E-Filing and Tax Payment

My mother, a senior citizen, has to pay tax for FY2020-2021 and will file ITR-2 due to capital gains/losses. TDS deducted is not sufficient to cover tax liability…

Does she have to pay tax first and then file returns or is it the other way round? If tax is to be paid first how will she know the exact amount of tax to be paid?

Does she have have to pay tax by 31st July or can it be paid by the extended date of 30th Sept announced today?

Hey @vivek25 ,

Self-assessment taxes has to pay on or before filing of ITR for particular fiscal year. A taxpayer does not have to pay it if their actual dues are less than Advance Tax and TDS combine.

Taxpayers whose tax liability exceeds Rs 10000 for particular assessment year is required to pay Advance tax dues.

Taxes can also be paid by the extended due dates of filing ITR in all cases. Additionally interest liability u/s 234A shall also arise when tax payer files ITR after original due date i.e 31st July, if tax payer’s net tax liability exceeds 100000.

You can refer below article for more insights about income tax payments:

I hope it helps! :slightly_smiling_face:

@Kaushal_Soni Thanks for the reply.

So assessee needs to fill up the ITR to know how much tax is due. Then that amount is to be paid and ITR uploaded. Is that correct?

Hey @vivek25 ,

It is correct. Tax Payer has to compute taxable income along with net tax liability (After considering TDS, Advance tax, interest & penalty, if any) and accordingly make payment on or before filing of ITR.

You can calculate tax liability from below tax calculator:

I hope, it helps! :slightly_smiling_face:

1 Like