Pay Income Tax Online: It is the right of each and every earning individual to pay tax, also income tax department is keeping track on all the Income tax evaders. For many people, paying tax is a burdensome, both economically as well as on our time. In order to ensure that all the people pay their tax on time, Income Tax Department is providing amazing options for all the people so that they can pay taxes easily.
Tax is one of the most important parts of each and every country. Income tax is the main revenue-generating a platform for any Government, which is used for the development of various major sectors of the company like Health, Infrastructure, Education, Defense, Transportation, Science, Energy, Environment, and much more.
Pay Income Tax Online
For continuous growth of any nation, it is the obliged duty of all the salaried individual person to pay tax. Now I will brief you about the Self-Assessment Tax.
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Most of the people pay advance tax on their income, by keeping in mind that the overall tax responsibility is being divided into portions, in order to reduce stress to pay the lump-sum amount directly. One will be able to know the deducted tax amount from the Salary slip. But in general, the actual tax liability may be different from that of the deducted amount, due to this the tax estimation is being done at the approximate level.
However, there are certain cases, where the advance tax paid is less than the original tax amount calculated. At such times, the individual has to pay the extra amount in order to clear all the dues.
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How to pay Income Tax Online?
The majority of the people in the country find it very time to consume and complex to pay the income tax. In order solve this issue, the Income Tax Department has made an effective and simple method in order to track that payment of taxes in very simple and effective manner. All the Salaried Individuals can pay tax easily online by following the steps given below:
Step by Step procedure to pay Income Tax Online is given below:
- First and the foremost, visit the official website to pay income tax online.
- Now from the list of challans, select challan 280.
- Now as soon as you click on it, you will observe a form.
- If you are Individual and want to pay tax, then select Individual, select the Assessment year from the list, and fill all the compulsory fields in the form such as name, address, contact no, etc.
- Now, you have to select the Kind of Income tax applicable, which is basically advance tax or tax on regular assessment. In this case, you have to select the “tax on regular assessment” because you have already received a message from the Income tax department to pay tax.
- Now, you have to select the bank from the list of banks.
- After this, you will be redirected to the Net Banking Page. Please verify your data entered twice and then enter the income tax amount that is to be paid in the tax field.
- Now you will be able to view the details about the payment of taxpayer in the receipt.
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How to file the Income Tax Return after successful payment?
After the person has paid the income tax, he/she has to file the return on the income tax return. In order to do so, visit the Income Tax India Official website. You should have your BSR code and Challan code handy in order to file the income tax return.
How can you calculate the Self-Assessment Tax?
One can follow the two processes described below in order to calculate the interest if he/she has made the tax payment before the assessment date.
- The interest is basically calculated on the unpaid advance tax until the date it remains unpaid. The amount of time period to figure out the interest rate begins from the taxation due date till the next payment is made.
- The sum of the total tax payment done by doing self-assessment is many times less than the advance tax payment made till date.
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Follow the Step by Step procedure to calculate the Self-Assessment Tax
By considering the income tax slab, one can easily calculate the income tax amount payable on its total income.
- Now, one has to calculate the interest rate to be paid on the purpose tax under the section 234A, 234B, and 234C.
- After adding the interest to the amount, now you have to deduct the relief amount under the section 90 and 90A.
- In the last, you have to deduct the MAT credit card amount under the section 115JAA.
- Finally, you will get your total Self-Assessment tax which you have to pay as Income Tax.
Now you can easily pay Income Tax online. I hope you like this article. If so, then please share it with your family and friends.
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- 1 Pay Income Tax Online
- 1.1 Self-Assessment Tax
- 1.2 How to pay Income Tax Online?
- 1.3 How to file the Income Tax Return after successful payment?
- 1.4 How can you calculate the Self-Assessment Tax?
- 1.5 Follow the Step by Step procedure to calculate the Self-Assessment Tax