Accounting
This query is : Resolved
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
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.
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
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