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

1. 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.

2. 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.

3. 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.

4. 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

5. 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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