Updated return Penalty for AY 22-23

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This discussion clarifies the penalties applicable when filing an updated return under Section 139(8A) for Assessment Year 2022-23. If filed by 31st March 2023, it's not possible. For filings between 1st April 2023 and 31st March 2024, a 25% penalty on the additional tax liability applies. If filed between 1st April 2024 and 31st March 2025, the penalty increases to 50% of the additional tax. Interest does not apply to the additional tax itself, only the penalty is calculated on this amount.

subbu appala

subbu appala (Querist)
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23 January 2023 Hi sir,
My question is
If assessee files updated return ( U/S 139(8A))for AY 2022-23 what's the penalty.
1. Filing on or before 31-03-2023
2. Filing on or before 31-03-2024
3. Filing on or before 31-03-2025
Thank you sir

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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23 January 2023 1. Not possible to file.
2. 25% on additional tax liability
3. 50% on additional tax liability.
In addition to above, penalty u/s. 234(F), if return was not filed earlier.

subbu appala

subbu appala (Querist)
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23 January 2023 While calculating additional tax liability any interest will apply on additional tax amount

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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23 January 2023 No. Tax liability as per income tax act only. Deduct taxes already paid. That will be additional tax liability. Now penalty over it, be 25% or 50% extra.

subbu appala

subbu appala (Querist)
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24 January 2023 Thank you sir for your replies

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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24 January 2023 Most welcome.

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