An informative guide on How to make Income Tax Payment

What is Income Tax?

An income tax is a tax that governments impose on income generated by businesses and individuals within their jurisdiction. The Government of India decides the rate of income tax as well as income tax slabs on which individuals are taxed. Those under higher income slabs are taxed at higher rates. The taxable income slabs are changed from time to time, keeping in mind the price levels. This article will help you on how to make an Income Tax payments online.

Income tax in India is a direct tax on the income or earnings in a financial year. Pay your Income Tax with Ebizfiling. To know more, visit ebizfiling.com or call on call 9643203209.

Steps on How to make Income Tax Payment online?

• Step-1: To pay taxes online, log in to the official website of the Income Tax Department and click on the e-payment section. 

• Step-2: Select the relevant challan i.e. ITNS 280, ITNS 281, ITNS 282, ITNS 283, ITNS 284, or Form 26 QB demand payment (only for TDS on sale of the property) as applicable.

• Step-3: Enter PAN / TAN (as applicable) and other mandatory challan details like accounting head under which payment is made, address of the taxpayer and the bank through which payment is to be made, etc.

• Step-4: On submission of data entered, a confirmation screen will be displayed. If PAN / TAN is valid as per the ITD PAN / TAN master, then the full name of the taxpayer as per the master will be displayed on the confirmation screen.

• Step-5: On confirmation of the data so entered, the taxpayer will be directed to the net-banking site of the bank.

• Step-6: The taxpayer has to log in to the net-banking site with the user id/password provided by the bank for net-banking purposes and enter payment details at the bank site.

• Step-7: On successful payment, a challan counterfoil will be displayed containing CIN, payment details, and bank name through which e-payment has been made. This counterfoil is proof of payment being made.

Source: Income-tax Department website.