Can we file late ITR in old tax regime?
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Yes, you can file a belated Income Tax Return (ITR) and opt for the old tax regime, but you must do so before the final due date for the relevant assessment year. You will also incur penalties and lose certain benefits.
Can I file an ITR in an old tax regime?
If a salaried individual wants to change the tax regime while filing an ITR, they can do it every financial year. Individuals who have selected the new tax regime for TDS the entire year can also change their tax regime to the old one while filing their income tax returns.
Can I file ITR in old regime after due date?
Inability to Opt for Old Regime: If you have missed the due date for original return, you lose the option to file under the old regime, even if it is beneficial for you. You can file belated return only under the new regime, even if you have filed Form-10IEA before the due date.
What happens if ITR is filed late?
Penalty for Late Filing of ITR for FY 2024-25 (AY 2025-26) The last date to file your Income Tax Return (ITR) for Financial Year 2024–25 (Assessment Year 2025–26) is 16 September 2025. If you miss this deadline, a late filing fee of Rs. 5,000 will apply.
How many years can I backdate my tax return?
The general rule is that a refund or repayment cannot be claimed more than four years after the end of the relevant tax year. For example: if you are claiming a refund for the 2024-25 tax year, you add four years to 2025. You must make your claim by 5 April 2029.
How to File Previous Year's Tax Return | How to File ITR For Last 5 or 3 Years | Back Date ITR File
Can I file an income tax return after 2 years?
You cannot file ITR for the last three years all at once. However, current provisions under Section 139(8A) allow you to file updated returns for the previous two assessment years. For instance, in FY 2024-25, you can file ITRs for AY 2022-23 and AY 2023-24 under the updated return provision.
Can I get a refund from 2 years ago?
You can't get a credit or refund if you don't file the claim within 3 years of filing your original return, or 2 years after paying the tax, whichever is later, unless you meet an exception that allows you more time to file a claim.
What is the maximum penalty for filing a late return?
If you owe tax and don't file on time (with extensions), there's also a penalty for not filing on time. The failure-to-file penalty is usually five percent of the tax owed for each month, or part of a month that your return is late, up to a maximum of 25%.
Can a NRI file belated return?
Yes, NRIs can file a belated return if the original deadline is missed. For FY 2024-25, the belated return window remains open until 31 December 2025. However, late fees under Section 234F and interest under Section 234A will apply.
How to file ITR for last 3 years?
If you've missed filing ITR for last 3 years, you can still update your filings using the ITR-U form, introduced in the Union Budget 2022. This form allows you to correct past returns up to two years after the relevant assessment year, helping you avoid penalties and stay compliant.
Can I choose an old regime for a belated return?
No, you cannot choose your tax regime when filing a belated ITR. The default tax regime for the financial year 2024-25 is the new tax regime. So, you must file your ITR under the new tax regime.
How much does a CA charge to file an ITR?
ITR Filing Charges:
Salaried ITR Filing: ₹1,000/- Capital Gain / Share Gain-Loss ITR: ₹1,500/- Business ITR – 44AD Return: ₹2,000/-
Does NRI need to file ITR in India?
As an NRI, PIO, or OCI, you may be required to file tax returns in India if your Indian income surpasses the specified threshold or if you seek to claim refunds for excess tax deductions. While filing an ITR is mandatory only under certain circumstances, voluntary filing can be beneficial in many ways.
Can NRI opt for old tax regime?
Residents, as well as non-residents, have the same tax slab rates. Both have the flexibility to choose between the existing tax regime and the new tax regime slabs. Each option offers distinct advantages and understanding them can help you make an informed decision that aligns with your financial goals.
Is it possible to file ITR in old regime after due date?
Individuals cannot opt for the old tax regime while filing a belated ITR for AY 2024-25. The option to file ITR under the old tax regime will not be available from August 1, 2024, for FY 2023-24 (AY 2024-25), i.e., for taxpayers who missed the due date of filing and want to file a belated income tax return.
Can I switch between old and new tax regimes?
Yes, if you are a salaried individual, you can switch tax regimes every year, but if you earn income from a business or profession, you can do so only once.
How much penalty for late ITR filing?
Section 234F of The Income Tax Act
If you miss filing the ITR by the due date, you can file the belated return by 31st December 2025. However, you are required to pay the penalty for late filing. A penalty of Rs. 5,000 or Rs. 1,000 can be imposed depending on the income of the taxpayer.
Is ITR 1 or 2 required for NRIs?
An NRI who has income from salary and foreign assets should use ITR-2. This form is designed to accommodate income from salary, foreign income, capital gains, and other sources. It also includes sections for declaring foreign assets and liabilities, which is mandatory for NRIs to ensure compliance with Indian tax laws.
What happens if you don't file an ITR for one year?
Consequences of Not Filing ITR
Failing to meet this deadline could result in a penalty of ₹ 5000 if the return has been submitted after the due date under Section 234F. The penalty is reduced to ₹ 1000 if your total income is under ₹ 5 lakh for the concerned year.
How can I avoid penalties for late ITR filing?
You can avoid a penalty by filing and paying your tax by the due date. If you can't do so, you can apply for an extension of time to file or a payment plan.
What happens if I do a late tax return?
In addition to a fine, the ATO can also apply General Interest Charges (GIC), on any amount still owing. Note: The rate for GIC changes quarterly. At the time of writing this article, the rate is 10.61% per annum (October – December 2025).
What is the oldest tax return you can file?
Technically, you can file back taxes for any past year you are missing. However, in most situations, only the past six years are required to be in good standing with the IRS. The recommendation is to file all past due tax returns, regardless of whether you can pay past due taxes.
How many years can you go back on your income tax?
The CRA lets you file tax returns for up to ten years. But keep in mind that benefits and credits may only be available for the most recent years.
Can I file my taxes if I didn't file last year?
If you haven't filed a past-due tax return, you can file a tax return for any prior year.