ITR
Paying balance tax before filing ITR-1
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Facts
Pay the balance tax and interest as self-assessment tax before submitting. The ITR-1 flow offers Pay Now through e-Pay Tax, and the challan is then added to the return.
Provisions and law
- Sec 140A, Income-tax Act 1961 (now Sec 266)Tax due on the return is paid as self-assessment tax, with interest, before filing.
- Sec 234B, Income-tax Act 1961 (now Sec 424)Interest of 1% a month applies if advance tax was short.
Analysis
If tax payable is ₹14,600 including interest, pay it before filing so the return shows nil due. Choosing Pay Later leaves a demand and you can be treated as in default. Use the right assessment year and minor head 'self-assessment tax'.
Conclusion
- Check tax payable in the summary.
- Click Pay Now and complete e-Pay Tax.
- Confirm the challan is added in Tax Paid.
- Recheck that tax payable is nil.
- Submit and e-verify.
A Savvy can do this for you
Income tax return for salaried and pensioners, ITR-1 (Sahaj)
₹999
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