How to Pay Income Tax Online??
automation is increasing, Income Tax Department is putting more
emphasis on payment of
Income Tax under correct heads and under correct assessment years. Not
only payment of due tax is important but also the payment should be
done correctly. There are three heads under which an
individual may be required to pay Income Tax. These three heads
according to their applicability are:
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
finacial year and before filing the Income Tax return of that financial
here to know how to pay Self Assessment Tax online?
- Section 234A- Interest for delay in filing IT return
on Regular Assessment:
on regular assessment is the tax that we may be 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 Rs. 10000.
- Click here to
know how to pay Advance Tax?
- Due dates/last dates for
Advance Tax payment
- How to Calculate Advance Tax payable?
- Interest u/s 234B for default in payment of Advance Tax
- Interest u/s 234C for default in payment of Advance Tax instalment
things to take care while making 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
the time of filling the online form of tax payment 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 2014-15, Assessment Year will be 2015-16. 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
Tax other 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.
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.
Still have any doubts, write to us at email@example.com
or contact us.
How to Respond to Notice from Income TAX regarding non filing of IT return