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:
- Self Assessment Tax:
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
- Click here to know how to pay Self Assessment Tax online?
- Tax on Regular Assessment:
on regular assessment is the tax that we may be required to pay
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
- Click here to
know how to pay tax on regular Assessment online?
- Advance Tax:
- 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 financial
year, in the form of advance tax, otherwise interest @1% is payable on
the tax amount.
- Click here to know how to pay Advance Tax?
Important 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 compulsory at
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.
- Make sure that you select the correct Assessment Year at the time of filling the forms.
For financial year 2012-13, Assessment Year will be 2013-14. 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
- Understand 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.