It is the duty of every eligible earning individual in the country to pay income tax, with the income tax department keeping a watchful eye on tax evaders. Paying taxes can be a burden, both financially and on our time, which is why the department has provided adequate provisions, ensuring that taxes are no longer something which people avoid.
Most of us pay advance tax on our income, ensuring that the overall tax liability is split up into portions, thereby reducing burden on us to pay a lump sum in one go. A look at our salary slips shows the amount deducted every month as tax, with this computation being done at an approximate level, but the actual tax liability can differ from the amount which has been deducted. There can be cases where the amount paid as advance tax is lesser than the actual tax which an individual should pay, in which case additional amounts need to be paid to clear dues.
A number of taxpayers self-assess their taxes, which are almost equal to the actual tax liability (in most cases), but there could be times when self-assessment goes off track, providing erroneous results. Again, this results in a situation where additional amounts need to be paid to clear tax dues after the IT return has been filed.
Procedure to Pay Due Income Tax:
Paying taxes are viewed as time consuming and complicated by most, and the thought of paying additional dues can make us extremely worried. This, however, isn’t the case, for the Income Tax Department has put sufficient measures in place to ensure that all dues can be paid quickly and without hassles. The IT Department also sends out notices and reminders to people who have taxes due, thereby ensuring that people are aware about their tax liability and can pay the same in order to avoid penalties in the future.
Individuals who are expected to pay their due taxes can do so by following the steps mentioned below.
- Step 1 - Login: Visit the official the income tax department (TIN NSDL website).
- Step 2 - E-payment: Click on the ‘e-payment’ section.
- Step 3 - Challan number 280: Click ‘Challan number 280’ for paying your due income taxes.
- Step 4 - Form Fill up: Fill the form with all the necessary details, such as Permanent Account Number, assessment year, name, address, contact number and email id.
- Step 5 - Type of Tax: You need to then choose the kind of tax applicable, which is generally advance tax or tax on regular assessment. In your case, you need to select ‘tax on regular assessment’ since you may have already received an intimation to pay additional taxes from the Income Tax Department.
- Step 6 - Bank: Select the bank which you wish to pay the due income taxes through.
- Step 7 - Online Payment: Click the ‘proceed’ button to be directed to the online payment portal.
- Step 8 - Payment Gateway: Most banks payment gateways are different and will have several options for mode of online payment. So, complete the payment accordingly.
- Step 9 - Receipt of payment: A receipt will be instantly generated. You need to keep this receipt carefully in the form of a soft copy for later reference and communication with the department.
One can also choose to pay the tax offline, by visiting designated banks and paying the amount which is due, either in the form of cash or cheque. Individuals will have to collect the tax challan from the IT office, fill and submit it along with the requisite amounts.
Things to Consider while paying Dues:
There are a few things one should consider while paying dues in order to avoid further hassles.
- PAN: It is imperative to enter the right Permanent account number.
- Verification: The completed form should be checked and verified to ensure there are no mistakes.
- Calculation: The amount due should be cross checked and individuals should calculate it themselves to ensure no mistakes creep in.
- Receipt: The receipt generated after the tax has been paid should be kept safe, as the challan identification number on it is useful for future correspondence with the department.