Self-assessment of income

If any tax is due depending on a return that must be filed in accordance with Sections 115WD, 115WH, 139, 142, 148, Section 153A, or, as applicable, Section 158BC, then, after taking into consideration:-

(i) the sum of any tax previously paid in accordance with any provision of this Act;

(ii) any tax withheld from or gathered at source;

(iii) any tax reduction or deduction based on taxes paid in a nation outside of India that is made under sections 90 or 91; and

(iv) any tax relief sought under Section 90A for taxes paid in any of the aforementioned listed territories outside of India;

the assessee will be responsible for paying the tax and interest due under any applicable provisions of this Act prior to submitting the return, as well as any default or delay in payment of advance tax. The return must also include documentation proving the tax and interest have been paid.

If the amount paid by the taxpayer under this subsection is insufficient to cover the whole of the aforementioned tax and interest, the amount so paid must first be applied toward the interest owed and any remaining balance, if any, shall be applied toward the tax.

 

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Interest due under section 234B is calculated for the purposes of the aforementioned sub-section on an amount equal to the assessed tax or, where applicable, on the amount by which the prior tax paid is less than the assessed tax. Any sum paid under the aforementioned subsection will be regarded to have been paid towards any regular assessment made according to section 115WE, section 115WF, section 143, section 144, or assessment made pursuant to section 153A or section 158BC, as applicable.

Without limiting any other repercussions he may face, any assessee who fails to pay the full amount of such tax, interest, or both in accordance with the provisions of the aforementioned sub-section will be deemed to be in default and subject to all of the provisions of this Act with respect to the tax, interest, or both remaining unpaid.

References in this segment to other provisions of this Act are to be interpreted as references to those provisions as they are currently in effect and applicable to the relevant assessments. The provisions of this section as they were immediately prior to their amendment by the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988), shall apply to and in relation to any assessment for the assessment year commencing on the first day of April, 1988, or any earlier assessment year.

 

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