What is the difference between self assessment tax and advan

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what is the difference between self assessment tax and advance tax .

I find these options in epayment of tax.

Replies (4)

Advance tax is tax paid on estimated income and has to be paid in installments. Self assessment tax is tax paid on actual i.e actual income.

advance tax paid on estmation of assessees income and self assessment tax is paid after assessing income.

Is it possible to pay self assessment tax at the end of financial year without paying any advance tax earlier?

 

 

also can I pay self assessment tax after 31st july,2013    for the  income of  financial year 2012-2013  ?

 

Thanks

As per my understanding, self assessment taxes can be paid at the end of the financial year without paying advance tax earlier. However, this will be subject to payment of interest u/s 234B and C liable due to non or delay in advance tax payment.

Also, self assessment taxes cannot be paid after filing the income tax return.


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