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of <h1>Section 140A Income Tax Act establishes self-assessment procedures requiring taxpayers calculate pay tax when filing returns</h1> Section 140A of the Income Tax Act, 1961 establishes self-assessment procedures requiring taxpayers to calculate and pay tax due when filing returns under various sections. The provision mandates payment of tax after accounting for advance tax paid, tax deducted at source, relief claims under double taxation avoidance agreements, and other applicable credits. Interest calculations are specified for delays under sections 234A and 234B. The section includes provisions for fee payment, adjustment priorities when payments fall short, and consequences for non-compliance including deemed default status. Post-assessment, self-assessment payments are credited toward regular assessments, ensuring comprehensive tax collection compliance.
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