You Missed the Tax Deadline. The Governmentโs ‘Rescue’ Is Actually a Punishment
Missing the tax deadline induces pure panic. Section 139(8A) offers a lifeline, but it’s a trap disguised as a rescue. While it allows belated returns, it punishes you with late fees and the brutal loss of carrying forward most financial losses. However, a hidden nuance lets you preserve certain losses if filed before the assessment year endsโturning a penalty into a strategic shield.