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Updated return Penalty for AY 22-23

This query is : Resolved 

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 While calculating additional tax liability any interest will apply on additional tax amount

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.

24 January 2023 Thank you sir for your replies

24 January 2023 Most welcome.

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