In this post, we will discuss self-assessment Tax (SAT) in detail. We will cover the following topics:
The self-assessment Tax (SAT) is the amount remaining after you have deducted your income taxes and any taxes already paid, such as Tax withheld from your wages (TDS). You must pay a SAT to file your income tax return (ITR). If you fail to pay the entire amount of SAT , your ITR will be invalid, and you may face Interest and penalties.
You don’t have to pay SAT on a specific date, but it’s best to pay it as soon as possible after calculating your tax liability. This will help you avoid penalties and ensure your ITR is processed smoothly.
A= Your total payable tax
B= Interest to be paid as per section 234A / 234B / 234C (In case of a delayed filing of returns or remittance of advance Tax)
C= Relief on tax amount under Section 90/90A/91
D= MAT Credit amount under Section 115JAA
E= TDS/TCS
F= Advance Tax
Payable SAT calculation.
So, The total Self-Assessment Tax you have to pay = (A+B)-(C+D+E+F)
For Example:
Income Tax including surcharge – 1,00,000
(Add) Interest under Section 234A/B/C – 40,000
(Less) TDS and Advance Tax – 45,000
Self-Assessment Tax that has to be paid under Section 140A – 95,000
Amount paid as SAT – 60,000
Here are the steps on how to pay SAT online via net banking:
The Challan should reflect on your Form 26AS in a few days. If it doesn’t reflect, you can fill in the challan details while filing your ITR.
This post on self-assessment Tax (SAT) has come to an end. Please share your views and opinions with us in the comment section below.
Ans. That is not the case. Even if you have paid in part and your SAT due is less than 1 lakh, you must still pay the late payment penalty.
Ans. The government allows you to pay SAT in instalments. You do not have to pay the entire amount in one go. However, you must complete the payment before filing your income tax return (ITR).
Ans. Form 26AS is a document that shows all the taxes you paid during the year. You can use it to check if your taxes were credited correctly and to claim tax credits when you file your income tax return.