What is tax on self assessment tax?

Introduction: In the realm of income tax, self-assessment tax plays a significant role for individuals and businesses. It is a mechanism by which taxpayers calculate and pay any additional tax liability due to the government. In this blog post, we will delve into the concept of self-assessment tax, its purpose, and how it affects taxpayers. What is Self-Assessment Tax? Self-assessment tax is the tax paid by an individual or entity to cover any outstanding tax liability that is not already covered by tax deducted at source (TDS) or advance tax payments. It is calculated and paid by taxpayers themselves after […]

What is the difference between assessment year and previous year in income tax?

Introduction : Income tax is a significant aspect of personal and business finances, and understanding its terminology is crucial. Two important terms in income tax are “assessment year” and “previous year.” In this blog post, we will explain the difference between assessment year and previous year, and their significance in income tax calculations. Previous Year : The previous year refers to the financial year in which income is earned or received. It is the year that comes right before the assessment year. For example, if you are calculating income tax for the year 2023-2024, the previous year would be 2022-2023. […]