Last date of submitting self assessment tax?

Question

hi,

just wanted to know what is the last date of depositing self assessment tax? I need to file income tax return for assessment year 2008-09 and tax liablity is more than the TDS my employers have deducted. If I submit the self assessment tax before 31 jul 08 does that attract any interest also?

Please suggest...

Answer 1

You have to pay the tax before July 31, failing which 1% non compounded interest have to be paid as penalty.

(Eg. If Balance tax is 1000, you have to pay 10 rupee per month of delay)

If you dont have any balance tax payable, then you can file your returns before March 31st 2009.

Answer 2

No interest upto 31st July 2008, and after that you would be liable to pay interest @ 1 % per month.

Kalra

Answer 3

You must file income tax return on or before July 31, 2008. For information of Income Tax forms and to download the forms, go to http://mytaxes.in/index.php?topic=32.0.

Answer 4

From the source

"Tax return deadlines and late return penalties

31 October: Paper returns

If you are sent a notice to complete a tax return before or on 31 July and you want to send us a paper return you must send the completed return back by 31 October.

If you are sent a notice to complete a tax return after 31 July you must send the completed paper tax return back by the later of 31 October or three months following the date of issue of the notice."

Answer 5

its the last date of submission...if you submit on before or on that date there will not be any of such charges

Answer 6

You can use any of these methods to submitting your ITR form:

(i) Submit return in paper form. You must also attach duly filled Acknowledgment Slip.

(ii) Submit a bar-coded paper return. You must also attach duly filled Acknowledgment Slip.

(iii) Submit the return electronically under your digital signature.

(iv) Transmitting data electronically and thereafter submitting the verification of the return Form ITR-V in duplicate.

The Due Date of the Tax Return. The due date for filing your tax return (Forms ITR-1 to ITR-8) is July 31, 2008 for the assessment year 2008-09. This is also the due date for filing the wealth tax return Form BA. If the return requires audit report under section 44B, then the due date is September 30.

Advance Tax Payments. The assessee must make payment of advance tax if the tax payable by the assessee for the year is Rs.5,000/- or more. The due dates for various instalments of advance tax are: September 15 -- amount not less than 30% of such advance tax, December 15 -- amount not less than 60% of such advance tax and March 15 -- balance amount of such advance tax.

You are supposed to pay self assessment tax by 31.03.2008.

If you have not done so you have to pay interest at rate 1% per month.

That will be 4% in your case if you pay tax in July.

You will have to fill Challan ITNS-280 for depositing self assessment tax. You will have to pay Income tax + 3% education cess + Interest. Go to nearest SBI branch to complete this procedure. You have to attach the counter-foil of the challan with your ITR or enter the challan details in case of e-filing.

Answer 7

the lst date of paying taxes was 31 march 2008. if u pay taxes after this date u have to pay interest @ 1% per month for every month that u have not paid., e.g. if u deposit taxes on 16th of july u will pay interest for apr,may,june and july in full.

Answer 8

without interest 31st july. with interest any time before filing of I Tax return