We all are moving fast with technology but, even in this digital world paying tax is considered one of the most complicated financial tasks. In this article, we have tried to bust that myth and have tried to explain how you can easily pay your income tax online.
After the introduction of GST(Goods and Services Tax), the tax you pay is broadly classified into two segments.
Corporate Tax:
This is the tax that the companies pay from the profit they make through their business.
Income Tax:
This is the tax that you pay the government on the total income that you have received over one year.
When it comes to filing the income tax, people should understand that not every salaried person needs to pay tax as most employers would have paid the tax on your behalf.
Remember the first type of tax? Your employer would have filed the tax in that category on behalf of you.
Even though you might come across various situations where you have to file your taxes yourself. And you don’t have to consult a CA for this since it is just a 5-minute job online using Challan 280.
What is Challan 280?
Challan 280 is the form that you will be required to submit when you are paying your tax as an individual. You can submit your Challan 280 directly to your bank or submit it online.
How to pay income tax online?
The most simple way to pay your tax online is by submitting challan 280 online and paying through your net banking facility.
The steps involved to pay your income tax online is listed below:
Step 1: Visit the income tax website and choose Challan 280 or simply click here and select Challan 280.
Step 2: Fill in the complete details in the Challan 280
When you select Challan 280, you will be directed to a page where you will have to fill in with the details before you can pay your tax.
The details that need to be filled in include the type of tax you are paying, the assessment year you are paying, your pan card, address, E-mail ID, phone number, and payment details.
Step 3: Verify the details that you have entered and proceed to the payment section
Before you proceed to the payment section make sure to cross-check your mentioned name and the name on the pan card matches.
Step 3: Make the payment
Once you proceed to the payment section, you will be directed to the bank page where you will be required to log in to your net banking account using your username and password. Once you are logged in, enter the income tax amount and proceed with the payment.
Step 4: Receive your acknowledgement receipt
Once the payment is done, you can receive the receipt either by downloading it directly from the page or by requesting to send the receipt to your given E-mail ID.
This is the simple way through which one can pay taxes online within 5 minutes. To know more about this, you may reach to us @ [email protected] or Ask Our Experts.
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