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Penalty for Default in Self Assessment Tax. As per the Income Tax Act, any tax due after allowing credit for Tax Deducted at Source (TDS) or advance tax should be paid before filing the return of income. Tax paid as such is called self assessment tax in India. If a person fails to pay a part of the whole of self assessment tax or interest, then the taxpayer will be held as a defaulter. Under the income tax act, the penalty for default of self assessment tax cannot exceed the amount of tax in arrears.
Customers who have been asked by HM Revenue and Customs (HMRC) to submit a Self Assessment tax return through a notice to file. This measure clarifies the time allowed for making a self-assessment. This is 4 years from the end of the tax year to which the self-assessment relates. This is the same time limit as for assessments by HMRC. The measure seeks to make clear the amount of time a customer has to submit a self-assessment.