I by no means filed ITRs however now have to point out for residence mortgage utility. What to do

I’ve by no means filed my revenue tax returns. I’ve to point out two years ITR for my residence mortgage utility. What ought to I do now?

Though you have got by no means filed your revenue tax return, you possibly can file your revenue tax return solely newest one 12 months i.e. monetary 12 months 2021-2022 until thirty first December 2022 with late price. The necessary late submitting price is Rs. 1,000/- if the taxable revenue exceeds the essential exemption restrict of Rs. 2.50 lakhs however doesn’t exceed 5 lakhs. In case the taxable revenue exceeds 5 lakhs the late submitting price could be increased at Rs. 5,000/-.

Though you can’t file regular ITR for a couple of 12 months at a time however you possibly can file an up to date ITR for the monetary 12 months 2019-20 and 2020-21 in case you fulfill the prescribed situations. Filing an up to date ITR comes with value. You should pay an extra 25% of the tax and curiosity in respect of ITR for monetary 12 months 2020-2021 and 50% for the ITR for monetary 12 months 2019-2020. 

Please word that the lenders have a look at the delayed ITRs with suspicion. However, in case  substantial quantity of tax had already been deducted or paid as advance tax, or your supply of revenue is wage, then the lenders might not take damaging inference for such delayed submitting of revenue tax returns. If you have got are and correct tax has been deducted out of your wage previously, for my part the lender is not going to insist for an ITR and both type 16 or wage slips needs to be enough for this objective because the lender is worried solely together with your skill to well timed service the house mortgage and never whether or not you have got filed your ITR or not. 

Balwant Jain is a tax and funding professional and could be reached on jainbalwant@gmail.com and@jainbalwant on Twitter

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