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Advance Tax & Self Assessment Tax

PRABHAT KUMAR (142 Points)

15 March 2019

How much portion/percentage of total tax can be paid in the form of self assessment tax?

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Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 15 March 2019

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

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PRABHAT KUMAR (142 Points)
Replied 15 March 2019

ok, thanks. i was in the opinion that one has to pay 90% of tax as advance tax.

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 15 March 2019

yes you have to pay 90% if tax liability as advance tax. else interest wud get levied u see 234b

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PRABHAT KUMAR (142 Points)
Replied 16 March 2019

ok, only i'll get some more interest charged (1%). no other implications will be there?

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 16 March 2019

yes that's correct

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PRABHAT KUMAR (142 Points)
Replied 16 March 2019

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.