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

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> 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
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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  
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