IT Department Urges Taxpayers to Pay all Self- Assessment Tax Dues by 31ST March
The Income-tax Act requires that the tax payable on the returned income after taking into account prepaid taxes, should be paid before furnishing the return. An analysis of returns filed electronically in the current Financial Year (2012-13) reveals that nearly 73,388 taxpayers have defaulted on such payments aggregating to Rs. 3,859 crore.
Income-tax Department urges all taxpayers who have filed their returns in the current financial year and have defaulted on payment of self-assessment tax of any amount, to immediately come forward and pay the due taxes before 31st March, 2013. Further, any taxpayer who files his return in the future, and on self-assessment indicates a certain amount of tax payable, should pay such tax while filing the return.
Filing a return without paying the admitted amount of tax that is payable will render such taxpayer an ‘assessee in default’ under the provisions of the Income-tax Act. Such taxpayers who default in payment of self-assessment tax may invite penal consequences.
Related to Your Search:
- Income Tax returns can still be filed even after the deadline: IT dept. urges
- Revised Norms of IT Returns; Electronic Verification of Income Tax Returns For A.Y. 2015-16 Introduced
- Chargeability of Interest on self-assessment tax paid before the due date of filing of return of income
- IT Returns early to avoid the last minute rush of filing – Income Tax Department urges
- Extension of date for filing of Income Tax Returns and Audit Reports from 30th September, 2018 to 15th October, 2018
- Request to Taxpayers to Avail Facility for Online Rectification
- Extension of Due Date for filing of Income Tax Returns
- Income Tax Offices to remain open on Saturday,5th August, 2017 for filing of income tax returns
- Income Tax Department Starts Two More Taxpayer Friendly Initiatives : ‘Register for Home Visit’ and ‘Online Tax Help’