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Sec 139(8A) d return

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Amit Jain

Proprietor

408 Points Posted on 25 December 2023

If a person pay self assessment tax Rs. 50,000/- in month of December' 23 but he didn't file his return till December. If he files his return u/s 139(8A) in January' 2024 and his tax liability comes Rs. 70,000/-
Now my question is that whether penalty of 25% will be charge on remaining amount i.e. Rs. 20,000/- or on whole amount Rs. 70,000/-

Replies (2)

Quick Summary

This discussion clarifies the penalty implications for filing an updated return under Section 139(8A) after the initial deadline. It addresses a scenario where self-assessment tax was paid in December, but the return was filed in January with a higher tax liability. The consensus is that the penalty is levied on the differential tax amount, not the entire tax liability.

RAJA P M

"Do the Right Thing...!!!"

77792 Points Posted on 26 December 2023

Penalty is applicable on 70k.

CA Raj Doshi

Practising CA

5649 Points Posted on 26 December 2023

Amit Jain Sir.

Advisable to file ITR in December first showing 50K self assessment tax. Everify it.

Then file ITR U in January
and pay differential tax of 20k with penalty on 20K only

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Rgds
CA. Raj Doshi
R C D & Co.
Chartered Accountants
Kandivali West,Mumbai