Self-Assessment Tax Return Online: A Step-by-Step Process Explained

• December 31, 2024

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Filing an ITR is an integral part of the Indian taxation system that every individual and business needs to pay. Self Assessment tax is the amount of money every taxpayer has to pay to the government authorities after deducting advance tax and TDS. Calculating Self-assessment tax might be challenging for every individual and business alike as it needs a proper understanding of the legal tax framework and the solution to the issue that may arise during tax filing.

In this comprehensive guide, we will walk you through the steps to file a self-assessment tax return online. So, let’s get into it.

What is Self-Assessment Tax Return

Self-assessment tax is the amount of money that an individual or business has to pay to the concerned authority after deducting TDS and other ITRs. Individuals and businesses are responsible for calculating and reporting their tax liability to the tax authority and they are liable to pay these taxes on their own to avoid and legal repercussions. Under this system, taxpayers must file a tax return to declare their income, expenses, and other relevant financial information to determine how much tax they owe to the government. You have to perform the duty of an assessment accountant to evaluate your tax amount owed to the government.

How to File Self-Assessment Tax Return Online

Filing a self-assessment tax return online is an authentic procedure used by individuals, freelancers, business owners, and others, to report their income and expenses to the tax authorities. Here is the step-by-step guide to file a Self Assessment Tax Return.

First of all, go to the official website of the Income Tax Department of India.

Which will redirect you to the official website of National Securities Depository Ltd. (NSDL).

Now pick “Challan no. /ITNS 280” and then select the “0021 (other than companies)” option.

Enter your personal details such as name, address, contact details, PAN card number, and other details in the given field.

Here, you have to select the correct assessment year for which the payment of the self-assessment tax return online, will be made.

Once selected the self-assessment tax year, pick Self Assessment Tax as the “type of payment”.

Now Select the preferred bank among the list of options available to make the payment.

After choosing the bank, you need to enter the amount of tax payable.

Individuals will be redirected to the preferred bank’s payment page to complete the payment process.

Once the payment mode is complted, a challan will be generated, which will contain a detailed representation of the transaction along with CIN and bank name.

Here, you need to keep a soft copy or hard copy of the challan for future reference.

The challan details represent the taxpayer’s Form 26AS after a few days.

However, if it isn’t shown, you can get the details while filing his or her Income Tax Return for the financial year on self assessment tax return accountant cost help page.