The Income Tax E payment is nothing but payment made through online medium. The Self- Assessment tax is generally paid by the tax payer on the basis of the income which is assessed after the consideration of the tax deduction at the source and the advance tax. The tax for the self-assessment is paid before the submission of the Challan 280 and the filing of the returns of the income tax in the assessment year. The method of e payment has made the process of payment of self-assessment tax easier as it is online based. It is pertinent that the tax payer has online banking facilities attached to his or her bank account in order to make the online payment. In addition to that, the tax payer is required to own a verified PAN card along with a TAN card. This article will account the details of the process of remitting the tax of self-assessment and all the other relevant areas.
Computation of the Self-Assessment Tax
The following is a computation of the self-assessment tax.
“Total taxable income
(Add) Interest as per section 234A / 234B / 234C (In case of a delayed filing of returns or remittance of advance tax)
(Less) Relief under Section 90/90A/91
(Less) MAT Credit under Section 115JAA
(Less) Advance Tax
Total Self-Assessment Tax to be paid = A+B+C-D-E-F”
Process of Income Tax E Payment
Here is a step by step guide to making the Income Tax E payment.
Step 1: First, the applicant has to visit the website by clicking the link here and select the Challan Number, like ITNS 280 which stands for “Payment of Income Tax and Corporation Tax”. https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
Step 2: The screen of online payment will appear next. In this screen, the tax payer has to choose the option called “Income-Tax (Other Than Companies)” under the “Tax Applicable” area. Then, the applicant has to fill out the information as follows:
- Details about the PAN and address
- Year of the Assessment
- (300) Self-Assessment Tax
- The bank via which the online payment is being done
- The Captcha code
Step 3: After filling out all the information, the tax payer has to choose the option called proceed to move forward. Clicking this button will take the applicant to the Confirmation Screen. In this screen, the details entered previously will be displayed for confirmation. To confirm the information and to verify the details, the tax payer will have to click on the option called the “Submit to the Bank”.
Step 4: In the next screen, the tax payer can select the method of payment as given below. He or she could select the option as per his or her liking.
Step 5: In the next screen, the exact number of the total payment is to be written down in the specified area as shown in the photo attached below.
Step 6: In the next screen, the applicant has to confirm the amount of money he or she has entered into the previous step. Next he or she has to select the button called “proceed” to make the income tax e payment and continue.
Step 7: After the tax payer has put in all the details of his credentials, the processing of the payment will begin.
Step 8: Finally, the tax payer has to type in the actual amount of the tax that is to be remitted and select the option in order to make the payment. This leads the tax payer to the gateway of the payment. It is important to wait here in the gateway while the transaction is being processed online. Once the income tax e payment is done, there will be a notification of approval given to the applicant. The applicant will receive all the information related to his or her CIN, details of the payment and the name of the bank which is used for the online payment. It is important to keep the challan number safely for using in the future as references. Finally, the whole process of the application is done.