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Self tax payment

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 September 2011 Please Help me on the following issue:-
can an entity file a return without paying Self Assessment Tax. and what are the consequences if return filed without paying the Tax
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
24 September 2011 As per Section 140A of the Income Tax Act, any amount payable as self assessment tax shall be paid before filing the return of income.

If the amount is not paid, the assessee shall be treated as an assessee in default and the provisions of Section 220 and 221 shall apply.

As per Section 220 the assessee shall be liable to pay interest @ 1% for every month or part of the month.

Further, Section 221 provides that the assessee shall be liable to pay penalty upto a maximum of the tax not paid.

So it is advisable to deposit self assessment tax before filing the return to avoid interest and penalty.
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