You can easily pay your income tax by making an online income tax payment using challan 280 on the TIN NSDL website. Read this guide by H&R Block to know how you can pay your self-assessment tax or any instalment of your advance tax online.
Challan 280 is a form used to make income tax payment of advance tax, self-assessment tax, tax on regular assessment, tax on distributed profits and income, and surtax. It is also called as “ITNS 280”.
You can choose to make your income tax payment online on the TIN NSDL website, or offline through a designated bank branch. However, in both cases you must use Challan No./ITNS 280 to make the payment.
Making an e-payment of your income tax is faster and more convenient than paying it offline.
Read the below steps to pay your income tax online:
SIDENOTE: Save the payment receipt/counterfoil, or take a screenshot, to quote the tax payment details like BSR code, challan serial number, date of payment, tax amount, etc. in your income tax return.
If you paid your income tax offline using challan 280, you can check the status of your challan after a week from depositing your challan with the bank. You must check this status to verify if your tax payment has been accurately accounted for against your PAN number.
Follow the below steps to check your challan status:
SIDENOTE: In case you see the status message “no records found for the above query”, or there is any mismatch in the data, you must contact your bank immediately. In case your bank is not able to resolve the issue you can contact TIN-NSDL directly.
A. It is mandatory only for corporate taxpayers, and taxpayers to who section 44AB is applicable, to pay income tax online. Others have the option to make an offline payment as well through cash/ cheque/ demand draft at a designated bank branch.
A. It is mandatory to file your income tax return if your income is above Rs 2.5 Lakh. You may have to pay penalty fees with interest if you do not file your return, even if you have paid your income tax.
A. Generally, salaried people do not need to worry about paying taxes as their employers deduct taxes from their salary in the form of TDS. However, people with professional or business income need to pay their tax themselves in the form of Advance Tax. A person whether salaried or not also needs to pay Income Tax himself if a demand is raised from the tax department due to the insufficient payment of tax.
A. If you made an online payment, you can reprint your counterfoil from your net banking account. In case you made an offline payment, contact your bank and request them for a duplicate counterfoil.
A. There are several advantages of paying your income tax online such as:
A. In case your bank is not one of the authorised banks, you can make your tax payment from the account of another person who has an account with any of the authorised banks. However, the challan must clearly indicate your PAN number.
A. You can pay the fees u/s 234F by choosing the field “Others” in your challan 280.
You must always make timely payments of your self-assessment tax and advance tax to avoid penal interest u/s 234A, 234B and 234C. Also, report the information given in your challan counterfoil while filing ITR so that your tax payments are duly verified by the tax department.