Self Assessment Tax
- Self Assessment Tax (SAT) means the amount that an assessee has to pay towards his tax liability on the income as derived.
- Self Assessment Tax shall be the balance amount payable after deducting Advance Tax and TDS for the given Financial Year.
- Individuals who are required to file their income tax returns are liable to pay their SAT before filing the return. SAT can be paid by submitting Challan 280 available online at income tax e-filing portal.
- There is no specific date for paying SAT as it is computed
at the end of a
financial year, there is no due date for payment of such tax. Nevertheless,
taxpayers must make
SAT payments before filing their respective income tax returns to avoid
paying interest on the
tax amount.
Self assessment tax (SAT) has to be paid by individuals who earn income from other sources. The tax amount is levied for the following reasons:
- There might be some instances where a taxpayer fails to take an income into consideration while paying advance tax.
-
Sometimes
the TDS amount deducted might be inaccurate.
-
A salaried
employee may earn a substantial income from investments such
as fixed deposits
and mutual funds which may not be known to the employer.
Self Assessement Tax Payment Process
We can make the tax payment in 2 ways:
- Without logging into the e-Filing Portal
- Log into the e-Filing
Portal
1. Without logging into the e-Filing Portal:
- Visit the e-Filing portal
- Navigate to e-Pay Tax
- Enter PAN and Mobile Number > Continue
- Enter the OTP received on the mobile number entered > Continue
- On the next screen, a successful verification message will be displayed > Continue
- Select the category of tax payment > Proceed
- Select the relevant Assessment Year & Type of Payment (Minor Head) > Continue
- Enter the Tax Break up details > Continue
- Select the mode of payment > Continue
- On the next screen, you can preview the details entered > Pay Now
- Select I agree to the terms & Conditions > Submit to Bank
- You will be
directed to the bank website
where you will be
required to select the mode of payment &
hence make the payment.
- Upon successful
payment, you shall see the Summary screen which
shows the details of
the taxpayer & tax payment.
- Download the
Challan receipt from the Summary screen for future
reference.
- Once the process is completed,
you shall receive a
confirmation on your
registered email ID & Mobile Number.
2. Log into the e-Filing Portal (Pay Tax Online):
Following steps to be followed to pay self-assessment tax;
- Visit official Income Tax portal https://www.incometax.gov.in/
- Login to the portal using PAN and Password
- On the Dashboard, click e-File > 'e-Pay Tax'. You
will be navigated to the e-Pay Tax
- On the e-Pay Tax page, click the 'New Payment'
option to initiate the online tax payment.
- On the New Payment page, click Proceed on Self assessment tax payment tile.
- After selecting the self assessment Tax Payment tile, select Assessment Year, Minor head, other details (as applicable) and click Continue.
Step 3: Add Tax Details & Make Payment
- On the Add Tax Breakup Details page, add the breakup of total amount of tax payment and click Continue.
- In the Select Payment Mode page, select Payment Gateway mode and click Continue.
- In the Preview and Make Payment page, verify the details and tax break up details and click Pay Now.
- Read and select the terms and conditions and click Submit to Bank. Make the Payment.
- After the payment is successful, you can download the Challan by clicking on the download button.
- Details of payment and Challan Receipt are available under Payment History Tab on the e-Pay Tax page.