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Self assessment tax AY2009-10

Arun (Freelance Software Professional) (183 Points)

15 June 2009

1. I have to pay self-assessment tax for AY 2009-10 (FY 2008-09), is the last date to do so 15-June-09 or it can be paid anytime before filing the IT return?

2. What is the last date for filiing the IT return for AY 2009-10 (for salaried persons)?

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7 Replies

PRAVEEN KUMAR (MBA (Finance) B.Com.(P)) (3443 Points)
Replied 15 June 2009

1. I have to pay self-assessment tax for AY 2009-10 (FY 2008-09), is the last date to do so 15-June-09 or it can be paid anytime before filing the IT return?

ANS. you can deposit tax upto the date of it return filing (i.e. for individual Salaried persons) it is 31st July 2009

2. What is the last date for filiing the IT return for AY 2009-10 (for salaried persons)?

ANS. 31st July 2009

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BALASUBRAMANYA B N (CCI STUDENT....) (44679 Points)
Replied 15 June 2009

HELLO

ITS JULY 31ST IS THE LAST DATE FOR FILING THE RETURN FOR SALARY, IF U NOT PAID TAX THEN U CAN PAY NOW WITH THE INTEREST ON THE TAX LIABILIT..

EX:

IF YOU HAVE TO PAY 1000 TAX

THEN YOU HAVE TO DO LIKE THIS

TAX 1000

EDU @ 3% 30

________

1030

234B- 31 THIS FOR ONLY THIS MONTH,IF U GOING TO PAY NEXT MONTH THEN HAD 1% FOR THIS,,

234C- 38

(1030*30%)*3%+(1030*60%)*3%+(1030*1%)=

NOTE= THIS INTEREST WILL COME IF YOUR TAX LIABILITY WILL BE 5000 AND ABOVE, IF ITS BELOW THEN NO NEED TO ADD THIS INTEREST..ABOVE I HAVE DONE FOR 1000 ITS FOR EXAMPLE DONT GET CONFUSE...IF ANYTHING IS THERE FELL TO ASK.....

CA.Nikhil Gupta (PRACTICE) (768 Points)
Replied 15 June 2009

u can pay it along with interest u/s 234, further if the tax payable is more than 5000/-, then also penalty for failure to deposit advance tax.

The last date is 31st July for deposit of tax and return deposit.

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 15 June 2009

You should deposit your S. A. Tax immediately along with interest u/s 234B & 234C so that atleast the interest meter can stop. The last date for filing return is 31st July, 2009 for A. Y. 2009 - 10

Arun (Freelance Software Professional) (183 Points)
Replied 15 June 2009

Thanks for all your replies.

The tax that I need to deposit along with the cess is Rs 1625. What interest should be paid u/s 234 if I pay the tax this month or next month?

Why do we have to pay interest if we deposit self assessment tax before filiing the IT return because I got to know about this only after March after I got my Form 16 from my employer and I clubbed my Interest income with that? What should I do in future to avoid such a situation?

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PRAVEEN KUMAR (MBA (Finance) B.Com.(P)) (3443 Points)
Replied 15 June 2009

this is a problem for most of the salaried persons.

one thing you can do in future.

give estimated figure of your interest and other income to your accounts people so that they can calculate ur taxable income and deduct the tds accordingly so that this situation of depositing self assessment tax not appear.

Interest amount is not much it is only 1 % per month not a big amount.

:-)

BALASUBRAMANYA B N (CCI STUDENT....) (44679 Points)
Replied 15 June 2009

HELLO ARUN

TAX IS NOT RELATED TO FILING THE RETURN, TAX SHOULD BE PAID WITHIN THE MARCH, SO ONLY COMPANIES WILL DEDUCT TDS WITH IN THE PERIOD.IF HAVE ANYTHING TAX LIABILITY AFTER DEDUCTING TDS ALSO THEN WE HAVE TO PAY INTEREST FOR THE LATE PAYMENT OF THE TAX AMOUNT....IF WHAT EVER INCOME U HAVE ADDITIONAL TO SALARY THEN JUST INFORM TO YOUR COMPANY ACCOUNTS DEPARTMENT BEFORE THE DATE WHAT THEY GIVEN TO YOU....BYE JAN R FEB.....