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of <h1>Updated tax return must clear tax, interest, fees and additional levy (25-70% based on delay) before filing</h1> Where an assessee files an updated return under the specified provision, tax found payable must be discharged with applicable interest, fees and an additional income-tax calculated as a percentage of tax and interest depending on the delay in filing (25% to 70% increasing with time); payment (including advance tax, TDS/TCS, foreign tax reliefs and specified tax credits) must be made before filing and proof provided. If an earlier return was filed, previously paid tax and interest are accounted for and additional tax is adjusted accordingly. Interest computation rules and definitions for assessed tax are specified, and the Board may issue guidelines subject to parliamentary scrutiny.
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