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When it comes to managing your finances, staying up-to-date with tax payments is crucial. While many people anticipate receiving a refund when filing their income tax return, there are instances where you may owe additional taxes instead. This could happen due to underpayment during the tax year, adjustments in deductions, or changes in income. In such cases, you may need to make additional payments to the Income Tax Department to settle your outstanding balance.
If you're filing an original ITR, revised ITR, updated income tax return (ITR-U), or a belated return, you might encounter penalties and interest charges. Minor heads may change depending on the payment you are making. For example, If you are paying for some outstanding demand then you might need to choose Regular Assessment tax (400) or if you are paying regular tax then you need to choose self-assessment tax (300). Understanding how to make these payments online is essential for avoiding further complications and ensuring your tax matters are in order. Let’s get started!
Note:- Direct tax payments facility has been migrated from OLTAS 'e-payment: Pay Taxes Online' to the e-Pay Tax facility of the E-Filing portal. Users are advised to navigate to the 'e-Pay Tax' portal of the Income Tax Department at https://www.incometax.gov.in/ to make direct tax payments.
Step 1: To begin, go to the official Income Tax portal at https://www.incometax.gov.in/iec/foportal/. Then, find and select "e-Pay Tax" from the menu on the left side of the screen, as shown in the image below:
Step 2: Enter the PAN/TAN details along with your mobile number. (If you're making the payment on someone else's behalf, use their PAN number; however, you can input your mobile number regardless of the payer). Subsequently, you'll receive a One-Time Password (OTP) on your registered mobile number. Enter the OTP and proceed by clicking 'continue.'
Step 3: Once you've entered the OTP, a new page will appear confirming the successful verification of your mobile number. Proceed by clicking the 'continue' button.
Step 4: On this page, you'll find multiple payment options available. If you're making an income tax payment such as advance tax or additional tax, locate the first payment box labeled 'Income Tax' and click on the proceed button.
Step 5: Choose the assessment year and your payment type from the drop-down menu. If you're paying additional tax, interest, or a penalty for late ITR filing, select "Self-Assessment Tax (300)" and then click on 'Continue.'
Step 6: Fill the payment amount correctly under the relevant categories.
Step 7: Choose your preferred payment method and bank to process the tax payment, then click on 'Continue'.
You can choose internet banking, debit card, credit card, RTGS/NEFT, UPI, or opt to pay at the bank counter.
Step 8: Upon clicking 'Continue,' you'll be able to review the payment details. Ensure the payment information is accurate and Click 'Pay Now' to proceed with the payment, or select 'Edit' to make any necessary changes.
Step 9: Mark the checkbox to agree to the Terms and Conditions and proceed with the payment by clicking on 'Submit To Bank'.
Step 10: Upon successful submission of your tax payment, you will receive a confirmation.
Note: Ensure that you download the challan. You will require the BSR code and Challan number to complete the return filing process.
For any help, reach out to our eCAs. For any further queries, contact us! Our experts will assist you and make taxation easy for you.
Starting from April 1, 2008, certain taxpayers are required to make their tax payments online. This mandatory requirement includes the following categories of taxpayers:
Online income tax payment is mandatory for all companies and all non-corporate taxpayers covered in audit under section 44AB. Apart from these, all other taxpayers can also pay their taxes offline after downloading challan 280 and submitting it to a bank, as mentioned in the above section.
If your bank is not authorized to make an e-payment, you can use the account of any other person whose bank is authorized to provide the same facility.
Banks provide online facilities for the regeneration of challan on their website in case the counterfoil is misplaced.
If you have selected the wrong assessment year then follow the below-mentioned steps:
Step 1: Even if the assessment year you selected while paying the tax is wrong, provide the payment information when filing your IT returns for the year.
Step 2: You can ask your jurisdictional assessing officer's office to fix the challan for the 'assessment year' inaccuracy. On the income tax department's e-filing website, you may find the location of the assessing officer's office. If you have just paid a challan, you can request that the bank to amend the challan within 7 days after the deposit date.
Step 3: When the assessing officer (AO) examines your returns, he will most likely issue a warning since the payment information does not match the records.
Step 4: Respond to the AO with the specifics of the problem during the tax payment.
Step 5: You must also file a Section 154 correction of return.
Step 6: If your rectification request convinces the AO, he has the authority to make the appropriate modifications in your return. He will make the necessary modifications to the IT returns and shut it off after he has approved your request.
If during the transaction you encounter any error and the amount has been debited twice, then while filing your Income Tax Return you can claim a refund for the excess tax paid from the Income Tax Department.
