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Advance Tax & Self Assessment Tax
How much portion/percentage of total tax can be paid in the form of self assessment tax?
Replies (9)
you need to assess your full years tax liability and based on the past trend of income pay advance tax. at the time assessing your final tax liability if at all there's any shortage of tax paid then you need to pay SA tax.
there's no specific portion of SA tax to ba paid against advance tax
there's no specific portion of SA tax to ba paid against advance tax
ok, thanks. i was in the opinion that one has to pay 90% of tax as advance tax.
yes you have to pay 90% if tax liability as advance tax. else interest wud get levied u see 234b
ok, only i'll get some more interest charged (1%). no other implications will be there?
yes that's correct
if someone is paying SA tax in place of Adv tax repeatedly. in that scenerio, 234B is automatically attracted. i want to know, can tax dept take any other action (penalty/prosecution) against him.
no action dept will take. you need to pay heavy interest if your advance tax liability us huge
ok thankyou so much. perhaps for taking any other action, assessing officer has to pass an order u/s 210
Interest is charged over delayed payment, which remains as outstanding demand. If not paid u/s. 245, any further action may be initiated.
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