Whether an Assessee can file IT return with Tax Audit Report before the due date for return by making part payment of the IT payable and clear the balance before the end of the Assessment Year
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Part payment of Income Tax
Replies (3)
Dear friend!!
You may go through the provisions of Section 140A(1) which states that self assessment tax on the basis of the declared income along with interest for delay has to be deposited before the return of income is furnished and the return must have the proof of such payment.
In case of short payment at the time of filing the return of income, Section 140A(3) declares such an assessee as an 'assessee in default' and therefore the said provision along with Section 221 exposes the case of the assessee for the levy of penatly.
Therefore, It is not worthwhile to think of such an event!!
Good Bye!!
| Originally posted by :Ramakrishna | ||
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Dear friend!! Dear Sir Thanks for your feedback Will u pl clarify what does Sl.No.15 mean in the ITR V
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In case of part payment of self assessment tax it will be first adjusted from the interest and then from basic tax liability.
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