How to File Income Tax Return for Previous Years?
One of the most common queries people have, often with quiet concern, is about filing income tax returns for more than one year that they’ve missed. It’s not always a one-time slip. Sometimes, life takes over and before you know it, two or three years have gone by without a return being filed. That’s when the doubts begin. Can you still file them now? Will there be penalties? What does the process involve?
This blog takes a clear look at these questions. It outlines what the law currently allows, how far back you can go and what steps you need to follow if you’re trying to catch up on multiple missed returns.
Why It’s Important to File ITR Even for Previous Years
Filing your Income Tax Return (ITR) for past years is crucial to maintain a clean financial record. Many institutions, including banks and government agencies, often ask for past ITRs when processing loans, visas or high-value transactions. Not having them on record can lead to delays or rejections.
Additionally, filing your pending returns shows that you’re taking steps to correct the oversight. This can work in your favour if there are any penalties or notices later. It helps avoid compounding interest on unpaid tax dues and ensures that any TDS (tax deducted at source) already paid gets credited properly. In short, the longer the delay, the more complicated it becomes. Filing now can help you avoid bigger problems down the line.
Who can file ITR for Past Years?
Not everyone is allowed to file returns for past years, but there are some specific cases where it's possible:
● If you missed the deadline: You may still be able to file a belated return before the end of the following assessment year. For example, returns for FY 2022–23 can be filed till 31st March 2024.
● If you need to correct errors: In case you filed on time but made mistakes, you can file a revised return to fix them—within the permitted window.
● If there’s a valid reason for delay: Sometimes, with sufficient justification, the tax department may allow you to submit returns for older years, although this is less common and usually reviewed case by case.
What are the documents required in order to file ITR for previous years?
Before you begin the process, it’s important to gather all your documents. These help confirm your identity, income and tax details for the year(s) in question:
● PAN Card
● Aadhaar Card
● Form 16 or 16A
● Bank statements
● Investment records
● Loan statements
● Form 26AS
● Other income proofs
What are the steps to file ITR for previous years?
Know your deadlines
Each financial year has a fixed period during which you can file belated or revised returns. This typically ends one year after the relevant assessment year. For instance, for FY 2022–23, the deadline to file a belated return would be 31st March 2024.
Pull together the right data
Gather all documents that reflect your income and savings for the specific year—this includes salary slips, Form 16, bank account statements, rent receipts, investment proofs and interest certificates. Make sure the documents are correctly grouped by year.
Calculate your taxable income
In order to know how to calculate taxable income, follow these steps:
● Add up all sources of income: Include salary, freelance income, rental income, capital gains, interest from savings or FDs and any other earnings.
● Apply exemptions: For example, under Section 10, exemptions like HRA or leave travel allowance (LTA) may reduce your total income.
● Subtract eligible deductions: Under the Income Tax Act, claim deductions such as:
o Section 80C (e.g., EPF, PPF, life insurance, ELSS, tuition fees)
o Section 80D (health insurance premiums)
o Section 80TTA/80TTB (interest on savings)
● The result is your taxable income: This is the amount on which your tax will be calculated using the slab rates applicable for that year. Use the income tax calculator to get an accurate estimate based on the year you’re filing for.
Check for missed benefits
Review if you’ve missed claiming any deductions, tax-saving investments or rebates from that year. Even small amounts can reduce your final tax payable.
File, pay and verify
Pay the tax due, along with any late fees and interest. Then file your return using the official e-filing portal or offline methods. Don’t forget to verify your return within 120 days to complete the process.
Final Thoughts
Filing old income tax returns might feel like a task you can keep putting off, but the longer you wait, the fewer options you have. With updated provisions now in place, the process has become more accommodating. Thanks to the 2025 Budget announcement, the window to file updated returns has been extended from two years to four years after the end of the relevant assessment year. So if you’ve missed reporting some income or made an error in an earlier ITR, there’s now a longer period to correct it through Form ITR-U, though you’ll still need to pay the extra tax and any applicable penalties.
Whether it’s one missed return or multiple, the sooner you take action, the easier it is to fix. Filing now not only helps avoid future notices or legal complications but also keeps your financial records up to date.
Disclaimer: This article is published in association with Canara HSBC Life Insurance Co. Ltd. and not created by TNM Editorial.