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 you
have paid SAT. At the end of the year, any outstanding tax must be calculated
before filing the ITR. Simply put, Self-Assessment Tax is the balance tax
that an assessee pays on the income that has been assessed, only after taking
the TDS and advance tax into consideration before filing the returns.
Related Articles
Advance/Self Assessment Tax
Advance tax - It is the Tax amount paid by you on or before the 31st of March,19. Self assessment tax - It is the tax amount paid by you after 31st march,2019 and before filing income tax return. For Advance/Self Assessment Tax you will have to ...
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.
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: ...
What are the steps for paying the Self Assessment tax online?
It has become very convenient to pay SAT now, due to online facility of netbanking. You can follow the steps below: Log in to the income tax website. After signing in, you can click on the e-Pay taxes option. You will be redirected to the National ...
How do I pay Self-Assessment Tax or Advance Tax to the government?
Self Assessment Tax or Advance Tax is to be credited to the Government by using the challan prescribed in this behalf, i.e., ITNS 280. The Challan can be downloaded from here. You can then pay the tax via designated banks through physical mode, i.e. ...