1. Steps to Pay Income Tax Due
Step 1: Select Challan 280
Go to Income Tax Administration’s tax information network and select Challan 280. Click here to go to the Government’s website and pay your taxes
Step 2: Enter personal information
Step 1: Select (0021) Income Tax (Except for Companies)
Step 2: Enter your PIN(PAN Card ) information
Step 3: Select the Year of Assessment (AY). From April 1, 2018 – March 31, 2019, the relevant 2019-2020
Step 4: Enter your full address
Step 5: The type of payment should be selected correctly
i) Advance Tax ‘(100) Advance Tax’
ii) Self-Assessment Tax for Self-Evaluation Tax (300)
iii) Choose Tax for Regular Reviews ‘(400) Regular Assessment Tax’
Step 6: Select the payment method you want to select. There are two available payment methods available – Net banking or Debit Card
Step 7: Insert the Captcha correctly on the floor
Step 8: “Continue”
Step 3: Check twice
Depending on the payment mode, your bank will go to the payment page. Pair the displayed data and enter the amount of income tax paid in the income tax. When done, click the ‘Confirm’ button.
Step 4: Check the Reward (Challan 280)
The next screen will be tax-free after paying. Here, details about your payment will be displayed. BSR code and challan serial number may be on the right side of the shirt.
Important: Keep a copy of your tax receipt or take a screenshot. You need to enter the BSR code and enter the table number to access your tax.
If you’ve missed downloading a copy of your tax receipt, you can log in to your net bank account and get it.SBI Bank Account Holders: Enter E-Tax and (in header)> Cross-Country Challenge (Sidebar)
ICICI Bank Account Owners: Click on Login and Payments and Transfers> Tax Center> Tax challans
HDFC Bank Account Holders: Enter and click ‘Request’ in the sidebar, scroll down and click on the Reverse Tax Release button
2. Declaring the Taxes Paid
Once you have completed your tax return, you should pay this tax to your corporate tax. To update this information, visit the Tax Trial Summary.
Select the “Self Tax Tax” tab and enter the BSR code and table number from Challan 280.
Note: The BSR code is 7 digit and the serial number is 5 digits.
3. Advance Taxes
If you have more than 10,000 taxpayers per year, you must pay your income tax ahead of time. In most cases, these tax payments are payable by the employer for TDS taxes.
a. Circumstances where you have to pay taxes beforehand:
i. You get a salary, but you earn higher earnings from interest or capital gains or rental income
ii. You are a Frenchman
iii. You are dealing with a job
b. How to Calculate and Pay Advance Tax?
i. Estimate your total income: Make money from all sources. Salary revenues, interest income, capital gains, etc.
ii. Freelancers have to subtract expenses: Freelancers are allowed to deduct costs to extract their expenses. Lease of your workplace, Internet bill, mobile invoice, computer depreciation, travel expenses and so on.
iii. Allow Changes: Decrease your claim for tax returns. 80C, 80D, 80E, or deductions such as permitted in any section you wish to claim.
iv. Calculate the Gross Income Tax: Apply the most recent income tax slot for your taxable income to calculate tax rates. Reduce any TDS that can be deducted from the general tax liability.
Due Dates of Payment of Advance Tax for FY 2018-19
|On or before 15th June||Up to 15% tax|
|On or before 15th September||Up to 45% of tax|
|On or before 15th December||Up to 75% of tax|
|On or before 15th March||Up to 100% of tax|
Failure to pay the advance tax may result in penalties under Section 234B and 234C.
4. Self-assessment tax
If you do not fully pay taxes, the corporate income tax cannot be submitted to the income tax office. Sometimes, you can see the taxpayer during your tax return. This tax is called self-assessment tax and should be paid online to ensure successful e-filing.
5. Outstanding Demand Payment
Sometimes it is appropriate to the income tax required to pay income tax. If you agree with the evaluator and you are ready to pay the claim, such income tax may also be payable but is called a regular rate of return.