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Frequently asked questions.
No, you cannot file an ITR for the last three years together, that is, in one year. ... In case you have missed the extended deadline fixed for filing your ITR, you can still file your ITR with a penalty through a 'Belated Return' which was first introduced in the Finance Act of 2017.
Individuals whose taxable income exceeds the maximum amount not chargeable to tax are eligible for income tax return. The basic exemption limit for FY 2019-20 is Rs 3 lakh for senior citizens (aged between 60 and 80 years), Rs 5 lakh for super senior citizens (aged 80 years or more), and Rs 2.5 lakh for others.
Yes, HMRC does refund overpaid tax, sometimes automatically and sometimes through the refund application process. It's important to keep on top of your tax position because there are time limits on when you may make a claim for overpaid tax and apply for your tax rebate.
Use it as proof of income. Employers issue Form 16 to their employees. It is an individual's proof of income. The ITR filing document serves as an authentic income proof for the people who are self-employed. During the financial year, an individual's detailed break-down of income and expenses are given in it.