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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.
They are. Generally, self employment taxes are 15% of your income, and then you pay your regular tax rate on top of that. If youâre in the 25% tax bracket, the taxes on your business are 40%. This puts people into a panicâmost people donât pay 40% of their revenues, you have to back out your expenses first.