Individuals whose income is above the tax slab are required to file returns and whose income is above Rs 5 lakh are required to file the returns online.
Filing income tax is necessary as it is a proof that you have income and you have paid tax on the returns.
Previous ITR forms are needed as many banks insist on previous ITRs for determining your loan eligibility and good track record.
Every year many individuals are stuck while filing income tax returns. At times tax payer does want to look at the previous years tax return to avoid confusion and error.
Income Tax department has facilities to download the previous years form such as:
- ITR-V from assessment year 2007-08
- e filed income tax return in XML data
- Income Tax return in PDF format.
Simple steps to download ITR-V, XML data, Income Tax return of previous year:
Step 1: Login Income tax site with user name and password
Note that your login will be your PAN card Number
Step 2: Go to My Accounts
Select 7 Returns/forms
All the forms from Assessment year 2007-08 will be available
Step 3 Click on the required acknowledgment number which is to be downloaded
Step 4 Enter the password to open the file
Note that the doc is password protected and the password is your pan number along with your date of birth say for example if your pan car number is BDNPK0123N and DOB is 23/05/1981. Your password will be bdnpk0123n23051981.
Why it is important to download previous income tax return ITR file?
Most of the times, you may require your previous income tax return forms. If you are trading in the derivatives segment of the capital markets, brokers would need your previous income tax return forms.
Also, for a housing loan, the company would insist on the previous year or even previous years return form. You must also have a record of your returns, if suddenly there is a query from the IT authorities.