Accounting

This query is : Resolved

neha singla (Querist)
Follow

05 April 2013 if I am paying 100000 for self assessment tax for financial year 2011.12 in assessment year 2012.13 whether this self assessment is treated as current asset in fy 2012.13

Rupesh

Rupesh (Expert)
Follow

26 April 2013 Advance Tax/Self Assessment Tax paid for Last Fin Year should be set off against Tax on Income, not as Current Asset.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

25 May 2013 Only timely payment of advance tax is to be adjusted against the income of that assessment year and accordingly the Interest u/s 234B and C as may be applicable will be charged. Self assessment is also adjusted but late payment is attracted by Interest u/s 234A, B and C. In case you have filed the return and not paid self assessment tax at the time of filing of return then Interest u/s 220, Penalty u/s 140A is also chareable

Upgrade to CAclubindia Pro. Subscribe Now!