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CBDT Offers Relief To Seniors On Self-Assessment Tax

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The CBDT has extended relief to senior citizen class on self assessment tax. As part of the earlier relief if they had self assessment tax liability of over Rs. 1 lakh in financial year they can file the return by November 30 as against the earlier deadline of July 31. But had to pay the taxes by July 31 or else interest at the rate of 1 per cent shall be charged on a monthly basis.

CBDT Offers Relief To Seniors On Self-Assessment Tax
 

But now the department required part payment of the taxes to be made until July 31 such that their remaining tax liability is not more than Rs. 1 lakh. And interest shall not be charged if they clear the payment by November 30.

Self-assessment tax is the tax amount in excess of advance tax and TDS which is payable by the income tax assessee. Usually, when filing income tax return an assessee computes the income and corresponding taxes to be filed. However, in certain cases due to some discrepancy in computation, taxes paid by the assessee as TDS or advance tax fall short of the actual total tax payable. The balance tax that is needed to be paid with the tax authorities to discharge one's tax liability is referred as self-assessment tax.

GoodReturns.in

Read more about: tax self assessment tax
Story first published: Monday, August 3, 2020, 5:29 [IST]
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