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All You Need To Know About The Online Tax Payment Process
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Undoubtedly, payment of taxes may seem like a difficult process. Not only must you calculate the rates for the tax, you will also need to know the application process for the tax payment. While it may seem complex in the initial process, you can always opt for the online tax payment which is much more convenient. But before you can begin the application process, there are certain requisites you must be aware. Let us take a look at a few options that can assist you;
Pre requisites of the online tax payment process:
One of the main process of the pre –requisites of the online tax payment process is the PAN and the TAN accounts. The permanent account number also known as PAN, is a 10 alpha-numeric identifier, which is universal identification to all financial transactions. This also helps in preventing tax evasions by keeping track of monetary transactions. The TAN account, known as the tax deduction and collection account number is a 10 digit number issued to applicants wherein tax deductions or payments are deposited. Apart from these account, the applicant would also require an internet bank account to begin the application. Additionally, the account must have sufficient funds if there is any tax deductions occurring.
Type of income tax
When you are opting for the online tax payment, you can select any of the options to make your payment:
• Advance tax (100) – this tax options is for the regular advance tax payments
• Self assessment tax (300) – this tax option is for those who are making their tax payments after the financial year has ended.
• Tax on regular assessment (400) – this tax options is available when the income tax department raises the rates.
Process for the online tax payment
In addition to the government website, there are various other websites that provide you with the facility of tax payment online. Given below is a brief overview of the steps you will need to take to fil out your tax payment form:
1. Log into the relevant website
2. Select the relevant challan
3. You will then need to enter your TAN/PAN details. After this details have been entered, a verification process will take pace to ensure that the details are valid.
4. Once the verification process has been completed, you will need to fill in additional data. This can include identity details, type of payment towards the TDS/ TCS, bank details and other relevant data.
5. You will then need to confirm the details you have entered along with the challan number. Once you confirm the details you will get a confirmation and immediately you will be directed to the website of your bank.
6. Once you are directed to the bank website, you will be require to use the net banking facilities to fill out your tax payment requirements.
Author Bio :- Neha Sharma is a finance student who loves to write during her spare time. She has considerable information about the online tax payment process. Through her work, she has provided relevant information about the online tax payment process with the hope that it will assist you when you need it.
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