WHAT IS THE PROVISION OF INCOME TAX, SELF ASSESSMENT TAX
AFTER AUDITING GIVE THE EXAMPLE WITH ENTERY
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Answer / Banafsha Siddiqui
The Income Tax Act of India provides for Self Assessment Tax (SAT). After an audit, if adjustments are made in the income tax returns, any additional tax liability is required to be paid by the assessee as SAT. For example, let's consider an individual named A who earns a salary of INR 10 lakhs per annum. If during the audit, it is found that the actual income is INR 12 lakhs, an additional tax of (12 - 10) * applicable tax rate needs to be paid as SAT. The entry in the books of account would be: Debit to Income Tax Payable and Credit to Current Liabilities. Form 26AS can be checked online to verify the tax paid and adjusted.
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