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Rectification

vishak (accounts) (488 Points)

08 July 2014

sir, one of my Clint filed it return for ay 2010-11. but he failed to pay 234 intrest and also wrongly enterd the challan date at the time of fileing of it return .after once year he got 143 intimation for demand of challan amount and 234 A interest. now can I pay interest under self assessment or regular assessment ?

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3 Replies

CA Deepesh Ruhela (Keen to Learn) (3271 Points)
Replied 08 July 2014

pay intt. Under regular assessment.

vishak (accounts) (488 Points)
Replied 08 July 2014

I need to know about the difference between self assessment & regular assessment ?

DrSANGITA PHD MBA(usa)CACSCWA (President Finance & Taxation) (405 Points)
Replied 09 July 2014

Self Asst means that When You Prepare Your Tax Return for Filing, You Calculate Your Income & Tax on the same based on the Income Tax Provisions (ie Your Way of Assessing your Taxable Income & Tax Liability Thereon) & You Pay that Tax.

Regualar Asst Means When Your Return Reaches the IT Deptthey scrutinise your Return & Details there on Check all the Heads on Incomes & deductions as Claimed by you & Calculate the Tax Liability there on & also check any TDS claim made by you if any if that matchs their record or no, & based on this details & their they do their workings ( In IT Language it is called as Asst) Since its done by the Dept themselves its named as Regular asst as it is done in their Regular course.

I hope now your concept of the Query is clear