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of <h1>Taxpayers Must Settle Tax, Interest, and Fees Before Filing Under Section 140A of Income Tax Act</h1> Self-assessment under Section 140A of the Income Tax Act requires taxpayers to pay any due tax, interest, and fees before filing their return of income. The payment must account for any previously paid tax, tax deducted or collected at source, and applicable tax reliefs or credits. If the amount paid is insufficient, it is first adjusted towards fees, then interest, and finally tax. Interest under Sections 234A and 234B is calculated based on the declared total income, considering any advance tax or deductions. Failure to pay results in the taxpayer being deemed in default, with applicable legal consequences.
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