As India is Developing itself in Technology and Research, it is producing a wide range of facilities to people living in the Country. The development in India made people live comfortable. While coming to the topic of Income Tax, paying Income Tax is necessary for all the citizens of India if they earn the income more the Rs. 2,50,000/- as per the present slab rates. The exemptions and deductions are applicable as per the rules and sections mentioned by Income Tax Act 1961. Nowadays payment of Income Tax is made easy as the Indian Government introduced epayment of Income Tax option. By this facility, people can pay Income Tax quickly and easily. No need of going to Banks, rushing in lines and wasting their time where ever you are you can pay Tax using the Internet banking facility of the authorised banks. So let us find how to make Income Tax Online Payment.
Modes of Payment of Income Tax:
There are two ways to pay Income Tax in India. They are
- Physical Mode.
- e-payment Mode.
Physical Mode: It means payment by furnishing the hard copy of the challan at the designated bank. The challan form is available on the official website of IT Department and also in banks on the Income Tax Department. The Challan should be duly filled and must be deposited in the bank along with the amount.
e-payment Mode: It means the payment made using the Internet Banking facility to pay the tax. This facility is very comfortable to the taxpayers because they can pay their tax from anywhere they are. The only necessity is that the taxpayers should have an internet connection, and a net banking enabled account in an authorised bank. So better switch to e-payment which is safe, simple, time saving and be used at any time from anywhere.
Online Payment of Income Tax Procedure – e-payment Process
To pay the Tax Online the taxpayer have to follow the steps given below. Carefully read the step by step process to make e-payment of Income Tax.
- Log on to the official website www.tin-nsdl.com.
- Click on ‘e-payment option.
- Then click on ‘pay taxes online’.
- First of all, the assessee has to select the required challan that is given there.
- For example, you can see the page given below.
- After selecting the challan, the screen will be shown as below.
- Enter the PAN number for TDS payments or TAN for TDS payments.
- Financial Year or Assessment Year.
- Address of the Assessee.
- Minor Head Code.
- Major Head Code.
- Type of payment for TDS payments.
- Select the bank name from the drop down provided.
Step3: After entering all your details click on Proceed button.
Step4: It will check the validity of TAN/PAN. If it is a valid PAN/TAN card, then it will display your Name and ITD database.
Step5: Taxpayer can also have EDIT option if he want to correct any entered data.
Step6: For e-payment with your user id and password log on to the net-banking site in which you have an account.
Step7: After payment a challan counterfoil will be displayed containing CIN. The challan counterfoil is the proof of payment being made.
To make Income Tax e-payment click on the below link
Challan forms required for e-payment of Income tax
These are the Challans that are necessary and should be filled for Income Tax Online Payment. To make payments for different direct taxes, these are the necessary challan forms.
ITNS 280: For making payment of income-tax and Corporate tax that is income-tax by companies.
ITNS 281: For making payment of TCS/TDS by non-corporate and corporate collectors/deductors.
ITNS 282: For making payment of Wealth Tax, Securities Transaction Tax and other direct taxes.
Form No. 26QB: For making payment of TDS in the case of immovable property.
Details details to be provided in the Challans for Income Tax e payment:
The details that are to be provided in the Challans for making Income e-payment.
- Correct PAN number of the Assessee should be entered in case of payment of IT and correct TAN Number in case of payment of TCS/TDS.
- Select the correct assessment year or financial year.
- The taxpayer should enter the correct phone number and e-mail ID.
Online Income Tax Payment
Q: Who are the person’s mandatory to pay Income Tax through e-payment?
A: The persons who have to make their payments only through Online but not through the physical mode of payment. They are:
- All companies.
- All taxpayers other than the Company who are liable to get their accounts audited as per section 44AB.
Q: What are the taxes that can be paid electronically?
A: The taxes which are paid electronically by using e-payment option are:
- The Corporate tax that is Income tax paid by a company.
- Tax deducted at source (TDS).
- Tax collected at source (TCS).
- Securities Transaction Tax (STT).
- Wealth-tax and other direct taxes like gift tax, expenditure tax, etc.
Q: On which the Government will collect Income Tax?
A: Taxes are collected by the means of:
- Self Assessment Tax and Advance Tax like voluntary payment by persons into various designated Banks.
- TDS (Taxes deducted at source) on your behalf from the payments receivable by you.
- TCS (Taxes collected at source) on your behalf at the time of spending.
Q: What are the precautions to be taken while filling up the tax payment challan?
A: These are the precautions to be taken mainly while filling up the tax payment challan:
- Head of payment, for example, Corporation Tax/Income Tax
- Mode of payment of tax and Amount to be paid.
- Type of payment whether Self assessment/Advance tax/Regular/Tax on Dividend.
- Assessment year
- The unique identification number called PAN allotted by the Income Tax Department.