E-payment of income-tax for two categories of assesses: companies and those liable for compulsory audit
To reduce paper work and frequent visits to the income-tax (IT) department, the Union government has started the system of e-payment of income-tax return from 1 April 2008. In the initial stages, the government has made this scheme of e-payment of tax applicable to only two kinds of assesses: companies, and those liable to get their accounts audited under Section 44AB of the Income-Tax Act, 1961. Assesses other than these will have to make payment in the way it was done before. The tax can be paid through Internet banking facility or credit or debit cards.
The procedure of e-payment of tax begins by opening a net banking account with a designated bank. The designated banks to open net banking account to make e-payment are: * Axis Bank * Oriental Bank of Commerce * State Bank of India * State Bank of Patiala * Punjab National Bank * Bank of Baroda * Indian Overseas Bank * IDBI Bank * Canara Bank * State Bank of Mysore * Indian Bank * Bank of Maharashtra * Bank of India * State Bank of Hyderabad * Corporation Bank * State Bank of Saurashtra * State Bank of Bikaner & Jaipur * Union Bank of India * State Bank of Travancore * Allahabad Bank * State Bank of Indore * Dena Bank * Vijaya Bank * Syndicate Bank * HDFC Bank * ICICI Bank.
Go to the web site http://www.incometaxindia.gov.in and click on pay taxes on-line.
The assesse will be directed to TIN-NSDL site and a page will open, displaying FAQ and downloads. There will be list of designated banks and below it a link: Please Click Here. Click on it.
The assesse will be directed to a list of challans. Select the required challan. Fill it appropriately and then submit the data.
After submission of data entered, confirmation screen will be displayed. If the assesse confirms the data entered in the challan, it will be directed to the net-banking site of the bank. Then the assesse will have to log in to the net-banking site with the user id/password provided by the bank for net-banking purpose and enter payment details at the bank site.
On successful payment a challan, counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment made.
To check whether the payment has reached the IT department, go to the web site: https://tin-tin.nsdl.com/oltas/servlet/query taxpayer.
Because of these arrangements, assesses will no longer have to rush to their banks before clearing hours to make payment of tax. They can sit in their own office/home and pay the tax without delay.
Every system has its own pros and cons. In the initial stage of implementation, this scheme of e-payment may face procedural and technical problems. Nevertheless, it has definitely brought tax payment at the fingertips of the assesses.
To reduce paper work and frequent visits to the income-tax (IT) department, the Union government has started the system of e-payment of income-tax return from 1 April 2008. In the initial stages, the government has made this scheme of e-payment of tax applicable to only two kinds of assesses: companies, and those liable to get their accounts audited under Section 44AB of the Income-Tax Act, 1961. Assesses other than these will have to make payment in the way it was done before. The tax can be paid through Internet banking facility or credit or debit cards.
The procedure of e-payment of tax begins by opening a net banking account with a designated bank. The designated banks to open net banking account to make e-payment are: * Axis Bank * Oriental Bank of Commerce * State Bank of India * State Bank of Patiala * Punjab National Bank * Bank of Baroda * Indian Overseas Bank * IDBI Bank * Canara Bank * State Bank of Mysore * Indian Bank * Bank of Maharashtra * Bank of India * State Bank of Hyderabad * Corporation Bank * State Bank of Saurashtra * State Bank of Bikaner & Jaipur * Union Bank of India * State Bank of Travancore * Allahabad Bank * State Bank of Indore * Dena Bank * Vijaya Bank * Syndicate Bank * HDFC Bank * ICICI Bank.
Go to the web site http://www.incometaxindia.gov.in and click on pay taxes on-line.
The assesse will be directed to TIN-NSDL site and a page will open, displaying FAQ and downloads. There will be list of designated banks and below it a link: Please Click Here. Click on it.
The assesse will be directed to a list of challans. Select the required challan. Fill it appropriately and then submit the data.
After submission of data entered, confirmation screen will be displayed. If the assesse confirms the data entered in the challan, it will be directed to the net-banking site of the bank. Then the assesse will have to log in to the net-banking site with the user id/password provided by the bank for net-banking purpose and enter payment details at the bank site.
On successful payment a challan, counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment made.
To check whether the payment has reached the IT department, go to the web site: https://tin-tin.nsdl.com/oltas/servlet/query taxpayer.
Because of these arrangements, assesses will no longer have to rush to their banks before clearing hours to make payment of tax. They can sit in their own office/home and pay the tax without delay.
Every system has its own pros and cons. In the initial stage of implementation, this scheme of e-payment may face procedural and technical problems. Nevertheless, it has definitely brought tax payment at the fingertips of the assesses.
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