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What is mean by self assessment tax

MPR sanjay Kumar (CA student) (216 Points)

25 January 2021

could you plse tell me what is mean by self assessment tax...

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CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 25 January 2021

Self assessment tax means tax that assessed by the assessee on their own as per estimated of income
u/s 140

Krishna Chaudhary (Accountant) (4531 Points)
Replied 25 January 2021

Self Assessment tax means any balance tax paid by the assessee on the assessed income after taking TDS and Advance tax into account before filing the Return of income. Self-assessment tax is paid for a particular financial year end. Challan No/ ITNS 280 is required to be used for the payment of Self assessment tax.

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