please tell me the meaning of regular assessment in the payment of advance tax...
its urgent
Sunil
(Trader)
(2611 Points)
Replied 07 October 2009
There are 3 mostly used types of payment of income tax.
Advance Tax is the taxes paid before March 31 of the relevant financial year. Usually before 15/6, 15/9, 15/12 and 15/3-31/3 for corporates. For individuals it is 15/9, 15/12 and 15/3 - 31/3.
Self Assessment tax is what you pay after the end of the financial year on voluntary basis to satisfy your tax payment + interest on deferring advance taxes + interest for delay in payment of taxes or filing returns depending on your case.
If there is further tax determined by the AO after processing your returns or after he completes your assessment,the payment that you make based on the demand from the IT department is Tax on Regular Assessment
Sunil Liladhar Kotak
(Manager (F & A))
(2025 Points)
Replied 07 October 2009
Regular Asst. Means the asst. under section 143(3)
Thanks & Regards,
sunil
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