How to Pay
Income Tax Online??
payment of taxes is very convenient and time saving. I remember the
days of long queues in banks for payment of taxes in July. It was lot
more time consuming and many errors in filling up the challans used to
occur. That all is automated now. Payment is easily done using net
With digital payments its very
important to enter correct details. The Assessment Year for which
tax is being paid should be correct
otherwise you will not get credit of the paid taxes in the concerned
year. Rectification will be required which again will be an unnecessary
Another important factor is to
make the payment under correct head. Correct head means type of tax
which is to be paid. The tax paid within the financial year ie. before
31st March of the year should be Advance Tax while as tax paid at the
time of finalising your return will be Self Assessment Tax.
Here are the common types of taxes that might be paid by an individual
and further related links of the step by step process of how to make
payment of such taxes & demands:
is most common type of Income Tax paid by most of the
individuals or we can say generally Self Assessment Tax is the head
under which we pay Income Tax. Self Assessment Tax is the tax which we
finalising our Income Tax Return. It is paid after 31st March of the
financial year and before filing the Income Tax return of that financial
here to know how to pay Self Assessment Tax online?
234A- Interest for delay in filing IT return
on Regular Assessment:
on regular assessment is the tax that is required to
against a notice of demand from Income Tax department. So when we
receive a notice of demand and find that yes we are required to pay
some additional tax, it shall be deposited under the head Tax on
know how to pay Tax on Regular Assessment online?
- Advance Tax is the
Income tax paid in advance.
As per the IncomeTax Act, tax on our
incomes shall be deposited before 31st March of the respective
year, in the form of advance tax, otherwise interest @1% is payable on
the tax amount. Advance tax is not applicable if total tax liability of
an individual for the year is less then ₹10000.
know how to pay Advance Tax?
dates/last dates for
Advance Tax payment
to Calculate Advance Tax payable?
u/s 234B for default in payment of Advance Tax
u/s 234C for default in payment of Advance Tax instalment
on Property Purchase:
- TDS @ 1% on the payments made for purchase of
property of ₹ 50 lacs or more is required to be deducted
under Section 194-IA of the Income Tax Act. Tax must be deducted
on the same day on which payment to seller is made & TDS must be
deposited with in 30 days from the end of month of such deduction;
failing which a penal interest @ 1.5% per month or part of month for
delay in deposit and @ 1% per month or part of month for non deduction
of TDS is charged.
- What is
TDS on Property Purchase?
to Deposit TDS as per Section 194IA on Property Purchase?
- How to pay
demand of interest on TDS on Property Purchase?
Dos & Donts of online payment of Income Tax:
- Calculate the exact amount of tax payable along
with interest if any due.
your full address, even the fields which are not marked
compulsory shall be filled. This will save you from any unnecessary
problems which may be faced due to banks not approving the half filled
forms. Many banks disapprove the forms which are not filled completely,
at the time of final payment.
sure that you select the correct Assessment Year at the time of filling
For financial year 2019-20, Assessment Year will be 2020-21. This is a
very important field, as getting the Tax payment Challan (payment
receipt) corrected later
is a very cumbersome process. Many individuals make the mistake of
selecting wrong Assessment Year and thereby face unnecessary
the Terms Assessment Year and Financial Year
- At the top Select
than Companies and at the bottom of the form carefully select
the appropriate type of tax payment (as discussed above).
submitting the form and before going for payment check all the details
as shown on the confirmation screen carefully. Name as per PAN must
appear at the confirmation screen.
to link PAN with AADHAR. How to link PAN & AADHAR Read in
deduction from salary of ₹ 50000/-...read in
making payment, check the Challan of payment (receipt of payment)
thoroughly. If you find any mistake, contact your bank immediately as
at this stage the banks can correct some mistakes within seven days,
later on procedure will be complicated and will take time.
to Arpita for a query or for a feedback at firstname.lastname@example.org