SELF ASSESSMENT TAX

Hello Friends,

My this blog is related to tell you about Self Assessment Tax. 

Self-assessment tax refers to any balance tax that has to be paid by an assessee on his assessed income after the TDS and advance tax have been taken into account before filing the return of income.

Example: 

Ms. Priya has Total Tax Liability in a Financial Year is of Rs. 30000 and TDS of Rs. 20000 and Advance Tax of Rs. 10000 has already been submitted by her. What will be the amount of SAT? 

Total Tax Due :  Rs. 30000

TDS                  :  Rs. 20000

Advance Tax    : Rs. 10000

Self Assessment Tax(SAT)= Total Tax-TDS-Advance Tax

                                             = 30000-20000-10000

                                             = Rs.10000

Important Points to Remember:

• The IT Return cannot be submitted to the IT Department till the time the taxes have been paid.

• At the end of the year, if there is any tax that is pending before filing the ITR, there is a final amount that has to be calculated. This is known as the Self-Assessment Tax or SAT.

• Self-Assessment Tax is a tax that is paid by an individual in relation to the income from other sources. 

• Self-assessment tax is paid for a particular financial year end.

• Challan No/ ITNS 280 is required to be used for the payment of Self assessment tax.

I hope it will be helpful to you.

Thanks and Regards

Kulvinder Kaur

B.Com(H), MBA (Finance)

9871580806,8826566751

rightsteptoinvest@gmail.com