At times one needs to pay income tax to the government for example Advance Tax, Self Assessment Tax. To deposit Advance Tax, Self Assessment tax and Regular Assessment Tax an individual has to use challan ITNS-280. It can be paid both through internet (online or e-payment) and at designated branches of banks empanelled with the Income Tax Department (offline), Challan No. 280 would be required to be filled in both the cases.
How to pay
If you want pay Income tax through online you need to follow the below steps –
Website link https://onlineservices.tin.egov-sdl.com/etaxnew/tdsnontds.jsp
Challan No. Select Challan No. 280 ( Payment of Income Tax & Corporation Tax )
Tax applicable If the person paying tax is a Company select “0020 – Income tax on companies (Corporation tax)”, for other cases where income tax is for other than company i.e for Individuals, Partnership firm, LLP, AOP , BOI etc. then select “0021 – Income tax ( Other than Companies )” .
PAN No. One should enter PAN No. carefully in challan as wrong PAN No. would lead to credit of tax in other’s name. For persons paying tax online, no need to enter the name it will automatically populate on the confirmation page. If your name is not appearing there you need to verify your PAN and reenter the correct PAN.
Assessment Year As challan will display option to pay tax for previous years as well one need to be careful when selecting the assessment year.
Note : Assessment year means the year next to the financial year. Ex : if you want to pay tax for financial year 2016-17, then you have to select A.Y as 2017-18.
Type of Payment If the tax is paying before the end of Financial Year on the basis of Estimated income then select “ Advance Tax ” and in case tax is paying after the end of the financial year then select “Self Assessment Tax”.
Mode of Payment There are two options available for payment of tax through. One is though “Net Banking” and the other was is “Debit Card”. You have to select the particular bank from the drop down.
Confirmation Once you completed the above steps. Click on proceed option, a confirmation page will appear. Here your name will be displayed. Once again one has to take care in verifying the details. If all are ok then click on submit to bank, you will be redirected to the payment bank. Once logged in, it will ask for the amount of Income tax, surcharge, Education Cess you need to pay and Interest and Penalty charged on tax if any.
Once you paid the tax, a counter foil would be instantly available on the screen. You can take print out or save it in your PC for records.
OFFLINE PAYMENT if you want to tax offline then you have to take the print out of Challan 280 and fill the above details manually. The challan is available on http://www.incometaxindia.gov.in/forms/107010000000345598.pdf
Now a days everybody is availing Net banking and Debit Card facilities from banks. So it is better to pay tax online as it would take less time to pay tax and in case you lost the counter foil of challan , you can take any no. of copies as you want by login into your net banking. In case payment is being made through Cheque or Cash then one should have to use offline option and needs to take care of the counterfoil as you can’t get that back in case of loss.
Best TAX advice for Freelancers, Professionals, Trader and Web based agencies.
FREE 10* min of consultation
- CA Assisted filing for saving tax
- Support on Call/Skype/Email