Can Tax Planning Services in Chennai Help You File ITR for Previous Years?

Let’s face it! We all get busy between managing work, family responsibilities, and daily life, so tax filing can sometimes slip through the cracks. If you're an investor juggling so many things simultaneously, missing your ITR (Income Tax Return) deadline can be a serious mistake. The good news is that there are still ways for you to stay compliant and get back on track, even if you missed the deadline. And it’s best to get help from the best tax planning company in Chennai, such as Fairmoves, so you don’t end up making errors and paying penalties.

Is It Possible to File an ITR for the Previous Year?

Yes, it is possible. If you missed filing your return for the previous year, the Income Tax Department allows you to submit a “belated return” under Section 139(4) of the Income Tax Act, 1961. This can be done till 31st December of the assessment year following the financial year in which the income was earned. For example, if you forgot to file for FY 2023–24, you can still file it before 31st December 2025.

However, filing belated returns comes with a late fee and the loss of certain deductions. That’s where tax planning services in Chennai can be helpful. These services can make sure that you file your ITR so that you avoid paying extra in penalties.

What If You Missed More Than One Year? Learn About ITR-U

If you didn’t just miss one but multiple ITR filings, don’t panic. There’s a solution called the Updated Return (ITR-U). Introduced in 2022 through the Finance Act, ITR-U allows taxpayers to file returns for up to two years before the current assessment year.

Here’s a quick breakdown:

You can file an ITR-U within 24 months from the end of the assessment year.

If filed within 12 months: 25% additional tax + interest.

If filed between 12–24 months: 50% additional tax + interest.

For beginners, understanding this can be a game changer. Many investors think they’re stuck after missing one or two deadlines, but ITR-U gives a much-needed second chance.

How to File ITR for Previous Years?

Filing a return for the previous year isn’t too different from filing your current ITR. The steps are quite simple:

Log in to the Income Tax e-Filing Portal.

Choose the right assessment year.

Select the ITR-U form, depending on your income category.

Fill in your income, deductions, and taxes paid.

Pay any applicable penalties or additional tax.

Submit and then verify using Aadhaar OTP or by sending ITR-V.

What If You Don’t File for Two Years?

Ignoring ITR filing for two or more years can lead to:

Heavy penalties under Section 234F, up to ₹10,000.

Interest charges on unpaid taxes under Sections 234A, 234B, and 234C.

Loss of refunds — once the deadline is gone, you can’t claim what’s yours.

IT Scrutiny — The Income Tax Department may start monitoring your financial records closely.

In serious cases, there could be legal action or prosecution under Section 276CC.

These consequences not only affect your financial health but can also cause reputational issues.

Conclusion

Filing your ITR, even for past years, is not just about staying on the right side of the law. It’s also about protecting your investments, maintaining good financial discipline, and avoiding unexpected penalties. Whether it’s a simple oversight or a complex issue, timely correction can save you a lot of trouble down the line.

Need help figuring it all out? Don’t wait until the penalties pile up. Get in touch with experienced tax experts who understand your needs and offer end-to-end solutions.