I have done self assessment of on income tax and I am planning to pay it online. Can I do it in installments or do I have to pay it in one shot?
Anshul
(.)
(375 Points)
Replied 20 November 2012
Hello sir.
In my opinion Income tax cant be paid in instalments..
but if its the case of an advance tax then the same could be paid in instalments but not in the case of paying the income tax .For the purpose of submitting return of income for the P.Y you need to pay in one shot..
To my opinion this is correct way but then too let the experts comment..
Nitesh Sharma
(CA Final)
(33 Points)
Replied 20 November 2012
yes, The tax can be paid in installments. if you wants to pay advance tax then you have to deposit it before due date of payment of advance tax and if you want to Self Assessment tax then you have to pay it before submit your return. but in case of self assessment tax you have to pay 1% interest per month for delay in payment of tax
Sheena Maheshwari
(ARTICLESHIP)
(240 Points)
Replied 21 November 2012
you will have to pay it in installments by way of advance tax or you can pay in one shot and will have to pay interest @ 1% per month
CA Dimple Thacker
(It's Never Too Late)
(506 Points)
Replied 21 November 2012
Self Assessment Tax cannot be paid in Installments. You have to pay it in one shot.
CA Dimple Thacker
(It's Never Too Late)
(506 Points)
Replied 21 November 2012
If you want to pay Advance tax then it can be paid in Instastallments.
Kushal Pande
(CFO)
(256 Points)
Replied 20 July 2017
Can self-assessment tax be paid in installments? Not a case of advance tax.
Say, self-assessment tax comes to around 20 lacs... Can 5 lacs be paid each day over 4 days through online Challan 280 and show the same in ITR?
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