Self Assessment tax

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Damisetty Saketh (student) 04 December 2020

For Tax audit And having self assessment tax liability more than 1lakh due date for Payment of Self Assessment tax is 30th November 2020.Whether Interest u/s 234A will Be Charged if Self Assessment tax paid after 30th November 2020,If yes How interest is Calculated.Please Reply With Supporting Circulars& Notifications.It is very useful to me

Aditi Kaur (Practising CA) 04 December 2020

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Smit Shah 05 December 2020

Notification No.35 /2020 [F. No. 370142/23/2020-TPL] / SO 2033(E) : Extension of time limits under the Income-tax Act, 1961 and related Acts
24 June 2020

as per above mentioned notification 234A interest will levied if your tax liability after Advance tax, TDS/TCS etc. exceeds Rs.1,00,000/- also it is important to note that this amount before self assessment tax paid hence credit of self assessment tax paid will not be considered for counting amount of limit mantioned above.

also interest under section 234A is levied till you not file the return hence even you paid S.A.T. your interest counting is still going on

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