Q 156. What is the sequence of payment of tax where that taxpayer has liabilities for previous months also?

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Ans. 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 self-assessed tax and interest for the previous period; thereafter self-assessed tax and interest for the current period; and thereafter any other amounts payable…

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