Self-assessment tax.
147. (1) The assessee shall be liable to pay before furnishing the return of tax bases, the aggregate of the following amounts as self-assessment tax, namely:—
(a) the amount of tax payable on the basis of the return required to be furnished under this Code for any financial year as reduced by—
(i) the amount of tax, if any, already paid under this Code;
(ii) any tax deducted or collected at source;
(iii) any relief of tax claimed under section 207; and (iv) any tax credit under section 106; and
(b) the amount of interest payable under any provision of this Code for such financial year.
(2) The amount paid as self-assessment tax for any financial year shall first be adjusted towards the interest payable under any provision of this Code and the balance, if any, shall be adjusted towards the tax payable, if the amount of the self-assessment tax paid falls short of the self-assessment tax payable under sub-section (1).
(3) After an assessment under section 155 or section 156 has been made, any amount paid under sub-section (1) shall be deemed to have been paid towards such assessment.
(4) If any assessee fails to pay the whole or any part of such tax or interest or both in accordance with the provisions of sub-section (1), he shall, without prejudice to any other consequences that he may incur, be deemed to be an assessee in default in respect of the tax or interest or both remaining unpaid and all the provisions of this Code shall apply accordingly.
