Self assessment tax return india

Self-assessment tax refers to any pending tax liability left on an assessee’s evaluated income after reducing deductions, and the taxes paid have been considered before filing the income return. The income Tax Return (ITR) is not considered complete unless a taxpayer does not pay self-assessment tax.

Here’s an overview of self-assessment tax, its meaning, calculation, how to pay it, etc.

What is Self-Assessment Tax?

After an assessee Accounts for the deduction of TDS by the employer, collection of TCS by the recipient on behalf of the taxpayer, and Advance tax on their income, any balance tax left is Self-Assessment Tax (SAT).

Self-Assessment Tax – Meaning, Calculation, and How to Pay

SAT arises when the tax paid on account of TDS, TCS, and advance tax is less than the actual tax liability.

Individuals are liable to pay SAT before filing their income tax returns. Taxpayers can pay it using Challan , a convenient form for payment of taxes to the government. This form can be us Self-Assessment Tax – Meaning, Calculation, and How to Pay KUG