What is Self-Assessment Tax?
When the Fiscal Year is about to get over, you are required to do the final calculation of your tax-liability before you file your Income Tax Return. If you are liable to pay some tax, then this tax is known as Self-Assessment Tax or SAT. It is the final Calculation of tax liability before you file the Income Tax Return.
What a Taxpayer is required to pay SAT?
Usually, Self-Assessment Tax or SAT is paid by the individuals who have income from other sources. At times, it so happens that the taxpayer forgets or misses out to disclose the income from other sources. In such a situation, the taxpayer is required to pay a Self-Assessment Tax. There is no particular date to pay it, but it should be paid as soon as possible, without waiting for the due date to file Income Tax Return. This will save you from paying interest for late payment of this tax.
How is Self-Assessment Tax Paid?
Here are a couple of steps, which a taxpayer can use to pay Self-Assessment Tax.
- The first and the foremost thing that you are required to do is log in to the Income Tax Department’s Official website.
- Once you log in “e-pay taxes” option will appear in front of you.
- After you click on the above-mentioned option, you will be directed to NSDL website.
- When you are on the NSDL Website, you can choose Challan no/ ITNS 280