Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

SELF ASSESSMENT TAX PAYMENT CLARIFICATION

Tax queries 395 views 4 replies

jvratnam

Others

109 Points Posted on 27 May 2020

I am a senior citizen and all senior citizens ,i ,understand are exempt from payment of quarterly advance tax on the

income earned during the quarter and are permitted to pay self assessment tax at the time of filing ITR.

Please advise for FY 19-20 , whether he same is valid and if so i can pay self assessment tax for Fy 19-2-at the time of filing ITR for AY 2020-21. I .E 31 st OCT 2020, due date for filing

I have no business income and income is from deposits and house rental income.

Replies (4)

CA Raj Doshi

Practising CA

8954 Points Posted on 27 May 2020

Yes that's valid. you can pay self assessment tax at the time of filing ITR. However, please filing within the original due date of 31.07.2020 as interest u/s 234A shall be applied in case of filing after that. Extended due date is 30.11.2020 for FY 2019-20

jvratnam

Others

109 Points Posted on 28 May 2020

sir,

When date is extended till 30-11-2020, it does not appear to be fair for making payment of self assessment tax by 31-07-2020..

Extension to file ITR means, extension of self assessment tax payment also covered. Is there any clarification on this as it has

financial implication for the assesses..I have to break a deposit if i have to pay by 31-07-2020.

debora M

BUSINESS DEVELOPMENT MANAGER

1697 Points Posted on 28 May 2020

filing within the original due date of 31.07.2020 as interest u/s 234A shall be applied in case of filing after that. Extended due date is 30.11.2020 for FY 2019-20

CA Raj Doshi

Practising CA

8954 Points Posted on 29 May 2020

Https://www.financialexpress.com/money/income-tax/itr-filing-date-extended-will-you-end-up-paying-more-as-penal-interest-explained-with-calculation/1973402/