What does Self Assessment tax mean?
Where it is to be entered in ITR 4
and
is any provision made to pay it
if yes
provision for same entry
and till when it has to be paid for every assessee
Nehas (Al) (425 Points)
25 September 2009What does Self Assessment tax mean?
Where it is to be entered in ITR 4
and
is any provision made to pay it
if yes
provision for same entry
and till when it has to be paid for every assessee
sumit
(CHARTERED ACCOUNTANT)
(479 Points)
Replied 25 September 2009
provision is always made for gross amount taxable including interest and that should be paid through advance tax which is before 31st mar. and self assesment which is after 31st march but before 30th sep.
Sunil Liladhar Kotak
(Manager (F & A))
(2025 Points)
Replied 26 September 2009
pls visit following link to the wordings of the act itself mad feel free to ask any furhter query if u want.
https://www.vakilno1.com/bareacts/incometaxact/s140a.htm
Thanks, Sunil
HITESH
(CA STUDENT)
(50 Points)
Replied 26 September 2009
Hi Neha,
Have a nice day!
Thanking You,
HITESH
Max Payne
(employed)
(2569 Points)
Replied 26 September 2009
Originally posted by :Neha | ||
" | What does Self Assessment tax mean? Where it is to be entered in ITR 4 and is any provision made to pay it if yes provision for same entry and till when it has to be paid for every assessee |
" |
Hi Self assessment tax is the tax paid by the assessee after the end of that previous year. If you pay the tax relating to 2008-09 in april 2009, then u pay it as Self assessment tax - in simple words, tax as per your assessment. If you pay the same tax for 2008-09 in january 2009, then it becomes advance tax. You enter the S A T in advance tax and SAT paid schedule. Since you used the word entry, i assume you mean accounting treatment. The provision for tax will be the tax liability as per income tax act. Show the same as Provision in Balance Sheet. TDS and advace tax if any comes on the Current assets side. Finally u pay the difference between Provision for tax and TDS/Advance taxes - this is self assessment tax. U may have to pay some interest for any delays. Hope its clear
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