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of <h1>Clause 267: New Rules for Updated Income Tax Returns, Including Fees and Penalties for Late Filings</h1> Clause 267 of the Income Tax Bill, 2025, addresses the tax obligations for an assessee filing an updated return of income. If no prior return was filed, the assessee must pay due tax, interest, and fees, including additional income tax, before submitting the updated return. The clause details the calculation of additional income tax based on the timing of the updated return submission, with percentages increasing the longer the delay. It also specifies the inclusion of surcharges and cess in tax computations. The clause allows the Board to issue guidelines to address implementation difficulties, subject to parliamentary review.
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