Taxes are revenues that are earned by the government. A working citizen of this country has to pay taxes which are used for various government expenditures and also for the proper functioning of the various government machineries. The IT department of the government of India has allowed e-tax payment for people having online bank accounts. Therefore, people in our country can pay income tax by means of a challan through banks and also via the e-payment method. Thus, the Income Tax department has made it extremely easy for people to file their taxes. People no longer need to wait in long queues to make tax payments but can do so from the comfort of their homes.
• Eligibility: All taxpayers can pay his/her income tax online provided he/she has an online banking account with an authorized bank. However, only a few public as well as private sector banks have been authorized to receive e-tax payment by the IT department.
• However, there are two categories of people who are specifically required to pay taxes via the online mode only. They are all the corporate assesses and all assesses who come under section 44B of the Income Tax Act.
Furthermore, there are a number of benefits of paying income tax online. They are:
• Instant transfer of funds.
• You receive a detailed receipt for the taxes paid as soon as the amount is deducted from the online bank account.
• You can download and keep the receipt and the challan for future references.
• The details of the payment are directly sent to the Income Tax department and this reduces the workload of banks as they do not have to do enter the data again.
• You are able to pay taxes from the place and time of your choosing.
• You can also log on to the official website of the Income Tax Department to find out if your tax amount have reached them or not.
Some of the banks which have been authorized by the Income Tax Department to receive e-tax payment on its behalf are: UCO Bank, Vijaya Bank, Oriental Bank of Commerce, State Bank of India and its affiliate banks, ICICI bank, Bank of India, Axis Bank and Allahabad Bank.
The required challan number for paying income tax online is ITNS 280. Similarly, after successful payment of taxes, you will receive an acknowledgement containing the CIN or the Challan Identification Number. This can be used to verify the status of the e-tax payment.
The IT department has also made it mandatory for assesses who have paid over 1 lakh rupees as service tax in the previous year to pay service tax via the online mode. This regulation has been in effect since 1st January 2014.
• Eligibility: All taxpayers can pay his/her income tax online provided he/she has an online banking account with an authorized bank. However, only a few public as well as private sector banks have been authorized to receive e-tax payment by the IT department.
• However, there are two categories of people who are specifically required to pay taxes via the online mode only. They are all the corporate assesses and all assesses who come under section 44B of the Income Tax Act.
Furthermore, there are a number of benefits of paying income tax online. They are:
• Instant transfer of funds.
• You receive a detailed receipt for the taxes paid as soon as the amount is deducted from the online bank account.
• You can download and keep the receipt and the challan for future references.
• The details of the payment are directly sent to the Income Tax department and this reduces the workload of banks as they do not have to do enter the data again.
• You are able to pay taxes from the place and time of your choosing.
• You can also log on to the official website of the Income Tax Department to find out if your tax amount have reached them or not.
Some of the banks which have been authorized by the Income Tax Department to receive e-tax payment on its behalf are: UCO Bank, Vijaya Bank, Oriental Bank of Commerce, State Bank of India and its affiliate banks, ICICI bank, Bank of India, Axis Bank and Allahabad Bank.
The required challan number for paying income tax online is ITNS 280. Similarly, after successful payment of taxes, you will receive an acknowledgement containing the CIN or the Challan Identification Number. This can be used to verify the status of the e-tax payment.
The IT department has also made it mandatory for assesses who have paid over 1 lakh rupees as service tax in the previous year to pay service tax via the online mode. This regulation has been in effect since 1st January 2014.
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