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
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.
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.
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