Section 140A of ITA, 1961 : Section 140A: Self-Assessment
ITA, 1961
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Explanation using Example
Imagine that Mr. Sharma, a salaried employee, has income from various sources including salary, rental income, and capital gains. For the financial year 2020-21, he calculates that he owes a total of ₹2,00,000 in taxes. Throughout the year, tax has been deducted at source (TDS) from his salary amounting to ₹1,50,000. He has also paid ₹20,000 in advance tax. Moreover, he has a tax credit of ₹10,000 for taxes paid in a foreign country, which is eligible for relie...
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