Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Self assessed Tax paid for the year 2020-21

608 views

Save Share

Join Us Follow Us Add as Source

Venkatesan Sundaram

41 Points Posted on 10 August 2023

I have paid self-assessed Tax for the year 2020-21. Amount Rs 65000.

challan is available and it is also showing in the Annual report for the year 2020-21.

it is not used for claiming Tax paid for years. 2020-2021.

1) Can I use the same self-assessed Tax paid in next subsequent years? How many years I can use.?

2) if any Tax I have to pay in subsequent years, can I setoff against this self-assessed tax paid.

Please advice

Thanks

Venkatesan

Replies (9)

Quick Summary

A user paid self-assessed tax of Rs 65,000 for the 2020-21 financial year but did not claim it in their tax return. They are seeking advice on whether this tax payment can be used or offset in subsequent years. The consensus from the discussion is that self-assessed tax paid cannot be carried forward to future years and it's not possible to offset it against future tax liabilities. The recommended course of action is to apply for rectification of the tax return to claim the payment or seek a refund.

Eswar Reddy S

CFO- at NHTF

15022 Points Posted on 10 August 2023

You request department to change to current Assessment Year and head may be changed to advance tax

Mahesh Shah

1175 Points Posted on 10 August 2023

Why was SA tax paid when tax was not due??

Eswar Reddy S

CFO- at NHTF

15022 Points Posted on 10 August 2023

@ Mahesh Shah,

I think he has paid SAT but forgot to claim in ITR

@ Venkatesh Sundaram,
You can't use the self assessment tax in subsequent years. It's mistake apparent from the record.

You may apply for rectification return and get refund