How to Pay Tax which is in due?

Paying Income Tax is important and you may fall into the IT scanner if you have not been paying taxes regularly. Since everyone must tax before 31st July, here’s a guide for you to know how to pay tax which is in due.

Step 1: Select Challan 280Visit tax information network on the Income Tax Department website and select Challan 280. Click on to directly visit the government website and pay your tax.

Step 2: Once you visit the portal and click on Challan 280, you will be directed to e-payment page of Income Tax Department. Here you will be required to enter your personal information. If you are an individual who wants to pay tax online you need to select the option (0021) Income Tax Other than Companies. You need to fill in the desired details as mentioned in the form. Enter your PAN number, your personal details, address and the year of assessment for which you wish to pay tax.

  • Further, you need to select (300) Self-Assessment Tax if you are paying tax after the end of the financial year.
  • If you are paying taxes during the financial year in that case you need to select (100) Advance Tax
  • If you are paying taxes in response to demand notice issued by the Income Tax Department you need to select (400) Tax in Regular Assessment.

Step 3: Check the information that you have mentioned in the form, such as the amount to be paid, pan details etc. as after this you will be redirected to the net-banking page. It is suggested that you leave surcharge, interest, education cess, and put the entire amount wholly in the Income Tax Field.

Step 4: Once you have done the online payment you will get a tax receipt of Challan 280 on the next screen where you will be able to see the details of your payment such as BSR code and Challan serial number which will be found on the bottom right of the receipt. You must save a copy of the receipt in form of a printout or screenshot for any future reference. If by chance you miss downloading a copy of the tax receipt you need to log into your Net-banking account and you will be able to retrieve the same.

Step 5:You must report the Payment Information – You must ensure that once you have made the tax payment you need to report his information in your income tax return.

What to Consider While Paying Dues

  1. PAN: Your Permanent Account number is really important identification document.
  2. Verification: The completed form needs to be checked thoroughly and verified in order to ensure that there are no errors.
  3. Calculation: The amount that is due should be checked and verified properly to avoid mistakes.
  4. Receipt: The receipts that are generated after payment of tax should be preserved for any future correspondence with the department.