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Querist : Anonymous
Querist :
Anonymous
(Querist)
31 July 2011
One my friend has selected the option Tax on Regular Assessment istead of Self Assessment while paying tax, is this caus any problem for him...
31 July 2011
Yes. Ask him to write a letter to his Income Tax Ward/Circle requesting to make necessary correction in challan. Also attach a copy of the said challan along with the letter.
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 July 2011
Sir,
What is the Diffence between Reular Tax Assessment and Self Assessment, Could you please explain.
What is the Diffence between Reular Tax Assessment and Self Assessment, Could you please explain.
31 July 2011
Self assessment
The assessee is required to make a self assessment and pay the tax on the basis of the returns furnished. Any tax paid by the assessee under self assessment is deemed to have been paid towards regular assessment.
Regular assessment
On the basis of thereturn of income chargeable to tax furnished by the assessee an intimation shall be sent to the assessee informing him about the tax or interest payable or refundable to him.
The assessee is required to make a self assessment and pay the tax on the basis of the returns furnished. Any tax paid by the assessee under self assessment is deemed to have been paid towards regular assessment.
Regular assessment
On the basis of thereturn of income chargeable to tax furnished by the assessee an intimation shall be sent to the assessee informing him about the tax or interest payable or refundable to him.
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