Self-assessment - Section 140A - Income Tax - Ready Reckoner - Income Tax

Self-assessment - Section 140A (1) Payment of tax, Interest and fee before furnishing return of income Where any tax is payable on the basis of any return required to be furnished under section 139 , or section 142 or section 148 , after taking into account (i) the amount of tax, already paid, under any provision of the Income-tax Act, 1961 (ii) any tax deducted or collected at source; (iii) any relief of tax claimed under section 89 ; (iv) relief of tax claimed under section 90 or 90A ; (v) deduction of tax claimed under section 91 ; (vi) any tax credit claimed to be set-off in accordance with the provisions of section 115JAA or section 115JD . (vii) any tax or interest payable as per the provisions of section 191(2) . the assessee shall be liable to pay such tax together with interest and fee payable under any provision of this Act for any delay in furnishing the return or any default or delay in payment of advance tax before furnishing the return. The return shall be accompanied by the proof of payment of such tax, interest and fee. (2) Order of adjustment of amount paid by the assessee Where the amount paid by the assessee under section 140A(1) falls short of the aggregate of the tax, interest and fee as aforesaid, the amount so paid shall first be adjusted towards the fee payable and thereafter towards interest and the balance, if any, shall be adjusted towards the tax payable. (3) Interest under section 234A For the above purpose, interest payable under section 234A shall be computed on the amount of tax on the total income as declared in the return, as reduced by the amount of- advance tax paid, if any; any tax deducted or collected at source; any relief of tax claimed under section 89 ; relief of tax claimed under section 90 or 90A ; deduction of tax claimed under section 91 ; any tax credit claimed to be set-off in accordance with the provisions of section 115JAA or section 115JD . (4) Interest under section 234B Interest payable under section 234B shall be computed on the assessed tax or on the amount by which the advance tax paid falls short of the assessed tax. For this purpose. 'assessed tax means the tax on total income declared in the return as reduced by the amount of tax deducted or collected at source, any relief of tax claimed under section 89 , relief of tax claimed under section 90 or 90A deduction of tax claimed under section 91 any tax credit claimed to be set-off in accordance with the provisions of section 115JAA or section 115JD ISub-section (18) (5) Self-assessment tax deemed to have been paid towards regular assessment or assessment under section 153A After regular assessment under section 143 or section 144 or an assessment under section 153A has been made, any amount paid under section 140A shall be deemed to have been paid towards such regular assessment or assessment. (6) Consequence of failure to pay tax, interest or fee If any assessee fails to pay the whole or any part of such of tax or interest or fees, he shall be deemed to be an assessee in default in respect of such tax or interest or fees remaining unpaid and all the provisions of this Act shall apply accordingly.