You can submit Income tax returns of the last two years only. For example, till March 31st, 2017, you can pay the tax of the financial year 2014-15, 2015-16. But if you would like to pay the tax for the financial year 2013-14, it is not possible.
It is always best to pay taxes on time. Otherwise, interest would be applied on the taxable amount and you end up paying more tax than needed.
Generally, it is advised to pay the income tax by the end of July for the previous financial year. For example, if you would like to pay the income tax of 2016-17, you will need to pay it by July 31st, 2017. Otherwise, you may need to pay additional penal interests.
Only when you are served a notice from Income Tax department for the previous years, you will be able to file the tax. You will need to consult a tax guru to calculate the IT return.
Other than paying penal interest, there are two major disadvantages of paying IT late:
a. You will not be allowed to carry forward your losses to the next year.
b. You will not be allowed to revise your delayed returns.
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