WHAT IS INCOME TAX?
Tax is a mandatory payment to the government which may be imposed directly or indirectly on the citizens. There are two modes of income tax: the direct tax and the new Goods and Services Tax (GST) which now supersedes all the indirect taxes like VAT, service tax, excise duties etc.
With the introduction of modern technology, one does not have to wait for days and fill out numerous forms to pay their taxes. Now they can avail the e payment of income tax facility. Hence, with the necessary documents one can pay their taxes online.
WHY IS IT NECESSARY TO PAY TAX?
Proper distribution of wealth in the economy
Taxes are paid by individuals/group of individuals as per their annual income. The progressive taxation system helps to maintain a balance between the rich and the not so rich.
Economic development
By paying taxes, one can expect economic development. The government uses their revenue, which is the taxes collected and uses them to generate more and more employment, development of basic facilities which leads to more business opportunities etc..
For availing basic and common facilities
The revenue which the government collects is used in making proper roads and municipal offices to serve the public in the economy. It also helps in developing better facilities such as transportation, healthcare, education etc.
Civic duty
The public develop a questioning attitude to ensure that the money taken from them are not mis-utilized. This is actually beneficial to minimize corruption in the economy. The government serves the people and the people cannot expect facilities if they don’t support for them.
Step By Step Guide For Your E Payment Of Income Tax
STEP 1: Log in to the Government Link
First we need to log in to the authentic government link which is: Online E services for tax payment and then select the mode of payment by which you want to pay. For tax payment, you have to select the applicable challan and enter the challan number as per the section which is necessary, income tax/ corporate tax.
STEP 2: Fill in necessary details
You need to fill in the necessary details correctly to pay the taxes. The details usually required are your PAN number, the Assessment Year (AY) and the Financial Year (FY), where the AY is the year where you actually pay the taxes and FY is the year for which you are paying the taxes.
STEP 3: Select Bank and confirmation
In order to pay the tax, you just need to select the bank in which you have an account for the gateway payment and then after paying the tax; you need to wait for the confirmation of payment.
STEP 4: Challan generation
The challan shows the type of tax you have paid online. This needs to be generated for proof in the form of a receipt that you have actually paid the taxes.
Tax is a mandatory payment to the government which may be imposed directly or indirectly on the citizens. There are two modes of income tax: the direct tax and the new Goods and Services Tax (GST) which now supersedes all the indirect taxes like VAT, service tax, excise duties etc.
With the introduction of modern technology, one does not have to wait for days and fill out numerous forms to pay their taxes. Now they can avail the e payment of income tax facility. Hence, with the necessary documents one can pay their taxes online.
WHY IS IT NECESSARY TO PAY TAX?
Proper distribution of wealth in the economy
Taxes are paid by individuals/group of individuals as per their annual income. The progressive taxation system helps to maintain a balance between the rich and the not so rich.
Economic development
By paying taxes, one can expect economic development. The government uses their revenue, which is the taxes collected and uses them to generate more and more employment, development of basic facilities which leads to more business opportunities etc..
For availing basic and common facilities
The revenue which the government collects is used in making proper roads and municipal offices to serve the public in the economy. It also helps in developing better facilities such as transportation, healthcare, education etc.
Civic duty
The public develop a questioning attitude to ensure that the money taken from them are not mis-utilized. This is actually beneficial to minimize corruption in the economy. The government serves the people and the people cannot expect facilities if they don’t support for them.
Step By Step Guide For Your E Payment Of Income Tax
STEP 1: Log in to the Government Link
First we need to log in to the authentic government link which is: Online E services for tax payment and then select the mode of payment by which you want to pay. For tax payment, you have to select the applicable challan and enter the challan number as per the section which is necessary, income tax/ corporate tax.
STEP 2: Fill in necessary details
You need to fill in the necessary details correctly to pay the taxes. The details usually required are your PAN number, the Assessment Year (AY) and the Financial Year (FY), where the AY is the year where you actually pay the taxes and FY is the year for which you are paying the taxes.
STEP 3: Select Bank and confirmation
In order to pay the tax, you just need to select the bank in which you have an account for the gateway payment and then after paying the tax; you need to wait for the confirmation of payment.
STEP 4: Challan generation
The challan shows the type of tax you have paid online. This needs to be generated for proof in the form of a receipt that you have actually paid the taxes.
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