ITR for Education Loan
8 months ago
I'm in need of some guidance regarding an education loan application with SBI bank. They've requested the Income Tax Returns (ITR) for the past three years, but my family has never filed income tax due to the associated costs. Our annual income, solely from my father's salaried job at a private company, is around 4.5L. Should we consider filing ITR now to proceed with the loan application? Additionally, I'm curious about the approximate cost of filing ITR for the last three years under the new tax regime 2023.
Any insights or advice would be greatly appreciated.
A.Dear Client,
Its possible to file ITR of last 3 years through ITR U form. ITR-U is the Form that allows you to update your income tax return by rectifying errors for up to two years from the end of the relevant assessment. If you have not filed your Income Tax Return (ITR) for the last three years, you can still file it. Here are the steps you can follow to file ITR for the last three years: 1. Gather all the necessary documents: To file ITR for the last three years, you need to gather all the necessary documents like Form 16, Form 26AS, bank statements, and other documents related to your income and investments for each of the years. 2. Download the relevant ITR form: You need to download the relevant ITR form for each of the three years from the Income Tax Department’s website. 3. Fill in the details: Once you have downloaded the ITR form, you need to fill in the details like your personal information, income details, deductions, and tax paid for each of the years. 4. Compute the tax liability: After filling in all the details, you need to compute your tax liability for each of the years. You can use an online tax calculator to compute your tax liability. 5. Pay any pending taxes: If you have any pending taxes for any of the three years, you need to pay them before filing the ITR. You can pay the taxes online using the Income Tax Department’s website. 6. File the ITR: Once you have filled in all the details and paid any pending taxes, you can file the ITR for each of the three years online on the Income Tax Department’s website. 7. Verify the ITR: After filing the ITR, you need to verify it using your Aadhaar card, net banking, or by sending a physical copy of the ITR-V to the Income Tax Department. By following these steps, you can file ITR for the last three years.
Its possible to file ITR of last 3 years through ITR U form. ITR-U is the Form that allows you to update your income tax return by rectifying errors for up to two years from the end of the relevant assessment. If you have not filed your Income Tax Return (ITR) for the last three years, you can still file it. Here are the steps you can follow to file ITR for the last three years: 1. Gather all the necessary documents: To file ITR for the last three years, you need to gather all the necessary documents like Form 16, Form 26AS, bank statements, and other documents related to your income and investments for each of the years. 2. Download the relevant ITR form: You need to download the relevant ITR form for each of the three years from the Income Tax Department’s website. 3. Fill in the details: Once you have downloaded the ITR form, you need to fill in the details like your personal information, income details, deductions, and tax paid for each of the years. 4. Compute the tax liability: After filling in all the details, you need to compute your tax liability for each of the years. You can use an online tax calculator to compute your tax liability. 5. Pay any pending taxes: If you have any pending taxes for any of the three years, you need to pay them before filing the ITR. You can pay the taxes online using the Income Tax Department’s website. 6. File the ITR: Once you have filled in all the details and paid any pending taxes, you can file the ITR for each of the three years online on the Income Tax Department’s website. 7. Verify the ITR: After filing the ITR, you need to verify it using your Aadhaar card, net banking, or by sending a physical copy of the ITR-V to the Income Tax Department. By following these steps, you can file ITR for the last three years.
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