Nirav Worah
(CHARTERED ACCOUNTANT)
(396 Points)
Replied 23 November 2012
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.
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 23 November 2012
advance tax paid on estmation of assessees income and self assessment tax is paid after assessing income.
tintin
(Na)
(38 Points)
Replied 24 November 2012
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
manavi
(article)
(30 Points)
Replied 05 December 2012
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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