There are many people in India, who have to go through a tedious procedure of depositing their income tax on their own. It is for those people who consider it a big task that they really need to understand the system of e-payment of income tax.
See Income Tax slabs for AY 2015-16
See Income Tax slabs for AY 2016-17
How an Income Tax is paid offline?
Once you fill 4 copies of a challan for paying income tax with a bank (scheduled government banks and some of the private banks accept income tax payment), upon acceptance of tax payment by the bank, they will give an acknowledgement of payment by you. This acknowledgement consists of Challan Identification Number (CIN). You will need to key in this CIN when you will file your income tax return online.
Is it possible to pay income tax online?
Yes, it is possible and in fact it is the convenient way to pay your taxes anytime, anywhere as you don’t have to visit a bank’s branch and you don’t have to stand in long queues for making your tax payments.
How to pay income tax online?
If you wish to make a payment online, then be ready with the following:
- PAN
- TAN
- Bank account number of an authorized bank for an account which has sufficient amount to honor your payment. If you do not have an account in a bank which is authorized for the purpose or you do not have internet banking facility attached with your account, then you may use the account details of a person (with his/ her permission) who has an account with authorized bank and has internet banking.
- And a good speed internet network
Steps of income tax e-payment
- Log on to www.tin-nsdl.com
- Go to e-payment: pay taxes online (you will find this on the right hand side of your screen towards bottom)
- From the list of challans, select the prescribed challan. You will be able to see various challans like ITNS 280, ITNS 281, ITNS 282, ITNS 283. Challan 280 is used for paying income tax and corporation tax. Therefore, choose ITNS 280.
- Fill all the details asked for in the challan that will come up as a next page. On the page, choose ‘(0021) INCOME TAX (OTHER THAN COMPANIES)’ given as a radio button on the top. Fill in the details of your PAN, assessment year, address and bank name (in which you have an account from where you want to make payment). Remember to choose the bank in which your account is active and you have the net banking facility. Under type of payment, select the radio key for “(300) self assessment tax” because you have assessed your tax for yourself. At the end of the page, type the captcha code and proceed.
- Choose the bank for making payment on confirmation page.
- Key in your net banking ID and password on your bank’s payment page that you will get after you have verified and clicked at submit to the bank. Login and key in your income tax amount and the education cess that you have to pay. In order to know the exact amount, you may make use of income tax calculator. Many people have a doubt if they can really use their debit card or credit card for making payment. One can make epayment of income tax only through internet banking and the facility of paying through debit card is available only to account holders of State Bank of India.
- Once done with the above mentioned steps, confirm the payment
- At last, print or save the CIN. This challan will remain accessible for next 90 days.
- Log out from the internet banking page.
How to get surety that bank has transferred the paid income tax amount to government account?
Once you have paid your income tax to bank through online mode, the only worry you will go through will be whether the bank has actually transferred the amount of income tax paid by you to the government account or not. In order to relieve yourself from this worry, you can check the status of your payment on the website of NSDL. It is recommended that before checking the status of your income tax payment, you should wait for a week from the date of payment. While checking, you will be required to enter the details like BSR code of the bank, serial number of your challan, date of payment and the amount paid. You can easily find all these details on the counterfoil of your challan. Then type the captcha code and enter, you will get to know the actual status of your payment.
Pay your taxes in time and save yourself from unnecessarily bearing penalties.
