IT Returns - how to pay income tax
While filing it returns, it showed that I need to pay around 25000 as tax (including penalty).
Now how do I pay this tax amount? under which challan and which category ?
which type of payment?
(300)self assessment tax
(106)tax on distributed profits
(400)tax on regular assessment
(107)tax on distributed income
Asked 3 years ago in Income Tax from Bangalore, Karnataka
If you have assessed the tax liability , then you need to pay the tax amount under self assessement tax.But if the tax liability is of any other nature, then the category may change.
This is for the Salary received and the tax calculation done through the web site, so under which type of payment it falls?
Asked 3 years ago
Then it is (300) self assessment tax.
The question is silent about the asst year for which income tax is being paid. But it says that while filing Income tax return, apparently financial year is over and tax is being paid now, which can be paid as self assessment tax (300).
Again the answer is that it should be paid as self assessment tax (300).
Self Assessment Tax is the tax which is computed by the taxpayer on his own and then deposited with the govt. It shall be paid before the filing of income tax returns.
In your case, if it is self assessment tax , then you can pay the same along with interest or penalty as applicable.
You will have to pay the tax as self assessment tax.