Skip to content

CA Intermediate · Taxation · Provisions for filing Return of Income and Self Assessment

For tax year 2026-27, Vikram's tax liability on his total income is Rs 1,50,000. TDS of Rs 60,000 and advance tax of Rs 40,000 were paid in time. Interest for delay in advance tax and for shortfall in instalments totals Rs 5,000, and interest for late filing of return is Rs 2,000. No other tax was paid earlier. What self-assessment tax must Vikram pay before filing his return?

Vikram must pay Rs 57,000 as self-assessment tax. It is the tax of Rs 1,50,000 plus interest of Rs 7,000, less TDS of Rs 60,000 and advance tax of Rs 40,000. Interest is added because the balance due includes the interest chargeable on the assessee.

  1. ARs 50,000
  2. BRs 57,000Correct
  3. CRs 43,000
  4. DRs 97,000

Explanation

Self-assessment tax = tax + interest - TDS - advance tax. Interest = 5,000 + 2,000 = 7,000. So 1,50,000 + 7,000 - 60,000 - 40,000 = Rs 57,000. Rs 50,000 omits the interest, and Rs 97,000 ignores the advance tax paid.

Did you get it right without looking?

One question tells you little. A timed set on Provisions for filing Return of Income and Self Assessment shows your real accuracy, how long you take and where you lose marks.

Practise Provisions for filing Return of Income and Self AssessmentFree diagnostic mock

More Provisions for filing Return of Income and Self Assessment questions