Self asse. tax payment ??
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 April 2012
can self assessment tax be paid in the month of april itself for avoiding interest and then any mics balance at the time of filling return befor 31st july..???
any restriction for number of payment of Self assessment tax for the financial year 2011-12 ???
any restriction for number of payment of Self assessment tax for the financial year 2011-12 ???
CA MANOJ GUPTA
(Expert)
09 April 2012
u can pay self ass tax in april and many times
But there will be no impact on interest under sections 234A/B/C
Selff ass tax is not reduced while computing intt liability under above secrtions
CA MANOJ GUPTA
JODHPUR
09828510543
But there will be no impact on interest under sections 234A/B/C
Selff ass tax is not reduced while computing intt liability under above secrtions
CA MANOJ GUPTA
JODHPUR
09828510543
09 April 2012
Till you file the return your interest u/s 234A, B & C will not stop but the date of payment is material and it is to be calculated up to the date of payment of self assessment made by you so your interest liability shall be reduced marginaly.
CA MANOJ GUPTA
(Expert)
09 April 2012
Dear Mr Aggarwal
Pl correct yourself\
interest undere section 234A is payable
on the amount of the tax on the total income as determined under section 143(1), and where a regular assessment is made, on the amount of the tax on the total income determined under regular assessment, as reduced by the amount of, —
(i) advance tax, if any, paid;
(ii) any tax deducted or collected at source;
(iii) any relief of tax allowed under section 90 on account of tax paid in a country outside India;
(iv) any relief of tax allowed under section 90A on account of tax paid in a specified territory outside India referred to in that section;
(v) any deduction, from the Indian income-tax payable, allowed under section 91, on account of tax paid in a country outside India; and;
(vi) any tax credit allowed to be set off in accordance with the provisions of section 115JAA.
Interest under section 234B is payable on the tax on the total income determined under section 143(1) and where a regular assessment is made, the tax on the total income determined under such regular assessment as reduced by the amount of, —
(i) any tax deducted or collected at source in accordance with the provisions of Chapter XVII on any income which is subject to such deduction or collection and which is taken into account in computing such total income;
(ii) any relief of tax allowed under section 90 on account of tax paid in a country outside India;
(iii) any relief of tax allowed under section 90A on account of tax paid in a specified territory outside India referred to in that section;
(iv) any deduction, from the Indian income-tax payable, allowed under section 91, on account of tax paid in a country outside India; and
(v) any tax credit allowed to be set off in accordance with the provisions of section 115JAA.
There is no reduction to be made in respect of tax paid on self assessment.
Liability to section 234B will depend upon whether the assessee is ;laible to pay advance tax or not.
Pl correct yourself\
interest undere section 234A is payable
on the amount of the tax on the total income as determined under section 143(1), and where a regular assessment is made, on the amount of the tax on the total income determined under regular assessment, as reduced by the amount of, —
(i) advance tax, if any, paid;
(ii) any tax deducted or collected at source;
(iii) any relief of tax allowed under section 90 on account of tax paid in a country outside India;
(iv) any relief of tax allowed under section 90A on account of tax paid in a specified territory outside India referred to in that section;
(v) any deduction, from the Indian income-tax payable, allowed under section 91, on account of tax paid in a country outside India; and;
(vi) any tax credit allowed to be set off in accordance with the provisions of section 115JAA.
Interest under section 234B is payable on the tax on the total income determined under section 143(1) and where a regular assessment is made, the tax on the total income determined under such regular assessment as reduced by the amount of, —
(i) any tax deducted or collected at source in accordance with the provisions of Chapter XVII on any income which is subject to such deduction or collection and which is taken into account in computing such total income;
(ii) any relief of tax allowed under section 90 on account of tax paid in a country outside India;
(iii) any relief of tax allowed under section 90A on account of tax paid in a specified territory outside India referred to in that section;
(iv) any deduction, from the Indian income-tax payable, allowed under section 91, on account of tax paid in a country outside India; and
(v) any tax credit allowed to be set off in accordance with the provisions of section 115JAA.
There is no reduction to be made in respect of tax paid on self assessment.
Liability to section 234B will depend upon whether the assessee is ;laible to pay advance tax or not.
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