Income Tax Return Filing Self-Assessment

What is Self-Assessment Tax?

Self-assessment tax means the balance tax by an assessee that should be paid on his assessed income when the TDS and advance tax have been taken into account before he or she files the revenue.

If your taxes due were unpaid, it could cause problems. Every person who is earning an income has to pay the Income Tax to the Government of India. Taxes are taken by taxpayers in many forms which take account of TDS, Advance and the Self-assessment.

If there is any tax which is due before filling the (Income Tax Return) ITR, there is a total and final amount that has to be calculated. The IT return will not be submitted to the IT Department until the time the taxes been paid.

Why should Self-Assessment Tax be paid? 

Self-Assessment tax is paid by a person in relation to his income from further sources. The tax is constantly paid for the end of every year.

If you pay it as soon as possible it benefits in avoiding the interest on the amount of the tax, however, there is no particular date of paying this tax, it can be done by filing a tax challan ITNS 280 at the bank as well as online too.

This tax has to be done is the same assessment year before filing the Income Tax Return. While making the final payment, if the taxpayer misses out on some of his income, TDS either been done at a lower rate or been deducted.

Procedure for Payment of Self-Assessment Tax

  • Visit http://www.incometaxindiaefiling.gov.in
  • Click on “e-Pay Tax” from the options available under “Quick Links” menu tab.
  • Click on ‘Continue to NSDL Website’, it will open a new web page for the selection of the Challan type.
  • Select Challan No. ITNS 280 (Payment of Income tax & Corporation Tax).
  • Enter Tax applicable, PAN, Assessment year, Address and type of payment as ‘(300) Self-Assessment Tax’.
  • Select the mode of payment; you can pay self-assessment tax by two modes ‘Net Banking’ & ‘Debit Card’.
  • Enter the captcha code and click on proceed.
  • On confirmation of the data so entered, the taxpayer will be directed to the payment gateway of the Bank.
  • On successful payment, a challan counterfoil will be displayed containing CIN, payment details, BSR Code, challan serial number and bank name through which e-payment has been made.
  • The Challan is proof of tax payment is made. Download and Save the challan copy for future reference.

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