Friday, December 5, 2008

e-payment of Direct Taxes

Remember , this is the time to pay your installment of Advance Tax.

Corporate and those assessee , liable to audit u/s 44AB will have to pay their all kind of Direct Taxes ONLINE.

What is e-payment of taxes?

Similar to booking tickets or making payments online.

􀂄All Direct Taxes e.g. Income Tax, Corporate tax, FBT, BCTT (TDS, Advance tax, self assessment tax) to be paid online using net banking facility.

􀂄Mandatory for all Companies and 44AB cases from 1stApril 2008 to pay taxes through e-payment facility using net banking account.

􀂄Credit/debit card facility is yet to be in operation

 

􀂄Taxpayer can make tax payment from any location without going to Bank branch.

􀂄Amount of tax debited to his bank account electronically and credited to GOI .

􀂄Log in to websiteof Income Tax Department: www.incometaxindia.gov.in

􀂄Choose the button‘pay taxes online’

 

How do I make e-payment?

 

 

How do I make online tax payment sitting at home/office?

 

1. Open a net-banking account with any of the banks listed above.

 

2. Go to website www.incometaxindia.gov.in , click on ‘pay taxes on-line’.

 

3. Fill in the required challan online. Help is available on screen as FAQ, downloads etc.

 

4. Make tax payment through net-banking account online.

 

5. A challan counterfoil will be available instantaneously on the screen with CIN (challan identification number). The Challan Identification Number (CIN) on this counterfoil should be quoted in Return of Income.

 

6. Print the counterfoil and also save it in the computer if required.

 

7. Check if your payment has reached the Income Tax Department at https://tin.tin.nsdl.com/oltas/servlet/QueryTaxpayer .

 

Which Banks offer e-payment facility?

1. Axis Bank

 

2. State Bank of India

 

3. Punjab National Bank

 

4. Indian Overseas Bank

 

5. Canara Bank

 

6. Indian Bank

 

7. Bank of India

 

8. Corporation Bank

 

9. State Bank of Bikaner & Jaipur

 

10. State Bank of Travancore

 

11. State Bank of Indore

 

12. Vijaya Bank

 

13. HDFC Bank

 

 

 

14. Oriental Bank of Commerce

 

15. State Bank of Patiala

 

16. Bank of Baroda

 

17. IDBI Bank

 

18. State Bank of Mysore

 

19. Bank of Maharashtra

 

20. State Bank of Hyderabad

 

21. State Bank of Saurashtra

 

22. Union Bank of India

 

23. Allahabad Bank

 

24. Dena Bank

 

25. Syndicate Bank

 

26. ICICI Bank

 

Note: Credit/Debit card payments are not yet available


Source : Income Tax and NSDL

 

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