Self Assessment Tax Payment Procedure

Written by KnowYourGST Team under GST

How income tax is collected  by Central Government?

Income tax is collected by Central Government in the form of -

  • Tax deducted at source (TDS)
  • Tax collected at source (TCS)
  • Advance tax
  • Self assessment tax

What is self assessment tax under Income tax?

It is tax remaining to be paid after deducting advance tax and TDS/TCS.
Example - For the year 2018-19, income tax payable on total income is Rs 1,00,000/- Assessee has already paid advance tax of Rs 50,000/- during 2018-19. Various person have deducted TDS of Rs 20,000/- on his account.
Net income tax payable by assessee is -

Total tax payable Rs 1,00,000
Less : Advance tax paid Rs 50,000
Less: TDS/TCS Rs 20,000
Net Tax Payable Rs 30,000

Net tax payable of Rs 30,000/- is the self assessment tax. So, it is tax remaining payable after deducting taxes already paid.

How do I pay Self assessment tax?

To pay  advance tax visit https://www.incometaxindiaefiling.gov.in

Self Assessment tax payment

Under 'quick links' click on 'e-Pay Tax'
You will be then taken to NSDL website
Under 'Non-TDS/TCS' click on 'Challan No/ITNS 280'

Self Assessment tax payment

Fill all the particulars of the form

  • If you are 'Company' select 'Corporation Tax (Companies), in all other cases select 'Income Tax (Other than Companies)'
  • Select appropriate assessment year.
    'Assessment year' is the year following previous/financial year.
    Previous year is same as financial year.
    For example, if you are paying advance tax in 2018-19, then previous/financial year is 2018-19 and assessment year is 2019-20.
  • Fill your contact details, contact details need not match with those registered on Income tax website.
  • Under 'Type of Payment' select 'Self assessment tax'
    You can see that same form can also be used to pay advance tax, except TDS.
  • Fields not mentioned above are self explanatory.
  • Review once, and click on 'proceed'.
  • After you click on proceed you will see below page
    Self Assessment tax payment
  • See that your name and financial year displayed are correct
  • Click on 'Submit to the Bank'.
  • You will be redirected to your bank website, select mode of payment and hit 'submit'
  • Enter login credentials, and then you will be taken to tax payment page, where you will have to enter tax amount.
  • Fill tax amount, and hit 'confirm'.
  • In next page, you will be asked to confirm. If everything is correct, hit 'confirm'.
  • That's it. Download the receipt in PDF and save.

How do I pay self-assessment tax offline, if I do not have internet banking?

To pay advance tax offline, download challan 280. Fill the form and submit it to your banker.

Author
Posted by CA Ankit Sharma under Income-Tax

I am CA, you can contact me for resolving all your tax queries. Reach me at ankitsharma1141@gmail.comContact

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