Answer

1. F

   Facts

   The additional tax is 25% of tax and interest if filed within 12 months from the end of the assessment year, 50% within 24 months, 60% within 36 months, and 70% within 48 months.

2. P

   Provisions and law

   • Sec 140B, Income-tax Act 1961 (now Sec 267, Income-tax Act 2025)Tax, interest, fee and additional tax must be paid before filing the updated return.
   • Sec 139(8A), Income-tax Act 1961 (now Sec 263(6), Income-tax Act 2025)Updated return within 48 months from the end of the relevant assessment year, once per year, not to reduce tax or raise a refund.
3. A

   Analysis

   The base is the extra tax plus interest on the updated income, not the whole tax for the year. The earlier you file, the lower the rate. If you file under a Sec 148 notice, a further 10% applies, making the rates 35%, 60%, 70% and 80%. Pay all of it before filing.

4. C

   Conclusion

   1. 1Count months from the end of the assessment year to today.
   2. 2Find the band.
   3. 3Compute additional tax on tax plus interest.
   4. 4Pay before filing.

General guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.