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What is self-assessment tax and how to pay it online: A step-by-step guide

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Self-assessment tax is usually paid before submitting the income tax return. The tax should be paid on or before the due date for filing the return, which is typically July 31 for individuals and September 30 for businesses,
The article from CNBC TV18 explains the concept of self-assessment tax, which is the tax paid by individuals or entities when the tax liability calculated exceeds the total tax already paid through TDS (Tax Deducted at Source), TCS (Tax Collected at Source), or advance tax. It outlines the necessity of paying this tax before filing an Income Tax Return (ITR) to avoid penalties. The piece provides a detailed, step-by-step guide on how to pay self-assessment tax online through the Income Tax Department's e-filing portal. This includes logging into the portal, selecting the appropriate challan, filling in personal and tax details, choosing the payment method, and finally, downloading the challan receipt for records. The guide emphasizes the importance of accuracy in entering details to ensure the payment is correctly credited to the taxpayer's account.

Read the Full cnbctv18 Article at:
[ https://www.cnbctv18.com/personal-finance/what-is-self-assessment-tax-and-how-to-pay-online-a-step-by-step-guide-19538086.htm ]