The income tax is a direct type of tax charged by the Indian Government. It is collected on any income besides being generated from agriculture and similar activities.
Income tax is received as per the Income Tax Act of 1961.
The income tax applies to taxable income that individuals earn and different entities. Nowadays, it has become possible to file ITR and pay income tax online.
Read on and know the steps to pay your income tax online in this short post!
Here’s how to pay your income tax online
- To pay off your income tax online, you will need to land on the tax network of the IT Department. Once there, you have to click on the proceed option under the CHALLAN NO/ITNS 280 as the preferable tax challan for the ITR payment.
- You will have to provide your personal details.
- It is time to choose the payment mode of your choice. You will come across two alternatives – Debit Card and Net Banking.
- Provide your PAN number and go for the relevant assessment year (AY). For the fiscal year 2019-20, 1st April 2019 to 31st March 2020, the relevant AY will be 2021-22.
- You have to provide your complete address.
- Now, enter the captcha code in the provided space and hit the ‘Proceed’ option.
- Cross check all details provided by you and then submit the request to the bank. Now, you will be taken to the payment page of the bank.
- On the successful completion of the income tax online payment, you will see a tax receipt. You will also be able to view the BSR Code and the Challan number on Challan’s right side.
You should save a copy of your tax receipt or even take a screenshot. You will need to have the BSR Code and Challan number to enter your ITR online.
Read Also: How to File an Income Tax Return Online with Ease?
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