e-Tax Payment – Pay Tax Online in India

Keeping pace with the evolving technology and our dependence on it, the income tax department has allowed for online payment of taxes.

Prerequisites for e-Tax Payment

To be able to pay your taxes online one must ensure the following:

• You must have an account with a bank which is authorised to process the tax payments
• You must have internet banking activated on the account through which you want to make the payment.

Procedure of e-Tax Payment

• Login to the tin-nsdl portal for e-payment
• Select the challan under which you need to pay your taxes
• After selecting your challan, you will be redirected to a page where you will have to populate the following details:
  • PAN for non-TDS payments
  • Name and address details of taxpayer
  • Year of Assessment
  • Major head code
  • Minor head code
  • Type of payment
• Select the bank from the drop down available on the screen – If all the data has been validated a confirmation screen will appear
• On confirming the data, you will be directed to the net banking page of the bank.
• Enter the login credentials to access your net-banking site and enter payment details at the bank site.
• On successful payment a challan counterfoil will appear on your screen which contains the CIN, payment details and bank name through which e-payment has been made. This counterfoil is evidence of tax payment being made.

Eligibility for e-Tax Payment

With effect from 1st April, 2008 the following assessees have to mandatorily pay taxes electronically.

• All the corporate assesses.
• All assesses (other than company) to who the provisions of section 44AB of the Income Tax Act, 1961 are applicable.

Benefits of e-Tax Payment

The provision of being able to pay taxes electronically has definitely made paying taxes a lot easier. Some of the benefits of e-Payments are as follows:

• Saves time and can be done at one’s convenient time, avoiding long queues
• Tax department records are updated automatically without the taxpayer having to take additional measures to ensure the updation of records
• Instant generation of the receipt of tax payment
• Verifying the status of tax payment can be done online

Banks Authorised for e-Tax Payment

• Allahabad Bank
• Andhra Bank
• Axis Bank
• Bank of Baroda
• Bank of India
• Bank of Maharashtra
• Canara Bank
• Central Bank of India
• Corporation Bank
• Dena bank
• HDFC Bank
• ICICI Bank
• IDBI Bank Limited
• Indian Bank
• Indian Overseas Bank
• Jammu and Kashmir Bank
• Oriental Bank of Commerce
• Punjab National Bank
• State Bank of Bikaner & Jaipur
• State Bank of Hyderabad
• State Bank of India
• State Bank of Indore
• State Bank of Mysore
• State Bank of Patiala
• State Bank of Travancore
• Syndicate Bank
• UCO BANK
• Union Bank of India
• United Bank of India
• Vijaya Bank

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