Accounting
This query is : Resolved
05 April 2013
if I am paying 100000 for self assessment tax for financial year 2011.12 in assessment year 2012.13 whether this self assessment is treated as current asset in fy 2012.13
26 April 2013
Advance Tax/Self Assessment Tax paid for Last Fin Year should be set off against Tax on Income, not as Current Asset.
25 May 2013
Only timely payment of advance tax is to be adjusted against the income of that assessment year and accordingly the Interest u/s 234B and C as may be applicable will be charged. Self assessment is also adjusted but late payment is attracted by Interest u/s 234A, B and C. In case you have filed the return and not paid self assessment tax at the time of filing of return then Interest u/s 220, Penalty u/s 140A is also chareable
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Refund Annexure-B
- TDS Claim year
- Internship/Academic shown in Salary Pay Slip of a Doctor
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- TDS Challan Code
- Liable to deduct tds and 44ADA
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
