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Self Assessment Tax

Self Assessment Tax

As the name suggests, Self Assessment Tax is the tax which is computed by the taxpayer on his own and then deposited with the govt. The Self Assessment Tax shall be paid before the filing of income tax returns.

The Self Assessment Tax to be paid shall be accompanied by Challan No. / ITNS 280. This tax can be paid at any of the authorised banks or can even be paid online.

The details of tax paid, the date on which it has been paid and the Challan No. are required to be mentioned in the Income tax Return

Computation of Self Assessment Tax

The procedure for computing the self assessment tax has been explained in the following steps:-

 Compute Tax payable on Total Income as per Income Tax Slabsa
(Add)Interest under Section 234A/ 234B/ 234Cb
(Less)Relief under Section 90/90A/91c
(Less)MAT Credit under Section 115JAAd
(Less)TDS/ TCSe
(Less)Advance Taxf
 Self Assessment Tax to be paida+b+c-d-e-f

*Interest under Section 234A if for late filing of Income Tax Returns and Interest under Section 234B/ Section 234C is for delay in payment of Advance Tax.

SELF ASSESSMENT TAX NOT PAID IN FULL

In case the Self Assessment Tax is not in full, the amount so paid by the tax payer shall first be adjusted towards the interest payable and the balance towards tax. This can be explained with the help of the following example:

 Income tax including Surcharge as per Income Tax Return1,00,000
(Add)Interest under Section 234A/ 234B/ 234C40,000
(Less)TDS and Advance Tax-45,000
 Self Assessment Tax to be paid under Section 140A95,000
   
 Amount paid as Self Assessment Tax60,000

The amount paid of Rs. 60,000 shall be apportioned as under :-

  • 40,000 as Interest under Section 234A/ 234B/ 234C and
  • 20,000 towards Income Tax

 Self Assessment Tax

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