Income Tax
Self-Assessment Tax
Tax paid by taxpayer at the time of filing ITR after accounting for TDS and advance tax.
Full Definition
Self-assessment tax is the remaining tax liability paid by the taxpayer at the time of filing the ITR, after deducting TDS already deducted and advance tax already paid. It is paid using Challan 280 on the income tax e-filing portal. Interest under Section 234A is payable if the return is filed after the due date, and Section 234B applies if advance tax was less than 90% of assessed tax. Pay self-assessment tax before filing to avoid a defective return.
More Income Tax terms
ITR (Income Tax Return)
Annual declaration filed with India's Income Tax Department reporting income, deductions and tax paid.
AY (Assessment Year)
The year in which income earned in the previous financial year is assessed and taxed.
FY (Financial Year)
The 12-month period from April 1 to March 31 during which income is earned and recorded.
PAN (Permanent Account Number)
Unique 10-character alphanumeric identifier issued by the Income Tax Department to every taxpayer.
TAN (Tax Deduction Account Number)
10-character number required by entities that deduct or collect tax at source (TDS/TCS).