The income tax e-payment facility has migrated from OLTAS to the ‘e-pay taxes’ portal on the Income Tax Department website. With this, online tax payment is easier and faster. However, there are some prerequisites you should know to make payments and file returns without hassles.
For instance, you have to check your eligibility and the documents required to ensure you have a seamless tax filing experience. After that, you can use the ‘Income and Tax Calculator’ on the Income Tax Department website and calculate your payable tax.
That said, here is some essential information and step-by-step instructions on online tax payment.
Eligibility Criteria for Income Tax Returns
According to the Income Tax Act, you are liable to pay tax if you fall under the following criteria:
- Indian citizens with an annual income exceeding the basic exemption limit
- Cooperative Society
- Body of Individuals
- Association of Persons
- Firm
- Artificial Juridical Person
- Local Authority
- Indian resident with property or financial interest outside India
- You are responsible for producing returns u/s 139 (4B) (ITR 7)
- Indian resident with signing authority or ownership of an account outside India
- If you claim deductions u/s 90, 90A, or 91
- All companies
In addition, you have to compulsorily pay your taxes online if:
- You are a corporate employee
- Provisions of section 44AB of the Income Tax Act, 1961 apply to you, provided you aren’t a company
Documents Required for Tax Online Payment
Here are the documents you should keep at hand for tax e-payment:
- Aadhaar card
- PAN Card
- Form 16A/B/C
- Bank account details
- Bank statement/passbook
- Form 26AS and AIS/TIS
- Documents required to claim deductions, including home loan statements, tax-saving schemes documents, rental income, life-insurance premium payment receipts, etc.
Also Read: Old Regime vs New Regime of Taxation in India
How to Pay Income Tax Online?
Follow these steps to pay tax online without logging in.
- Step 1: Visit the Income Tax Portal
- Step 2: Click on the ‘e-Pay Tax’ under the ‘Quick Links’ section
- Step 3: Enter your PAN/TAN number and mobile number and click on ‘Continue’
- Step 4: Enter the OTP and click ‘Continue’
- Step 5: Click the ‘Proceed’ button on the ‘Income Tax’ option
- Step 6: Choose the assessment year and ‘Self-Assessment Tax (300)’ under the ‘Type of Payment’ option
- Step 7: Enter the tax details
- Step 8: Select the payment method and click on ‘Continue’
- Step 9: Review the challan details and click on ‘Pay Now’
- Step 10: Check the box to agree with the terms and conditions and click on ‘Submit To Bank’
- Step 11: Complete the payment and download the challan for your reference
Benefits of e-Tax Payment
Here are all the advantages of filing income tax online.
- Online payment allows you to pay your taxes anywhere and anytime
- It requires minimum paperwork, which simplifies the process
- The amount is automatically deducted from your bank account
- This process eliminates the middleman, which reduces the risk
- This is a quick and easy process that generates your challan instantly
- Income Tax Department’s built-in calculators help you calculate the accurate amount, which streamlines the tax payment process
- You get instant confirmation of the payment when you pay your tax online
- Income Tax Department uses robust security measures to keep your data secure
Following the steps, you can easily pay income tax online and avoid going to the bank as is the case for offline payments. Similarly, if you want to avoid going to the bank to apply for a loan, you can do so with the Fibe Instant Cash Loan.
You can get up to ₹5 lakhs at an affordable interest rate, all from the comfort of your home. That’s not all. You can choose a tenure of up to 36 months and ensure a comfortable repayment experience. Download the Personal Loan App or go to our website to apply now!
FAQs on Income Tax E-payment
How can I pay my ITR through net banking?
For tax e-payment via this mode, follow these steps:
- Step 1: Log in on the official e-Filing portal
- Step 2: Click on the ‘e-Pay Tax’ under the e-File tab
- Step 3: Click on the ‘New Payment’ tab
- Step 4: Enter the assessment year and select the type of payment
- Step 5: Add tax details and click on continue
- Step 6: Select the ‘Net Banking’ option and click ‘Submit To Bank’
- Step 7: Complete the payment
How do I pay my service tax online?
You can file Excise Duty and Service Tax online on the NSDL-EASIEST website.
How to pay income tax after generating challan?
After generating challan, you can visit the bank or opt for tax e-payment through the net banking facility.
