Clause 153 - Self-assessment tax - Direct Taxes Code Bill, 2009

Self-assessment tax 153. (1) The assessee shall be liable to pay before furnishing the return of tax bases, the aggregate of the following amounts as self-assessment tax:- (a) the amount of tax payable on the basis of the return required to be furnished under this Code for any financial year as reduced by the amount of tax paid and tax credit, if any, under this Code for such financial year; and (b) the amount of interest payable under any provisions of this Code for such financial year. (2) The amount paid as self-assessment tax for any financial year shall first be adjusted towards the interest payable under any provisions of this Code and the balance, if any, shall be adjusted towards the tax payable, if the amount of the self-assessment tax paid falls short of the self-assessment tax payable under sub-section (1).