How to Calculate Self Assessment Tax under Income Tax Act

The provisions are given below-        

  • An assessee is required to submit his return of income under section 139 or 142 or 148 or 153A or 158 BC.
  • Before submitting the aforesaid return, he is supposed to find it whether any tax and / or interest is payable. For this purpose tax and / or interest shall be calculated as follows:

Find out income tax, surcharge and education cess per return of income

Add: Interest –

Under section 234A for late submissions of return of income/ fringe benefits

Under section 234C for non-payment of different installments of advance tax

 

Total tax and Interest

Less: advance tax, tax deducted at the source, tax collected at source, MAT credit and relief under section 90/90A/91

Self assessment tax payable under section 140A

 

 

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