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of <h1>Self-assessment under Section 140A requires tax payment within 30 days post-return; penalties for late payment may apply.</h1> Section 140A, introduced in the Income-tax Act by the Finance Act, 1964, mandates self-assessment for taxpayers. If the tax due, after accounting for any prior payments, exceeds five hundred rupees, it must be paid within thirty days of filing the return under section 139. Payments made are credited towards provisional or regular assessments under sections 141, 143, or 144. Failure to pay within the stipulated time can result in a penalty up to fifty percent of the unpaid tax, subject to the taxpayer being given an opportunity to be heard before such a penalty is imposed.
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