Self assessment tax paid

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629 Points Posted on 13 September 2021
Dear Sir

in March 2021 we have made provision fir incom tax Rs.22000/- but during filling itr actual paid 21200/- please suggest how to adjust balance rs.800 in books
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On 13 September 2021 at 08:57 Report
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Quick Summary
This discussion addresses how to handle a £800 overpayment of Self Assessment tax. The general advice is to leave the excess amount as is until the Income Tax order is finalised. Subsequently, this overpayment can be adjusted against the following year's income tax provision, reducing the amount you need to provide for then.

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SEO Sai Gr. Hosp.
212503 Points Posted on 13 September 2021

Generally its left as it is till the finalization of the IT order.

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On 13 September 2021 at 09:03
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tax consultant
3306 Points Posted on 13 September 2021
This excess 800 will be adjusted against next year income tax provision.

suppose next year your tax estimate is 30000 you will create provision only for 29200
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On 13 September 2021 at 11:12

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