What is self assessment under section 140A?

Section 140A (1) deals with the self-assessment tax. In simple terms, self-assessment tax refers to the balance tax payable by the taxpayer after taking into account advance tax and TDS.

What is notice under section 143 2 of the Income Tax Act, 1961?

When the income tax department finds discrepancies, minor or major, in your income tax returns, a notice will be issued under Section 143(2). The discrepancies can be under-reporting income or over-reporting losses. The notice is issued to make sure that you have not underpaid tax in any way.

What are the consequences of non payment of tax on self assessment?

Penalty for default in making payment of Self Assessment Tax As per section 140A(3), if a person fails to pay either wholly or partly self assessment tax or, interest, or fee* then he will be treated as assessee in default in respect of unpaid amount.

What is Section 142 of Income Tax Act?

What is section 142(1) of Income tax Act? Section 142(1) of the Income-tax act 1961, empowers Income-tax authorities to issue a notice for making an assessment where return has been filed or if return has not been filed then to furnish the required information in the prescribed manner.

Can I file income tax return without paying tax?

In view of the large cases of ITRs being filed without payment of self assessment tax, the Finance Act, 2013 has inserted a new clause (aa) to the said explanation to make a return defective if the tax together with interest if any payable in accordance with provisions of section 140A has not been paid on or before the …

When can notice us 142 1 be issued?

A notice under section 142(1) can be issued under two circumstances: If you have filed your return, but the assessing officer requires additional information and documents; or. If you have not filed your return, but the assessing officer wants you to file it.

What is punishment for not paying taxes?

Unpaid taxes are subject to their own charges. Even if a customer files his / her returns or extension by the 15th of April but fail to pay the money they owe in the same month, a non-payment penalty equal to 0.5% of the due tax will be levied.

What is 148 in income tax?

Section 148 grants an Assessing Officer the power to either assess or re-assess any taxable income that may have gone under the radar, and has not been assessed as per the stipulated guidelines of the Income Tax Act.

What is penalty order u/s 271 1 C?

Section 271(1)(c) cast responsibility upon the AO to reach the clear finding with respect to levy of penalty under the specific charge and if the AO fails to do so then the penalty cannot be levied as such penalty order shall not be maintainable in the eyes of law.

What is section 140A of IT Act 1961?

Section 140A of IT Act 1961 provides for self-assessment. Recently, we have discussed in detail section 140 (Return by whom to be verified) of IT Act 1961. Today, we learn the provisions of section 140A of Income-tax Act 1961.

What is section 139d of the Income Tax Act 1961?

Chapter XIV (Sections 139 to 158) of the Income Tax Act 1961 deals with the provisions related to procedure for assessment. Section 140 of IT Act 1961 provides for return by whom to be verified. Recently, we have discussed in detail section 139D (Filing of return in electronic form) of IT Act 1961.

When was Section 140 of the Finance Act 2020 amended?

[ Clause (cd) of section 140 was amended by the Finance Act 2020 w.e.f. 01.04.2020.] (d) in the case of a local authority, by the principal officer thereof;