Filling income tax for previous years F.Y. 2020-21, 2021-22, 2022-23 and 2023-24

Taxation
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Hi , i have some tax related queries , can anyone clear with these ,

  1. I have not filed any income tax till date. I need to pay tax for F.Y. 2020-21, 2021-22, 2022-23 and 2023-24 . Is it possible to pay tax for those old Financial Years ?
  2. If its possible to File IT returns for old Financial years then what are the charges I need to pay.
  3. Can someone calculate and tell me how much tax I need to pay for all the previous years. My income details are given below.
    Salary = under Rs. 240000/- (for each year separately)
    I m attaching my Capital gains screenshot for each year below.
    Thanks in advance.
    combine 21 22 23
    combine 21 22 231253×682 20.1 KB
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Meet a CA and discuss your requirement on a one to one basis. I know it will cost a little but better to get right answers from a CA as it involves previous year tax liabilities.

1 Like
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@Quicko

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@Quicko Help required. Please guide.

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Hey @KAL_KI,

Here’s the answer to your queries,

Filing and Paying Taxes for Previous Years:

  • Since your income in all the mentioned years exceeds the basic exemption limit (₹2.5L), you’ll have to file the ITR. You can file updated returns for the preceding two Financial Years (FY 2021-22 and FY 2022-23). And for FY 2023-24, the due date is 31st July 2024. You can file your ITR for FY 23-24 on Quicko.
  • As of now, Quicko’s DIY platform does not support filing for previous years. However, we do offer assisted plans where a tax expert will help you with the process. You can get more details by dropping us an email at [email protected].

Tax Calculation

  • Since your salary income is below the exemption limit (Rs. 2,50,000 for individuals below 60 years), there will be no taxes on it.
  • However, for Short-Term Capital Gains (STCG), a 15% tax rate is applicable.

Hope this helps!

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Hello @Quicko your help is required for this