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Online Tax Payment with EPay Service - Secure and Efficient

Service Info:

  • Short Name :   EPay tax
  • Category :   Income Tax
  • Subcategory :   E pay Tax
  • Amount :  ₹4000.00
Description :
This is a facility provided to the taxpayers to make income tax payments through internet, using Net-banking/Debit card of the selected Bank.

Service Description:

?Introduction:

Electronic tax payment systems typically involve using online platforms or electronic methods to submit tax returns and make tax payments.

These systems can include options like direct bank transfers, credit card payments, electronic funds transfers (EFT), or various online payment portals provided by tax authorities.

Benefits of e-Tax Payment

The provision of being able to pay taxes electronically has definitely made paying taxes a lot easier. Some of the benefits of e-Payments are as follows:

  • Saves time and can be done at one’s convenient time, avoiding long queues
  • Tax department records are updated automatically without the taxpayer having to take additional measures to ensure the updating of records.
  • Instant generation of the receipt of tax payment
  • Verifying the status of tax payment can be done online

Eligibility for e-Tax Payment

With effect from 1st April, 2008 the following assessees have to mandatorily pay taxes online.

  • All the corporate assesses.
  • All assesses (other than company) to who the provisions of section 44AB of the Income Tax Act, 1961 are applicable.


How to e-Pay Tax online?

Here's a step-by-step guide on how to make tax payment on the Income Tax Portal without logging in:

Step 1: Navigating to 'e-Pay Tax' Section

  • Visit the Income Tax Portal
  • On the homepage, locate the 'Quick Links' section on the left side.
  • Click on the 'e-Pay Tax' option or use the search bar to find 'e-Pay Tax'.

Step 2: Enter PAN/TAN and Mobile Number

  • Enter your PAN and re-enter to confirm it. 
  • Provide your mobile number and click 'Continue'.
  • Enter the 6-digit OTP received on your mobile number and click 'Continue'.

Step 3: Select the correct Assessment Year and Payment Type

  • Select the first box labelled as ‘Income Tax’ and click ‘Proceed’ 
  • From the ‘Assessment Year’ dropdown, select ‘2023-24’
  • Under the ‘Type of Payment’, select ‘Self-Assessment Tax (300)’ and click on 'Continue'.

Step 4: Enter Tax Payment Details

  • Enter the payment amounts accurately under the relevant categories.

Step 5: Select the Payment Method

  • Select the payment method and bank to make the tax payment and press 'Continue'.
  • Payment can be made using internet banking, debit card, credit card, RTGS/NEFT, UPI or you can choose to pay at the bank counter.

Step 6: Verify Payment Information

  • After clicking 'Continue', you can preview the challan details.
  • Double-check the payment information for accuracy.
  • Click 'Pay Now' to make the payment or 'Edit' to modify the details.

Step 7: Submit the Payment

  • Tick the checkbox to agree to the Terms and Conditions.
  • Click 'Submit to Bank' to proceed with the payment.

Step 8: Receive Payment Confirmation

  • You will receive a confirmation once your tax payment has been successfully submitted.
  • Note: Remember to download the challan as you will need the BSR code and Challan number for completing the return filing process.

Step 9: Declaring Tax Paid Details

  • After making the tax payment, update the payment information on Cleartax.
  • Go to the 'Tax Summary' page and click 'Add Paid Tax Details'.
  • Upload the challan or enter the details manually.
  • Once done, your tax payment status will change to 'taxes paid'.

Frequently Asked Questions

What is included in my total tax payable during a year?
You arrive at your income taxes due by totaling all your income, availing all applicable deductions, determining your taxable income and then calculating your taxes at rates applicable to the income slab you fall under. As a next step, if your income falls between Rs 50 lakh and Rs 1 crore, a surcharge of 10% would apply and if your income exceeds Rs 1 crore, a surcharge of 15% would apply on taxes due. Further, 4% of taxes due (plus surcharge if any) will have to be added by way of health and education cess. If your income during a year is less than Rs 5 lakh, you are eligible to claim a rebate under Section 87A up to Rs 12,500 or taxes due, whichever is lower.

Is it necessary for me to pay taxes online? If not, how can I pay for it?

The law mandates that only the following taxpayers must mandatorily pay their taxes online: a. Companies b. Taxpayers other than companies that are subject to audit under Section 44AB. The remaining taxpayers can pay taxes in physical form by submitting the challan at designated banks. However, you can also avail the e-payment option as it is easy and saves time too.
Are there any benefits of paying taxes online?

Definitely. Not only does e-payment save time, but you can also avail the facility anytime and anywhere. Further, unlike the physical mode of payment where the credit of taxes paid goes to the government at least after a day only, online payment gives credit to the government immediately.
What are the prerequisites for paying my taxes online?

For making e-payment of taxes, make sure you have an internet connection and internet banking enabled for your bank account. In case you do not have net banking, you can make payments using the net banking account of any other person. However, please make sure the taxes are discharged in your name and against your PAN only, for you to get the credit.
What all taxes can be paid electronically?

These days, the online facility of payment has been enabled for almost all kinds of taxes. Here are some taxes that can be paid online:

a. Income tax
b. Corporate tax
c. TDS (Tax Deducted at Source)
d. TCS (Tax Collected at Source)
e. Securities Transaction Tax (STT)
f. Equalisation levy
 What to do when you have selected the wrong assessment year while paying tax?

Even if you have been cautious while paying taxes, you may end up making a mistake, i.e. you may choose a wrong assessment year at the time of making payment. The major cause for such a mistake to happen is not knowing the meaning of the term ‘assessment year’. Assessment year means the year in which your taxes are assessed. Precisely, it is the year following the year for which you are paying the taxes. If you are paying taxes for the year 2021-22, the assessment year to pay this tax will be 2022-23.

If you have chosen the assessment year incorrectly, follow the below steps:

Step 1: Include the payment details when filing your income tax returns for the year, even if the assessment year chosen during tax payment is incorrect.
Step 2: Request your jurisdictional assessing officer to correct the challan regarding the assessment year error. You can find the details of your assessing officer on the e-filing website of the income tax department. If you have recently made the payment, you can ask the bank to rectify the challan within 7 days of the deposit date.
Step 3: When the assessing officer (AO) processes your returns, he most probably issues a notice as the payment details do not match with the records.
Step 4: Respond to the AO, providing details of the error made during tax payment.
Step 5: Submit a rectification request under Section 154.
Step 6: The AO has the power to make the required corrections in your return if he is convinced with your rectification request. Once approved, the AO will make the required changes in your return and close it.

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