Convert advance tax to self assessment tax

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NageswaraRao

Engg

25 Points Posted on 20 July 2014

Hi,

I am Nagesh. Here is my query.

In 2013-14 FY, I have paid an Advance tax for X amount on 31/03/2014.

My intention was to pay Self Assessment tax, but by mistake I selected the option as Advance Tax button.

Is there any possiblity to convert this advance tax to self assessment tax?

Reason: why I want to change. If the X amount is treated as Advance tax, then I need to pay interest for late payment(because advance tax should be paid during the start of the year)

Thanks,

Nagesh.

Replies (5)

vishak

accounts

304 Points Posted on 20 July 2014

You mean at payment time mistake or return fileing time mistake ?

NageswaraRao

Engg

25 Points Posted on 20 July 2014

It is pay time mistake. I have to pay (300)SELF ASSESSMENT TAX. By mistake I have selected (100)ADVANCE TAX during the tax payment.

vishak

accounts

304 Points Posted on 20 July 2014

Yha that's difficult to rectify wait for 143 intimation

Tribhuvan Aditya Singh

Student as well as Self-employed

3853 Points Posted on 20 July 2014

i will suggest that you pay your tax again, if it does not involve big amt. and claim this amt X in current itr as refund.

Arif Ali

Apt Co Advisory

1170 Points Posted on 21 July 2014

No need to convert this. Since you have paid the tax on 31.03.2014 so it would be considered as advance tax. Self assessment tax is paid after the date of 31st march.

Further if you was liable to pay advance tax then interest will be charged accordingly section 234A, B, C.

There is not matter that you have shown as advance tax and if you shown this as self assessment tax then interest would not be charged.

If you was not liable to pay advance tax then and you have paid then no matter. No any interest will be charged. You will show this in ITR and rest amount of tax will be paid as self assessment tax.