Final Up to date on February 6, 2025 at 10:36 am
Beforehand, taxpayers may file belated returns as much as two years from the tip of the related evaluation yr with out incurring any penalties aside from curiosity, besides that these returns didn’t permit carry ahead of losses. The interval for submitting belated returns was decreased to 1 yr after which additional restricted to the tip of the AY.
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Later, with the introduction of charges u/s 234F, late submitting grew to become costlier. The deadline for belated returns was additional decreased to 31st December of the AY. Up to date returns u/s 139(8A) had been launched to encourage voluntary compliance and generate extra income. These might be filed inside 24 months from the tip of the AY, with an extra tax legal responsibility below Part 140B, and different circumstances, with charges various based mostly on the timing of submitting.
Modification in Price range 2025:
Within the Price range 2025, the submitting window for up to date returns below Part 139(8A) was prolonged from 24 months to 48 months from the tip of the related AY. The modification additionally revised the charges of extra tax payable below Part 140B. The brand new charges are as follows:
- Inside 12 months from finish of AY: Extra tax at 25% of the combination of tax and curiosity payable.
- After 12 months however earlier than 24 months: Extra tax at 50%.
- After 24 months however earlier than 36 months: Extra tax at 60%.
- After 36 months however earlier than 48 months: Extra tax at 70%.
Here’s a matrix of due dates of submitting returns for various years:
The greyed-out columns are time-barred. For FY 2020-21, up to date returns with 60% extra tax, i.e., after 24 months however earlier than 36 months, can’t be filed on account of an attention-grabbing situation. The interval for submitting up to date returns earlier than the modification (24 months) ended on 31-03-2024. With the brand new modification, the returns could be filed with 60% extra tax until 31st March 2025. However the brand new amendments will take impact solely from 1st April 2025. So, for that AY alone, one has to attend until 1st April 2025 and file with extra 70% tax. Notice that each one different circumstances for submitting up to date returns stay the identical.
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