Clause 153 - Self-assessment tax

Self-assessment tax must be paid before filing returns; payments cover interest first, then tax liabilities.

The assessee is required to pay self-assessment tax before submitting their tax return, which includes the tax payable based on the return for the financial year minus any tax paid and tax credits, and any interest due under the Code. Payments made as self-assessment tax are first applied to any interest owed, with any remaining amount applied to the tax payable. If the self-assessment tax paid is insufficient, it is adjusted accordingly to cover the interest and tax liabilities.