If you have missed filing taxes in previous years, don't panic. Here's what you should do.
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Assess the Gap Years
Start by determining the specific years in which you have missed filing taxes. Make a list of those years to ensure you have a clear understanding of the extent of your filing gap.
Gather Relevant Documents
Gather all the necessary records for your earnings and expenses for the years you missed. This includes salary slips, bank statements, Form 16 (if applicable), investment proofs, rent receipts, and any other relevant documents pertaining to your income sources and deductions.
Consult a Tax Professional
Consider consulting a tax professional or a chartered accountant who specializes in taxation. They can guide you through the process, help assess any potential penalties or interests that may apply, and assist you in filing the overdue tax returns accurately.
File the Overdue Tax Returns
Prepare the tax returns for the missed years using the appropriate tax forms (such as ITR-1, ITR-2, etc.) based on your income sources. Indicate your year income, deductions, and taxes paid in full. Make sure to include any additional information or explanations if required.
Pay Any Outstanding Taxes
Calculate the tax liability for each year and pay the outstanding amount along with any applicable interest or penalties. The tax professional can assist you in determining the exact amount and guide you on the payment process.
Submit the Returns
The process can be done online through the Income Tax Department's e-filing portal.
Maintain Regular Filing Compliance
Stay updated with the due dates, gather the necessary documents, and file your taxes on time to avoid penalties and legal complications.
If you have missed filing taxes in previous years as a first-time filer in India, it's important to take corrective action.By rectifying the situation and maintaining regular filing compliance, you demonstrate responsible tax behavior and avoid potential penalties.
Look up more articles here for a smooth income tax-filing process. All the best!
