What is the net tax I need to pay in updated ITR

hemant bansal (5 Points)

18 January 2023  

Hello, I filed the return for AY 21-22 on 30 march,2022. But due to some reasons, I missed the Verification within 4 months. Now, since my previous return got invalid, I need to file that return as an updated return (ITR - U). My net income is 4 lakh. What is the self-assessment tax that I need to pay? According to section 139 (8A), I need to pay the net tax with 25% interest, but the problem is how much tax I need to pay.

a. Will I get a rebate under section 87A if I file return after the end of the relevant AY.

b. What is the late fee. The original late fee for a belated return for my tax slab is Rs1000

The actual income is 330000. Does the late fee also attract interest in this case? 

Please clarify this, I am really confused.Thank you