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What is self assesment tax?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

What is self assesment tax?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Self assessment tax is just like income tax. such tax is paid by the assessee at the time of filing of his/her income tax return i.e. after completing the respective financial year like. if you are liable to pay tax of 6500 for the financial year 01/04/2014-31/03/2015. but you have paid the tax on 20/05/2015 than such tax is known as self assessment tax.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Self Assessment tax: Self Assessment Tax is the tax payable by the assessee at the time of Filing of His/her Income Tax Return (After Deducting TDS, Advance Tax Paid( If ), and Charging Interest u/s 234A, 234B, 234C From Gross Tax Liabilty. Example:- Suppose A Resident Individual age Below 60 Years, For A.y 2015 - 16 having Income From salary( Inclusive OF TDS-8000 )-500000, Income Other Sources - Interest On FD( Incl. TDS-500) - 50000 And no Advance Tax has been paid By the assessee. The Self Assessment Tax is Calculated as under: Computation Of Income Income From salary: Net Taxable Salary( Incl.tds) (A) 500000 Income From other Sources: Interest on FD ( Incl. TDS) (B) 50000 **Gross Total Income** ( A) + (B) =(1) **550000** Less: Deduction u/s 80C to 80U (C) NIL **Total Income** (1) - (C) **550000** Self Asseement Tax Calculation: Tax On Normal Income (a) =35000{(550000-500000)*.2+25000} Add: Edu Cess@ 3% (b) = 1050 Gross Tax Liability (c)= (a)+(b) =36050 Less: TDS (8000+500) (d)=-8500 Less: Advance Tax Paid (e)= Nil (X)= (c)-(d)-(e) =27550 Add: Interest U/S 234A (Y) =0 (Assumed That TAx Is PAid on Within Due Date i.e Before 07.09.2015) Add: Interest U/S 234B (Z) =1653(27550*.06) Add: Interest U/S 234C ( k) =1019 Total Self Assessment Tax To Be Paid Before E- Filling OF His / Her Return (X)+(Y)+(Z)+(K) =30220( Rounded As Per 288B) Challan - ITNS 280 Self Assessment Tax Code - 300; Assessment Year -2015 -16 Income Tax = 30220 This Can Also be Paid Through Online Banking.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

SELF ASSESSMENT TAX ------------------- The system under which the taxpayer is required to declare his taxable income on his own i.e. based on his computation and assessment deposits the tax due with the government is called Self Assessment tax. Simply put, if tax related to previous year 2013-2014 is paid in April 2014 then it is called self assessment tax, on the other hand if the same is paid in January 2014 it is known as advance tax. As per Section 140A of the Income tax Act self-assessment tax is paid by the assessee on the assessed income after deducting TDS (Tax deducted at source) and advance tax but before the filing of income tax returns. In case Self Assessment tax is not in full the amount so paid by the assessee shall be first adjusted towards interest payable, if any, and the balance towards tax. **The self assessment tax to be paid must be accompanied by a challan No/ITNS 280 and can be paid at either an authorized bank or through online mode.**

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Dear Kruthika, Self assessment tax is just like income tax. such tax is paid by the assessee at the time of filing of his/her income tax return i.e. after completing the respective financial year like. if you are liable to pay tax of 6500 for the financial year 01/04/2014-31/03/2015. but you have paid the tax on 20/05/2015 than such tax is known as self assessment tax. In other words. any tax which is paid by the assessee other than advance tax and demand than such tax is known as self assessment tax as per income tax act 1961. Any other query feel free to contact us Writer CA Chitranjan Agarwal

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