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.