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4.8 Star User RatingPaying taxes on time is legal and important for the nation's growth. Digitization has brought changes in the way we file income tax, too. The income tax payment facility has been migrated from “OLTAS” to “e-Pay Tax” facility on the e-filing portal.
Challan 280 is a way to pay your advance tax, regular assessment tax, self-assessment tax, additional charges, etc., online. It is also referred to as ‘ITNS 280’.
Whether you're paying your taxes online or offline, you must submit challan 280. If you choose the offline option, you must take the form to a selected bank location and pay there. If you've chosen to pay online, you must go to the Income tax official website to complete the transaction.
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.
With the advancement of technology, the traditional method of mailing tax returns, involving paperwork and time, became cumbersome. To simplify tax payments and save time, money, and effort, online tax payment methods were introduced. The Income Tax Department now offers an e-tax system that streamlines the process by allowing taxpayers to submit tax information online, making it faster and more convenient.
Starting from April 1, 2008, certain taxpayers are required to make their tax payments online. This mandatory requirement includes the following categories of taxpayers:
To pay income tax online, follow the below-mentioned steps:
Step 1: To pay taxes online, visit the income tax website and click on e-pay tax under Quick Links.
Step 2: Fill in the required details like PAN and mobile numbers.
Step 3: An OTP will be shared with your mobile number.
Step 4: Once the OTP is verified. It will guide you to move to the following page, where you must click on Income Tax and proceed.
Step 5: Once you click on Income Tax, this means Challan 280.
Now, the page will direct you to make a payment. Here fill in the details like AY and the payment type from the following:-
Select ‘Self-assessment tax’ if you have any taxes due to pay while filing your income tax returns.
Step 6: Now fill in the amount under the tax head and click on "Continue".
Step 7: Select the mode of payment. There are various modes of payment available net banking, debit cards, and others, as seen in the image below.
Step 8: After payment through the selected mode, you will get proof or challan as a PDF. Download and save a copy with you for reference.
The instructions to utilize Challan 280 offline are as follows.
Step 1: To use the offline mode, you must first download Challan 280 online (available on the income tax website).
Step 2: Enter your PAN, assessment year, residence address, email address, and mobile number.
Step 3: Take the amount of tax you are obliged to pay, together with the completed form, and physically visit the bank to pay your income tax.
Tip: Keep the tax receipt properly. You can also verify the taxes paid by checking your Form 26 AS. Generally, it takes 10 -15 days for data to be updated in Form 26 AS.
It is observed that people generally make mistakes at the time of paying taxes. So, take note of these points while paying taxes:
Tip: Keep the tax receipt properly. You can also verify the taxes paid by checking your Form 26 AS. Generally, it takes 10 -15 days for data to be reflected in Form 26 AS.
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.
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.
