{"id":3027,"date":"2023-12-04T10:33:43","date_gmt":"2023-12-04T05:03:43","guid":{"rendered":"https:\/\/gstguntur.com\/?p=3027"},"modified":"2023-12-07T17:42:39","modified_gmt":"2023-12-07T12:12:39","slug":"self-assessment-tax-pay-tax-using-challan-280-updating-itr","status":"publish","type":"post","link":"https:\/\/gstguntur.com\/self-assessment-tax-pay-tax-using-challan-280-updating-itr\/","title":{"rendered":"Self Assessment Tax, Pay Tax Using Challan 280, Updating ITR"},"content":{"rendered":"

Self Assessment Tax, Pay Tax Using Challan 280, Updating ITR:<\/strong> Taxpayers should ensure that no tax payment is pending before filing the income tax return. If anyone realises that they had paid less than due after all calculations, then they should pay the balance tax. It refers to Self Assessment Tax (SAT) that individuals have to pay for income from others. There is no specification for the payment date, and one can pay it online or offline. After deducting the TDS amount from the income source and Advance Tax payable for the financial year, individuals have to compute the liability of income tax.<\/p>\n

Which Tax Refers to Self Assessment Tax and Who Pays It?<\/h2>\n

While filing income tax returns, taxpayers have to do an entire computation of income and taxes to get filed in the returns. Sometimes the tax paid is less than the actual amount payable. This shortfall of tax refers to Self Assessment Tax or simply SAT, which must get paid before filing ITR. Any individual having income from other sources has to pay SAT.<\/p>\n

For instance, while making the final payment in the form of an advance tax installment, if the taxpayer missed out on an income, they have to pay SAT. A salaried person ends up paying less than due in cases like Interest from Saving Bank, Interest from FD, and short-term capital gains can also be reasons. It can also be possible that TDS is not deducted or done at a slighter rate against the tax related to income tax filing.<\/p>\n

Is There Any Difference Between Self Assessment Tax and Advance Tax?<\/h3>\n

Both Advance Tax and SAT are tax liabilities to be payable to the Income Tax Department; however, they are different. Advance Tax refers to the yearly tax liability paid in advance, and SAT is the tax paid by the taxpayer after deducting Advance Tax and TDS. In case, if tax due is more than Rs. 10000 in the financial year, then one has to pay Advance Tax. If not paid Advance Tax, then the taxpayer has to pay penalty cost under section 234B and 234C while filing an income tax return.<\/p>\n

Less Tax Paid on Fixed Deposit<\/strong><\/p>\n

Anyone who has invested in a fixed deposit has to pay tax as per the income slab. In a financial year, if the interest on FD is less than Rs. 10000, then there is no deduction on TDS. However, if it is more than Rs. 10000, then TDS is deducted at 10%. Taxpayers have to pay tax on the interest even if they get interested at FD tenure end.<\/p>\n

Saving Account Interest More than 10,000<\/strong><\/p>\n

Interest earned on Saving Bank Account refers to as income from other sources declared in income tax returns. There is no TDS deduction from the interest on Saving Account.<\/p>\n

How to Compute Self Assessment Tax (SAT)?<\/h3>\n

If the taxpayer has made payments for tax preceding the assessment date, he\/she should follow the below-mentioned processes to calculate interest:<\/p>\n