It will be not possible to file belated and revised returns without incurring additional liability

It will be not possible to file belated and revised returns without incurring additional liability

The deadline for filing belated and revised income tax returns for the Financial Year ended 31 March 2022 is 31 December 2022. (assessment year 2022-23). After December 31, it will be not possible to file belated and revised returns without incurring additional liability.The only option is to file an updated return under section 139(8A) of the Income Tax Act [subject to certain conditions and restrictions] with an additional liability of 25% of the total amount of tax and interest. Failure to file the returns may result in prosecution under the Act's Section 276CC.



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