Self tax payment
This query is : Resolved
Querist : Anonymous
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
can an entity file a return without paying Self Assessment Tax. and what are the consequences if return filed without paying the Tax
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.
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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