Hi ,
I have to pay INR 65000 as advance tax or self assessment tax for FY 2019 -2020.
Ordinarily in any other year it would be advance tax if paid before 31st March and self assessment tax after that.
But due to covid 19 there has been a few announcements and relaxation this. So when I pay 65000 tomorrow, should I select minor code for advance tax or self assessment tax.
Thanks in advance.
You need to select self assessment tax
the tax regulations and provisions related to advance tax and self-assessment tax were based on the Income Tax Act in India. While there may have been some relaxations or amendments due to the COVID-19 pandemic
Typically, advance tax is paid in installments throughout the financial year, and self-assessment tax is paid after the financial year has ended, but before filing the income tax return. The choice of whether to pay as advance tax or self-assessment tax would depend on the timing of your payment and your income situation.
To ensure that you make the correct payment and select the appropriate minor code, it's advisable to refer to the latest notifications and guidelines provided by the Income Tax Department of India or consult a tax professional or Chartered Accountant (CA). They will be able to provide you with the most up-to-date and accurate information regarding the specific circumstances related to your tax liability for FY 2019-2020.
For further more detailed information on this topic visit:Casual taxable person in GST – All You want to know
To read more such trending content, visit Swipe Blogs.
CAclubindia
