Tax Query: What is the last date to pay self-assessment tax for AY 2020-21?
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I am yet to file my income tax return for the AY 2020-21. My income consists of salary, capital gains and other sources. My income tax liability is approximately Rs 30,000 after claiming credit for TDS on salary and interest income. What is the last date to pay the self-assessment tax for AY 2020-21?

The last date to file your income tax return for AY 2020-21 is 31 December 2020. You are required to pay the self-assessment tax before filing the ITR. Hence, the last date to pay self-assessment tax is also 31 December 2020.

While calculating your tax liability, you can claim credit for TDS on salary and interest income. You may have interest liability under section 234B in case you were liable to pay advance tax based on your aggregate tax liability and TDS credits. The interest liability continues until you pay the self-assessment tax. Hence, if you have interest liability, early payment of self-assessment tax will save additional interest payments.

Also Read: Tax Query: How can I claim tax exemption under the LTC cash voucher scheme?

I had missed filing my income tax return for AY 2019-20 by the due date. I wish to file the ITR since the government extended the last date to file ITR. My gross income from all sources is Rs 7 lakh, and deductions are Rs 1.5 lakh. What is the last date to file the belated ITR for AY 2019-20 and late filing fee?

Due to COVID-19, the government extended the last date to file taxes for AY 2019-20 until 30 November 2020. Accordingly, the last date to file a belated ITR is 30 November 2020. While filing the ITR, you should report your incomes from all sources, claim deductions and tax or TDS credits. 

You need to pay a late filing fee based on your total income. Your total income is gross income reduced by deductions is Rs 5.5 lakh (Rs 7 lakh – 1.5 lakh). In the case where your total income above Rs 5 lakh, you are liable to pay Rs 10,000 as the late filing fee. Do note that you should pay the late fees at the time of filing the income tax return.

For any clarifications/feedback on the topic, please contact the writer at sweta.dugar@cleartax.in

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