What is self-assessment tax?
Due date for self-assessment tax payment
Payment in respect of self-assessment tax is required to be made before filing income tax return for a given financial year. The self-assessment tax can be paid either online or offline and for each of the modes Challan ITNS-280 has to be filled.
Consequences in case of incorrect self-assessment
Incorrect or wrong self-assessment of income and corresponding tax on the part of assessee may result in declaration of the tax return as defective. Currently, income tax provisions allow assesses to rectify their return within 15 days in case the assessing officer raises suspicion on self-assessment made by the assessee. If however, assessee fails to make the necessary rectification, the return is deemed to be defective.
Seeking, non-payment of self-assessment tax on the part of a number of assessees, an amendment has been proposed in the Finance Bill, as per which income tax returns shall be deemed defective in case the tax and applicable interest remains payable before the return filing date.
The proposed amendment is likely to improve compliance on the part of taxpayers' and augment revenue collection of the government.
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