I should be cooking my meal for audience timely, viz, doing my tax return filings timely. If I get late, there is a limit to it, I can’t drag my meal to customers endlessly. Saying in tax parlance, I can do file my return late only till 31 Dec. Yes the tax doors for a year close 31st Dec.
But there are costs to late filing. So here goes on the last date:
Now the concept of updated return is introduced, by which I can file or update my return only in cases where I find I missed some incomes and want to correct tax shortfall. But I pay additional tax, the more late I do, the more additional tax I pay