Self Assessment Tax Rohan Shetty, 06 Mar 2013

Is self assessment tax and advance tax the same?

Fintotal Answer

No, they're different. Advance tax is to be compulsorily paid if your tax liability is expected to be more than Rs 5000 a year. You need to estimate your income and tax liability at the start of the year and pay Advance tax in not more than 3 installments by due dates in September, December and March of the same year. However some income may have come that you did not account for or you could have missed the due dates. Whatever tax liability is remaning is to be assessed by you and a Self Assessment tax is to be paid to make it up by due date of filing Tax Returns in the assessment year following. If your only income is salary and interest this does not apply to you since TDS usually takes care of your tax liability.

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