In Income Tax, is the Self Assessment Tax paid only after March 31?
Or, can it be paid before also?
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Self Assessment Tax payment timing
Replies (8)
Quick Summary
Before end of FY , you can pay taxes in the form of advance tax .
After end of FY , you can choose self assessment tax .
Advance tax will be paid on estimated income and self assessment tax will be paid on actual income
After end of FY , you can choose self assessment tax .
Advance tax will be paid on estimated income and self assessment tax will be paid on actual income
It's just a term indicating it was paid after year end but before filing the return.
In effect, there's no difference, because your liability and interest is determined based on the value and date of payment anyway.
Self Assessment tax can't be paid during FY. You can pay advance tax instead
Before March 31, tax is paid in the form of advance tax. After that, tax is paid in the form of self assessment tax. Self Assessment tax is paid on actu al income, which cannot be known before March 31. Before that, Advance tax is paid which is on the basis of estimation of income.
Financial Year is relevant
Your response clarified our doubts. Thank you.
Thank you for your resonse.
Your response clarified our doubts. Thank you.
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