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In India, what is the sequence of payment of tax where that taxpayer has liabilities for previous months also?

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In India, what is the sequence of payment of tax where that taxpayer has liabilities for previous months also?
posted Jul 1, 2017 by Reshmi S

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1 Answer

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Section 35(8) prescribes an order of payment where the taxpayer has tax liability beyond the current return period. In such a situation, the order of payment to be followed is: First selfassessed tax and interest for the previous period; thereafter self-assessed tax and interest for the current period; and thereafter any other amounts payable including any confirmed demands under section 51. This sequence has to be mandatorily followed.

answer Jul 3, 2017 by Danial Rotwaski
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