The Income-tax Act requires that the tax payable on the returned income after taking into account prepaid taxes, should be paid before furnishing the return. An analysis of returns filed electronically in the current Financial Year (2012-13) reveals that nearly 73,388 taxpayers have defaulted on such payments aggregating to Rs. 3,859 crore.

Income-tax Department urges all taxpayers who have filed their returns in the current financial year and have defaulted on payment of self-assessment tax of any amount, to immediately come forward and pay the due taxes before 31st March, 2013. Further, any taxpayer who files his return in the future, and on self-assessment indicates a certain amount of tax payable, should pay such tax while filing the return.

Filing a return without paying the admitted amount of tax that is payable will render such taxpayer an ‘assessee in default’ under the provisions of the Income-tax Act. Such taxpayers who default in payment of self-assessment tax may invite penal consequences.

DSM/RS/NK

(Release ID :93568)

Payment of self-assessment tax required on filing returns; unpaid amounts render taxpayer an assessee in default and invite penalties. The law requires payment of tax computed on returned income after accounting for prepaid taxes before or at the time of filing; the administration urges taxpayers who filed without paying self-assessment tax to remit outstanding amounts by the stated deadline. Future filers must pay any self-assessed tax when filing. Non-payment at filing renders the taxpayer an assessee in default and may attract penal consequences under the Income-tax provisions.