Income tax challan payment

Paying advance tax can help you better manage your taxes and also avoid interest on outstanding dues. Here’s all you need to know. The ITR-filing season can be stressful for many taxpayers, given the time and effort it takes to collate all the information required, organise it and then fill up the return form. Advance tax payment is an effective strategy that can reduce this hard work. Advance tax is a tax-collection system in which you can pay your tax liability in instalments rather than in a lump sum for the full financial year. In this blog, we will understand advance tax, how it is calculated, and how and when to pay it. What Is Advance Tax? Advance tax is the income-tax amount a taxpayer pays in advance for a particular financial year. Generally, taxpayers pay the outstanding tax at the end of the financial year. Because of this one-time payment, they must pay substantial amounts in a single go. But in the case of advance tax, taxpayers can pay the estimated tax in four instalments in the current year only, which helps reduce their financial burden. Advance tax is applicable to individuals, self-employed professionals, and businesses whose estimated tax liability for the financial year exceeds a certain threshold. Let’s find out who is required to pay advance tax. Who Should Pay Advance Tax? As per Section 208 of the Income Tax Act, individuals with an estimated tax liability of Rs. 10,000 or higher for a financial year must make advance tax payments. Also, taxpayers...

Online Tax Remittance Top reasons to use Citibank Online Tax remittance • Online filing of Challan with immediate acknowledgement of remittance • Cyber receipt in the form of Challan including CIN can be downloaded/printed for reference and record • One can remit on behalf of the firm, company and others at the ease of his desktop at any time of the day and year Challan Number Challan Description ITNS 281 Tax Deducted at Source / Tax Collected at Source (TDS/TCS) from corporates or non-corporates. ITNS 280 Payment of Income tax & Corporation Tax. ITNS 282 Payment of Security Transaction Tax, Hotel Receipts Tax, Estate Duty, Interest Tax, Wealth Tax, Expenditure Tax / Other direct taxes & Gift tax. ITNS 283 Payment of Banking Cash Transaction Tax and Fringe Benefits Tax. Please Note: • In the case of Debit Cards you will be allowed to transact for the amount of clear funds available in the account. In the case of Citibank Online entitlement (mandate) cards you will be allowed to transact up to the limit of your sign rule. If the transaction will be for an amount greater than your sign rule then the entitlement (mandate) card of the signatory with the higher limit will need to be used. • Citibank facilitates your Direct Tax remittances (Advance Tax and Income Tax) through tie-ups with banks authorized by Government of India to collect tax on behalf of the Central Board of Direct Taxes (authorized bank). Tax remittances authorized before 3 pm would be transferred to the autho...

Paying tax on time is legal and important for the nation's growth. Digitization has brought changes in the way we file income tax too. The income tax payment facility has been migrated from “OLTAS” to “e-Pay Tax”. Challan 280 is a way to pay your advance tax, regular assessment tax, self-assessment tax, additional charges, etc., online. It is also referred to as ‘ITNS 280’. Whether you're paying your taxes online or offline, you must submit challan 280. If you choose the offline option, you must take the form to a selected bank location and pay there. If you've chosen to pay online, you must go to the Income tax official website to complete the transaction. Note:- Direct tax payments facility has been migrated from OLTAS 'e-payment: Pay Taxes Online' to the e-Pay Tax facility of the E-Filing portal. Users are advised to navigate to the 'e-Pay Tax' portal of the Income Tax Department at Earlier, submitting tax returns by mail took significant time and paperwork, making the procedure cumbersome. As the technology evolved, the online mode of paying taxes was introduced to make tax payments easy and save money, time, and effort. The Income Tax Department has launched an e-tax system that allows taxpayers to pay taxes online by filling out the required information, making the procedure faster and easier. To pay income tax online, follow the below-mentioned steps: Step 1: To pay taxes online, visit the income tax website and click on e-pay tax under Quick Links. Step 2: Fill in ...