Blog Post

How to Pay Income Tax

In the article we will get to know how to pay Income Tax. We can make payment our different kinds of tax dues like every quarter we have to pay our advance tax installments and TDS liability and self-assessment tax etc. we are facilitated by a website called TIN NSDL by our government which helps us to pay our income tax dues online.

 

List of banks authorized to accept e-payment

we can search authorized bank branch for payment of direct taxes from TIN NSDL website by following steps:

  • Services
  • Oltas
  • Bank branch
  • Insert your state and city

 

How to make income tax payment online?

  • Log on to the TIN website and click on the “e-payment: Pay Taxes Online” link located under the “Services” menu on the TIN homepage.
  • By clicking on “e-payment: Pay Taxes Online” menu, you are directed to the page which features a list of the different Challans that you can use to pay due income tax like:
  • Challan number 281- for payment of TDS
  • Challan number 280- for advance tax payment
  • Challan number 282-for payment of security transaction tax, estate duty, wealth tax etc.
  • Challan number 283-for payment of banking cash transaction and fringe benefits.

 

Which are the mandatory field to pay online income tax?

  • Tax Applicable
  • Type of Payment
  • Mode of Payment – Net-Banking/Debit card of major banks in India
  • PAN (Permanent Account Number)
  • Assessment Year
  • Complete Mailing Address as per PAN records
  • Email and Phone Number

Once you have filled out the applicable information and provided the captcha code, you can click on the “Proceed” link provided at the bottom of the page. Subsequently, you will get directed to the Net-banking or Debit Card payment page where you can complete payment and receive a transaction Id number.

 

Advantages of making online payment

  •  You can pay taxes from any location at any time through your net-banking account.
  •  Instant transfer of funds from your account.
  •  What you write on the e-challan will be directly sent to Income Tax Department. Banks will not do any data entry.
  •  You can save/print the challan copy and the receipt copy.
  •  As soon as your Bank authorizes payment of the amount, you will receive a clear, legible receipt/counterfoil from your Bank.
  • Transaction id of the e-payment transaction will be available to you in your bank statement.

 

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