justifies your financial goals. 

  • 21 Jun 2022
  • ICICI Securities

How does long term capital gains tax impact you?

Certain assets, such as real estate and shares, attract long term capital gains (LTCG) tax. Here’s what you need to know about LTCG tax and how it can impact your finances.

  • 21 Jun 2022
  • ICICI Securities

Choosing between stock market and fixed deposit investments

Choosing the right investment option is critical for meeting personal financial goals. This article will highlight the difference between choosing stock market investments and fixed deposits—the aspects to consider, the risk-return profile, and what would fit into your portfolio.

  • 21 Jun 2022
  • ICICI Securities

Are Small-Cap funds good investments?

The best small-cap funds outperformed large-cap and mid-cap mutual funds last year. Now that the markets are turning bearish, is it a good idea to invest in small-cap mutual funds? Here’s an overview of these equity mutual funds to help you make an informed decision.

  • 17 Jun 2022
  • ICICI Securities

What Does the US Fed's Biggest Rate Hike Mean?

On 15th June 2022, the US Federal Reserve hiked interest rates by 75 basis points, the biggest hike since 1994. Why did it do so? What are its implications for India? Read on to find out more.

  • 15 Jun 2022
  • ICICI Securities

What is ESG investing and everything you need to know about it

In the last few years, since climate awareness and social justice have piqued people’s interest worldwide, ESG investment has increased. This article talks about ESG investing and the options available for ESG investment in India.

  • 15 Jun 2022
  • ICICI Securities

The Latest ESG Reporting and Framework in India

In May 2021, India introduced a new environment, social, and governance (ESG) guideline for the top 1,000 listed companies by market capitalisation. The Business Responsibility and Sustainability Report (BRSR) will be mandatory for these companies from FY 2022-23. Here’s what you should know about this ESG guideline.

  • 15 Jun 2022
  • ICICI Securities

Difference Between ESG and SRI Investing

When it comes to value investing, the two terms—ESG investing and SRI investing—are often confused. However, ESG investing strategies are different from SRI investing strategies. Read more to find out what sets the two apart and how you can decide which approach to adopt.

  • 14 Jun 2022
  • ICICI Securities

Four ways to ensure you leave your children a financial legacy

It is a moment of pride for parents to see their children earn their own money and lead a life with dignity. No words can express the joy to see your children grow, but how do you touch their life when you are gone? You can do that by leaving behind a financial legacy for your children to inherit. Here are four ways you can align your financial plan such that you leave behind something for your children.