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Individuals are required to pay self assessment tax for income from other sources. No specification for the payment date is specified. This tax can be paid online through simple steps. It can also be calculated with simple steps. In this article, we shall discuss the payment and computation of the Self Assessment Tax.
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This form of tax refers to the amount that an assessee has to pay on the requisite income after deducting the advance tax and TDS for a financial year. Those individuals who must file their income tax returns should pay this tax beforehand. This tax can be filed by a taxpayer by submitting Challan 280, also used for e-filing income tax.
As stated earlier, there isn’t any specific date for the payment of this tax as it is computed at the end of a financial year. Thus it doesn’t have any deadline associated with it. However, taxpayers should make payment before filing their respective income tax returns in order to avoid paying interest on the amount of tax.
This form of taxation has to be paid by individuals who earn an income from other sources. The tax amount is levied for the reasons mentioned below:
Thus, self assessment in income tax is critical to avoid inaccuracies pertaining to the taxable income.
In case an individual makes any payment for tax before the date of assessment, then the following processes for calculation of interest can be considered:
The below-mentioned procedure can be followed for its computation:
It will lead to the Self Assessment tax payable on the income tax of an individual.
The following procedure can be followed for the payment of this tax online:
In case where the assessee makes incorrect self assessment of income and tax amount payable, then the return may be considered defective. The provisions under the Income Tax Act permit taxpayers to sort their returns in 15 days of filing the return, but if the assessee fails to correct the error, the return filed will be declared defective.
The payment of this form of tax is quite simple online. Now that you know how to compute and pay the self assessment tax, strive to pay it off as quickly as possible without waiting for the date of income tax return filing.
Read our article: Income Tax Challan 280: Online and Offline Methods to Pay
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