Updated return for AY 22-23

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What is the due date to file updated return for AY 2022-23. is ot 31st march 2025 or 31st march 2027 as per the latest finance act amendment. 

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Proposed Changes (Effective from April 1, 2025):

  • Time limit extended from 24 months to 48 months.
  • Revised Additional Tax Rates Payable:
    • Within 12 months – 25% of total tax & interest.
    • After 12 months but within 24 months – 50% of total tax & interest.
    • After 24 months but within 36 months – 60% of total tax & interest.
    • After 36 months but within 48 months – 70% of total tax & interest.

So, if filed on or before 31.03.2025, penalty would be just 50%...


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