Self Assessment Tax: What is?. Calculation Method, Payment

Self Evaluation Tax: Taxes are the major sources of earnings to the federal government. The federal government will wish that tax is timely transferred so regarding prevent any loss of income. The government had presented various avenues through which it collects tax, being direct and indirect taxes. Earnings tax is direct tax. Entities need to pay tax to the federal government in the type of advance tax, tax deducted at source, tax gathered at source, etc. In this subject, we are going to go over self– evaluation tax.

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Material in this Short Article.

What is Self evaluation Tax?

While filing of tax return, there may be a circumstance where there may be some liability of tax after considering the TDS, MAT credit and Advance tax, so entity requires to pay this balance tax amount prior to submitting the tax return. This liability calculated is referred to as self assessment tax. It is the tax paid at the time of last assessment of the earnings by the taxpayer made throughout the year

It is governed by section 140 A of the Income Tax Act, 1961.

When Self assessment tax is required to be paid?

Self assessment tax requires to be paid prior to submitting the tax return. Without paying the self evaluation tax, earnings tax return can not be submitted.

Technique of Calculating Self assessment Tax

  • Total Tax Payable ___________
  • Add: Interest u/s 234 A, 234 B, 234 C ___________
  • Less: Tax Deducted or Gathered at source ___________
  • Less: MAT Credit ___________
  • Less: Advance Tax ___________
  • Less: Relief declared u/s 90, 90 A or 91
  • Balance (if any), Self– assessment Tax ___________

Note: Total Tax is Basic Tax Surcharge Secondary and Higher Edu. Cess @ 4% on Standard Tax Surcharge, if any

Advance Tax is tax paid by us prior to the financial year ends. We approximate our overall tax liability and make the payment to the department.

How to Pay Self assessment Tax

  • Check Out the to pay the e– taxes and click Proceed under Challan No./ ITNS 280 option.
  • Then, the site will reroute you towards a type, which requires to be submitted.
  • When we put in our PAN Details, it car fills our Legal name details.
  • We can confirm our name from the PAN Card, and then go on with the details.
  • Note: Some places in the PAN No. and in our Legal Name appear in XXXX format. The reason for the exact same is security of personal information. Thus, we need to also not share our private information with others.
  • On gaining ground, we are redirected to the tax payment bank. We can enter our bank information or card information because and continue to make the payment of the tax.
  • We require to different quantities into Basic Tax, Surcharge, Secondary & College Cess, Interest, Charge, and so on
  • We should guarantee that our checking account has adequate balance for tax payment.
  • After we make the payment, we require to save the challan. The challan is a very important file and is a proof of payment made by us. We need to complete the information like BSR Code, Challan No. & date at the time of filing of our Income Tax Return.
  • Therefore, self-assessment tax is an easy method which we can comply with the Earnings Tax Laws.


  • Tax Calendar
  • Electronic Verification Code (EVC)
  • Belated Return
  • History of Earnings Tax in India

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