Self-Assessment [Section 140A] :

(i) Where any tax is payable on the basis of any return required to be furnished under section 139 or section 142 or section 148 or section 153A, after taking into account –

(1) the amount of tax, already paid,

(2) the tax deducted or collected at source

(3) relief of tax claimed under section 90 or 90A

(4) deduction of tax claimed under section 91

(5) any tax credit claimed to be set-off in accordance with the provisions of section 115JAA or section 115JD.

the assessee shall be liable to pay such tax together with interest payable under any provision of this Act for any delay in furnishing the return or any default or delay in payment of advance tax before furnishing the return and the return shall be accompanied by the proof of payment of such tax and interest.

(ii) Where the amount paid by the assessee under section 140A(1) falls short of the aggregate of the tax and interest as aforesaid, the amount so paid shall first be adjusted towards the interest payable and the balance shall be adjusted towards the tax payable.

(iii) For the above purpose, interest payable under section 234A shall be computed on the amount of tax on the total income as declared in the return, as reduced by the amount of-

(1) advance tax paid, if any;

(2) any tax deducted or collected at source;

(3) relief of tax claimed under section 90 or 90A;

(4) deduction of tax claimed under section 91;

(5) any tax credit claimed to be set-off in accordance with the provisions of section 115JAA or section 115JD.

(iv) Interest payable under section 234B shall be computed on the assessed tax or on the amount by which the advance tax paid falls short of the assessed tax. For this purpose “assessed tax” means the tax on total income declared in the return as reduced by the amount of –

(1) tax deducted or collected at source on any income which forms part of the total income;

(2) relief of tax claimed under section 90 or 90A

(3) deduction of tax claimed under section 91

(4) any tax credit claimed to be set-off in accordance with the provisions of section 115JAA or section 115JD [Sub-section (1B)].

(v) After the regular assessment under section 143 or section 144 or an assessment under section 153A has been made, any amount paid under sub-section (1) shall be deemed to have been paid towards such regular assessment or assessment, as the case may be.

(vi) If any assessee fails to pay the whole of tax and interest he shall be deemed to be an assessee in default in respect of the tax and interest and all the provisions of this Act shall apply accordingly.