Self Assessment Tax Payment with ITR Kendra

Self Assessment Tax Online Payment With ITRKendra

Self-Assessment tax refers to the amount of tax owed by a taxpayer after deducting tax withheld at source and advance tax. During the assessment year, self-assessment tax is paid by submitting Challan 280 prior to filing income tax returns. The e-payment option for self-assessment tax enables a taxpayer to pay the tax online. To be able to make the payment online, the taxpayer's bank account must support Internet banking. The taxpayer must also have a valid PAN card number and a TAN number. This article examines the procedure for self-assessment tax payment via the Internet.

After considering TDS and advance tax credits available to the taxpayer, the final amount of self-assessment tax owed is determined. Examining Form 26AS will allow you to confirm these credits. Form 26AS (Tax Credit Statement) is a statement maintained in the records of the Income Tax Department every financial year, in which the details of the tax credit available to an assessee are maintained according to the TDS and advance tax credit available to the taxpayer. Form 26AS indicates the tax credit available against the taxpayer's Social Security number.

Computation of Self-Assessment

1. Total taxable income
2. Interest pursuant to sections 234A / 234B / 234C (In case of a delayed filing of returns or remittance of advance tax)
3. Relief under Section 90/90A/91
4. MAT Credit under Section 115JAA:
5. TDS/TCS)
6. Advance Tax

Total Self-Assessment Tax to be paid = A+B-C-D-E-F