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self assessment tax

CA. Bhabani , FCA, DISA, DIRM (Chartered Accountant) (205 Points)

19 July 2007

Hi,

An employee receives arrears of salary on 31.03.07 on which tax has not been deducted at source.Can he calculate and pay self assessment tax on the amount on the same day? Is it correct to pay self assessment tax within the previous year itself? If not what option is available in such situation?

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2 Replies

som kansal (chartered accountant) (307 Points)
Replied 21 July 2007

self assessment tax should be wholly deposited before the end of the previous year, otherwise the assesee has to face the interest and panelties of sec 234 A/B/C. but if the assessee is forced by the some circumstances out of his control, the commissioner the allow him releif. for referrence, read sec. 234 A/B/C. take care somkansal @ yahoo.com

CA VISHAL B.DAVE (employee) (25 Points)
Replied 23 July 2007

self assessment tax has to be paid before the filing the return of income. moreover he can claim relief u/s 81 for arrers. interest u/s 234 A/B/C will be attracted if the return is not filed and in case of adv. tax pymt. adv. tax is payable only if tax liability is to exceed rs.5000