Should I use “Self assessment” or “Advance Tax” option which making Excess tax payment while filling ITR ?

POSTED BY tmklsankar ON July 20, 2014 10:25 pm COMMENTS (2)

Hi,

I have income from Salary and TDS deducted for the same. But I have short term capital gains on mutual funds and hence after updating ITR-2, I see an excess tax of Rs 6000 to be paid. Could you please help me on the below queries to do the online payment? I am using Challan 280.

1. Should I use “Self assessment” or “Advance Tax” option?

2. Assessment year should be 2014-15 or should be 2015-16 as I am paying only now.

3. Should I select the type of payment option as Self Assessment Tax(300) or Advance Tax(100)?

4. Selecting the option “(0021)INCOME-TAX (OTHER THAN COMPANIES)” for the applicable Tax. Is this correct?

Thank you

2 replies on this article “Should I use “Self assessment” or “Advance Tax” option which making Excess tax payment while filling ITR ?”

  1. shikharbit987 says:

    You should use “self assessment tax” and assessment year will be 2014-15 only. Select type of payment as “self assessment tax” and option-0021 is correct.

  2. Ajay says:

    This 6k you owe is for the FY 2013-2014 right ? If that is the case the AY should be 2014-2015.

    See this link for all your queries.
    https://cleartax.in/Guide/HowToPayIncomeTaxDue

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