Self-Assessment Tax

Tax Glossary Definition

Self-Assessment Tax

Tax Paid Before Filing the Return: This refers to the tax amount a taxpayer computes and pays voluntarily after calculating total income, deductions, and overall tax liability, but prior to filing their Income Tax Return (ITR) under Section 140A of the Income Tax Act.

Example: Suppose a taxpayer determines a total tax liability of ₹50,000 after adjustments; they must pay this amount online as self-assessment tax before submitting the return.

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