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of <h1>Updated income-tax return triggers extra tax: 25% =12 months; 50% 12-24; 60% 24-36; 70% 36-48 - Section 148A</h1> An assessee updating an income-tax return owes additional tax (not labelled a penalty) calculated on total tax and interest payable: 25% if filed within 12 months from the end of the relevant assessment year; 50% if filed after 12 but before 24 months; 60% if filed between 24 and before 36 months; and 70% if filed between 36 and before 48 months. The Finance Act, 2025 bars filing an updated return after 36 months where a Section 148A notice has been issued, though filing may still be permitted if the Assessing Officer later issues an order under Section 148A(3) finding reassessment unnecessary.
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