In Income Tax, is the Self Assessment Tax paid only after March 31?
Or, can it be paid before also?
8 Replies
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 13 March 2022
Before end of FY , you can pay taxes in the form of advance tax .
After end of FY , you can choose self assessment tax .
Advance tax will be paid on estimated income and self assessment tax will be paid on actual income
After end of FY , you can choose self assessment tax .
Advance tax will be paid on estimated income and self assessment tax will be paid on actual income
JJJ
(Need help)
(675 Points)
Replied 13 March 2022
It's just a term indicating it was paid after year end but before filing the return.
In effect, there's no difference, because your liability and interest is determined based on the value and date of payment anyway.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 13 March 2022
Self Assessment tax can't be paid during FY. You can pay advance tax instead
Ankita garg
(Student CA Final )
(47 Points)
Replied 13 March 2022
Before March 31, tax is paid in the form of advance tax. After that, tax is paid in the form of self assessment tax. Self Assessment tax is paid on actu al income, which cannot be known before March 31. Before that, Advance tax is paid which is on the basis of estimation of income.
Recent Topics
- Interest and penalty on advance tax shortfall
- Joint Account with 3 legal heirs.......
- TCS adjustment
- GST audit and scrutiny
- GSTR9 Table 8 - 8A and 8B difference is 4D(1). in
- Eway Bill query for inter state
- Taxability of income in USA of resident oci holder
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
Related Threads
CAclubindia
