Self Assessment Tax

Hi,
Another query from me on Self Assessment Tax.

While filing the ITRs, usually in July, we often come across some additional tax liability which we pay as Self Assessment Tax (SAT) before submitting the ITR.

For such a case, is there any late payment charges also to be paid in, as we are depositing the tax in month of July, or is it ok to just pay the SAT by July or August of the next FY. Any limits or conditions to this???

Best Regards,
Sameer Srivastava more  

Under Section 234B and C, you have to pay interest. Penalty can also be levied but depends on case to case and ITO decides it. If the SAT is around 5000/- you dont have to pay any interest. There is a simple formula but its better to consult cometaxindiaefiling.gov.in/ and get the amount. more  
http://www.charteredclub.com/advance-tax/ here's a link which explains the advance tax payable and interest applicable if not paid on time more  
SAT as calculated by the IT assessment tool includes everything and is best to be paid and details entered in the tool so as to show zero balance.

Ramesh Suri
IIT Delhi
Sent from my iPhone

On 09-Jul-2013, at 11:41 AM, Sameer Srivastava <support@localcirclesmail.com> wrote:

>
>
> If you are having problems viewing this email, Click here.
>
> Sameer Srivastava
> Sameer Srivastava posted a message in "All about Income tax in Delhi/...".
> Subject: Self Assessment Tax.
> Hi,
> Another query from me on Self Assessment Tax.
>
> While filing the ITRs, usually in July, we often come across some additional tax liability which we pay as Self Assessment Tax (SAT) before submitting the ITR.
>
> For such a case, is there any late payment charges also to be paid in, as we are depositing the tax in month of July, or is it ok to just pay the SAT by July or August of the next FY. Any limits or conditions to this???
>
> Best Regards,
> Sameer Srivastava
> Reply Reply to this email to post a comment.
> This email was sent to rksuri16@yahoo.com. If you don't want to receive emails from LocalCircles in future, please Unsubscribe.
> LocalCircles, Inc., 1556 Halford Ave., Suite 290, Santa Clara, CA USA 95051.
> LocalCircles India Pvt. Ltd., 1105, 11th Floor, Advant Navis Business Park, Sector-142, Noida, India, 201301. Privacy Policy. more  
you will be liable to pay late interest depending on when the tax was actually due. e.g. if the additional tax is due to capital gain which accrued in dec and you pay the self assesment tax in july, you will pay interest of 7 months @ 1% per month.

i think some penalty is also applicable, but not sure how this is calculated. you can use an online tax software (e.g taxsmile) which will do this calculation for you automatically. more  
Post a Comment

Related Posts

    • Wrong TDS entry in Form 26 AS

      Need urgent advise from some one please - In my Form 26AS for assessment year 20-21, some entries of TDS has been shown under section 194C by some one with whom I never had any dealing. Moreov...

      By Brij Gupta
      /
    • LIC POLICY ADDRESS CHANGE

      LIC being a very big insurance company, why not they look into the possibility of making the changes in the existing policies, like change in address, name change, bank details etc. ONLINE. When on...

      By Hari Shenoy
      /
    • Bank's refusal to honor agreed FD interest.

      Dear members, I am Sekar and new to localcircles.com. In 2014 I booked some 5 years fixed deposits with a private bank, due to their higher interest rate promised to me. During matu...

      By Sekar Rg
      /
    • DEAF Account

      It often happens that people don’t share even the basic financial details with their family members. In case of any untoward incident, the family members are left in the lurch as they are una...

      By Aditi Jain
      /
    • Tax on dividend

      I fully agree with the circle member's claim to approach the FM/PM, requesting to remove the senior citizens from taxing 10% on the dividend received on the Mutual Funds. In fact the present level ...

      By Subramanian Sekaripuram Ananthakrishnan
      /
    • Benefit of new tax regime for 13L+ salary earners

      Most of the salaried individuals with gross income of ₹13 lakh or more and non-salaried persons with income of ₹9.5 lakh or more will get to make tax savings if they sign up for the new lower incom...

      By Satvik Singh
      /
    • NRI income in zero tax domiciles taxable in India

      NRIs living in zero tax domiciles like UAE (Dubai Sharjah & also Bahamas etc) will have to pay tax in India. And now all those who (partly) moved to Dubai recently to evade taxes are stuck.

      By Aditi Jain
      /
    • Farmers must be taxed

      The tax system is currently design to squeeze the middle class. This must change. We are India’s most abused tax payers.

      By Aditi Jain
      /
    • BEWARE OF ICICI POLICIES

      I am cautioning the circle members and the general public at large that the insurance policies issued by ICICI are to be taken with a pinch of salt. The agents of ICICI who sell their policies as w...

      By Subramanian Sekaripuram Ananthakrishnan
      /
    • Why one should insist for Fixed Deposit Receipt

      As you all know now-a-days whenever we request any sort of statement / report etc. from non-banking financial companies (NBFCs) i.e. insurance, chit fund, merchant banking, stock broking service p...

      By G D Binani
      /
    • Beware of brokers

      2000 crore fraud by karvy on its customers. Sebi has banned it now. How come we only do bans and the regulators are never facing penalties and punishments for letting shit happen.

      By Aditi Jain
      /
Share
Enter your email & mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

Please select a Circle that you want people to invite to.
Invite to
(Maximum 500 email ids allowed.)