self assessment tax
understand for senior citizens with only salary income(e.g. pension) no need to file advance tax; additional tax liability (other than TDS through form16/16A) can be complied at the time of filing return. This year the return filing date has been extended to 31stAug.2015. Want to know by which date self assessment tax must be paid in order to be included/reflected in the Tax return to be filed? more
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Yes, Mr. Jain my impression is exactly same as yours--wanted to know if any change has been made other than extension of return filing date. Thanks Mr. Dinesh K Jain for unequivocal clarity. more
Jul 25
Under section 140A(1) of the Income-tax Act, an assessee has to pay the self-assessment tax before furnishing the return and the return has to be accompanied by proof of payment of such tax. As the time for filing returns for A.Y. 2015-16 has been extended from 31st July, 2015 to 31st August,2015, the self assessment tax has to be paid before furnishing the return of income by the extended date. Sunil Chopra more
Jul 25
Mr J L Goswami if you have any tax liability after adjusting your advance tax and TDS then you may deposit the same with your Income tax return with out any interest on or before the due date of filling of return but you have to deposit the tax before submitting the return either in income tax office personally or e-filling as with out deposit of due tax your return will be treated as defective. This year the due date is 31st of August and any one can pay his or her due tax under self assessment with out any payment of interest but be aware that if you are liable to pay any advance tax and if you had not paid the installments of advance tax then you have to pay interest under self assessment tax as default in payment of advance tax. If the amount of tax liability is more than Rs.10,000/- then every assessee has to pay tax in advance and if not paid then be ready to pay interest on tax even under self assessment. If there is any TDS and the total tax liability is less than Rs.10,000/- after adjusting TDS amount then there is no need to pay advance tax but if it is more than Rs.10,000/- after adjusting TDS then there is a liability to pay advance tax. more
Jul 25
Dear Mr. Gagan Sehgal, You may buy V.G. Mehta's Income Tax Ready Reckoner Assessment Year 2015-16. more
Jul 25
While entering the data on the E filing template, the tax liability for various headings are automatically worked out and the net tax to be paid after considering any advance tax, TDS claimed in the return is automatically reflected in your tax return template to be downloaded from Incometax India government website. This is the self assessment tax which can be paid to the bank and the amount entered in the self assessment tax portion so that the template will then show the net tax payable as 0. The filled template should then be used for e filing. more
Jul 25
