what is self assessment tax india
Penalty for Default in Self Assessment Tax. As per the Income Tax Act, any tax due after allowing credit for Tax Deducted at Source (TDS) or advance tax should be paid before filing the return of income. Tax paid as such is called self assessment tax in India. If a person fails to pay a part of the whole of self assessment tax or interest, then the taxpayer will be held as a defaulter. Under the income tax act, the penalty for default of self assessment tax cannot exceed the amount of tax in arrears.