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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.
If you overpay tax on your income and you complete a self assessment tax return, HMRC will deal with your repayment once they have processed your tax return.You can state in the tax return how you would like the repayment to be paid to you.You can have it: 1  paid directly into your bank account, 2  paid to you by cheque, or.f you are in self assessment and you overpay tax, you do not need to submit a separate claim for repayment. You claim your tax repayment through your self assessment tax return.