If someone filed wrong income tax return what is penalty
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Penalties for Late Payment. If you have made an error on your tax return that results in owing more tax, the IRS will charge you a late payment penalty on the amount still outstanding. The penalty is 0.5 percent per monthor partial month, to a maximum of 25 percent of the amount owed.
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,As per the law as it stands today, from the Assessment Year (AY) 2018-19, areturn of income filed within the due date i.e. the original return of income(generally 31 July for individuals) or areturn filed after the due date called the belated return, can be revised if a taxpayer discovers any omission or wrong info
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as per the law as it stands today from the assessment year(AY) 2018-19 a return of income filed within the due date i.e.the original return of income (generally 31 july for individuals) or a return filed after the due date called the belated return, can be revised if a taxpayer discovers any omission or wrong.
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