Is it necessary to pay SAT?
Self-assessment tax
is paid on the income that the taxpayer earns from other sources except regular
income. In case a portion of the income has been left out while making the
final payment, it is possible that the TDS hasn’t been deducted or the payment
has been made at a lower rate. The self-assessment tax should be paid as soon
as possible to avoid interest on the taxable amount. Thus, one must adopt the
good practice of paying SAT on time regularly.
Related Articles
What is Self Assessment Tax (SAT)?
Self-assessment tax is the added tax liability of an assessee on his income after accounting for TDS and advance tax. This should be calculated before filing returns at the financial year end. You cannot submit your returns to the IT Department till ...
Who should pay advance tax?
Any person having a tax liability of more than ₹10,000 in a financial year after deduction of TDS, has to pay advance tax. Advance tax must be paid by all taxpayers; salaried, freelancers, and businesses. Businessmen and professionals who have opted ...
What will happen if I don’t pay advance tax?
If you fail to pay the advance tax by 15th March of the previous year, you will be liable to pay interest as per section 234C.
How to Pay Self Assessment Tax online
Steps to Pay Self Assessment Tax Online Step 1: Visit the NSDL website: https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp Step 2: For Self Assessment Tax payment, click on proceed button of Challan No: 280 as highlighted in red Step 3: ...
When do I have to pay Self Assessment Tax?
There is no specified date or period of time mandated for filing the self-assessment tax. However, SAT must be filed before ITR filing.