Advance Tax & Self Assessment Tax
PRABHAT KUMAR (142 Points)
15 March 2019
How much portion/percentage of total tax can be paid in the form of self assessment tax?
9 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 15 March 2019
you need to assess your full years tax liability and based on the past trend of income pay advance tax. at the time assessing your final tax liability if at all there's any shortage of tax paid then you need to pay SA tax.
there's no specific portion of SA tax to ba paid against advance tax
there's no specific portion of SA tax to ba paid against advance tax
PRABHAT KUMAR
(142 Points)
Replied 15 March 2019
ok, thanks. i was in the opinion that one has to pay 90% of tax as advance tax.
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 15 March 2019
yes you have to pay 90% if tax liability as advance tax. else interest wud get levied u see 234b
PRABHAT KUMAR
(142 Points)
Replied 16 March 2019
ok, only i'll get some more interest charged (1%). no other implications will be there?
PRABHAT KUMAR
(142 Points)
Replied 16 March 2019
if someone is paying SA tax in place of Adv tax repeatedly. in that scenerio, 234B is automatically attracted. i want to know, can tax dept take any other action (penalty/prosecution) against him.
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 16 March 2019
no action dept will take. you need to pay heavy interest if your advance tax liability us huge
PRABHAT KUMAR
(142 Points)
Replied 16 March 2019
ok thankyou so much. perhaps for taking any other action, assessing officer has to pass an order u/s 210
Kinjal
(student)
(312 Points)
Replied 16 March 2019
Interest is charged over delayed payment, which remains as outstanding demand. If not paid u/s. 245, any further action may be initiated.
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