Final Up to date on February 6, 2025 at 10:36 am
Beforehand, taxpayers might file belated returns as much as two years from the top of the related evaluation 12 months with out incurring any penalties apart from curiosity, besides that these returns didn’t enable carry ahead of losses. The interval for submitting belated returns was lowered to at least one 12 months after which additional restricted to the top of the AY.
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Later, with the introduction of charges u/s 234F, late submitting turned costlier. The deadline for belated returns was additional lowered to 31st December of the AY. Up to date returns u/s 139(8A) have been launched to encourage voluntary compliance and generate further income. These may very well be filed inside 24 months from the top of the AY, with a further tax legal responsibility underneath Part 140B, and different situations, with charges various based mostly on the timing of submitting.
Modification in Funds 2025:
Within the Funds 2025, the submitting window for up to date returns underneath Part 139(8A) was prolonged from 24 months to 48 months from the top of the related AY. The modification additionally revised the charges of further tax payable underneath Part 140B. The brand new charges are as follows:
- Inside 12 months from finish of AY: Further tax at 25% of the mixture of tax and curiosity payable.
- After 12 months however earlier than 24 months: Further tax at 50%.
- After 24 months however earlier than 36 months: Further tax at 60%.
- After 36 months however earlier than 48 months: Further 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% further tax, i.e., after 24 months however earlier than 36 months, can’t be filed resulting from an fascinating 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 will be filed with 60% further 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 further 70% tax. Notice that each one different situations for submitting up to date returns stay the identical.
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