self assessment tax

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Chartered Accountant
134 Points Posted on 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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On 19 July 2007 at 08:40 Report
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chartered accountant
174 Points Posted on 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
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On 21 July 2007 at 07:37
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employee
29 Points Posted on 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
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On 23 July 2007 at 02:16

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