New Delhi: The banks ask for Income Tax Return (ITR) while applying for loans. If you are planning to take a loan and want to know whether you had filed the previous year’s Income Tax Return (ITR) or not, or whether you have sent ITR-V or not, then you can check and download it online.
An individual can download old ITR from the Income Tax e-filing portal ( www.incometax.gov.in ).
How to download ITR of previous years?
Step 1: Visit the Income Tax Department website, www.incometax.gov.in and login with your user ID and password. Usually your user ID is your PAN number.
Step 2: After logging in, the user needs to click on the ‘e-file’ tab. Go to ‘Income Tax Returns’ and click on the ‘View Filed Returns’ option.
Step 3: L list of ITRs filed for all assessment years (AY) will appear on screen. The processing status of each return will also be visible i.e. whether the return has been processed or not, or whether any demand or refund is pending.
Step 4: Select the year for which you want to download the ITR. The next step will be to click on ‘Download Form’.
The following information will be available in the PDF form:
Whether you filed your return or not
whether the process was done or not
Is there any tax due or refund due
This helps you to view your old tax records and also take a print out.
Old ITRs are useful while applying for loans. Sometimes banks and financial institutions ask for ITRs of the last 2–3 years to evaluate your income stability and repayment capacity.
Embassies of the US, Canada, UK, often ask for ITR of the visa applicants to assess your financial status.
On several occasions, old ITR can be asked for while investing or buying an insurance policy. If you have paid more tax in any year and have not refunded it, then you may have to disclose the ITR of that year.
