Self assessment tax or advance tax for ay 19-20

Tax queries 327 views 9 replies

Hi..

Due to change in company by an employee, TDS has not been deducted for last two months.Now I would like pay the tax balance tax.

Whether Should I make it as Advance tax or can I pay as Self Assessment Tax for the AY 19-20.

Is there any interest for the delay in payment of advance tax as Balance tax short fall below 75% which is due on 15th Dec,2018.

Please help on this issue.

Replies (9)

can i pay it as self assessment tax instead of advance tax?

Yes there will be interest liability since tax falls short below 75% which was due on 15th Dec, 2018

Also select Advance tax if payment made below 31.3.19 and Self Assessment Tax if payment made on or after 1.4.19

Thank you!

welcome

Does it make any difference if I pay Self assessment tax? Is it allowed in e pay tax website If i proceed with Self assessment tax?

As a Salaried employee, Usually it's company's responsibility to deduct TDS, which it failed to deduct in this case, & there is no requirement of advance tax if all the TDS deductions were made. Hence I am paying only the balance tax and not a advance tax

You cannot make payment as Self Assessment Tax before 1.4.19 since the financial year has not ended.
any tax payment made during the financial year for that same financial year is counted as Advance tax.
Also the portal e pay tax website won't allow you to make payment as Self Assessment Tax before 1.4.19

But the portal did not allow me to pay advance tax and instead i paid self-assessment before 1.4.2019

My bad it was advance tax

advance tax payable in case tax liability of 10k or more
or where AO has passed order


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