Tax Saving

Know how to pay income tax online

In the development of any country, taxation serves as the basic platform for generation of the nation’s wealth. In India, the whole system of taxation is very extensive and broad and has always been subject to reviews and updates. The taxes may be charged directly by the government (indirect taxes) and directly (income tax). These days, owing to the widespread implementation of the digital modes of commercial activities, almost all the aspects of this domain have come under the online mode.

Earlier, when only the offline mode was available, paying income tax used to be a tedious process requiring a lot of paperwork. But now, you can pay your income tax online and thus save your time and energy. This not only saves you from unnecessary hassles but also ensures that the whole process is smooth and transparent. Online mode works in seconds and within a short period of time, you can make the payments and keep a track of the receipt of funds. The whole exercise is discreet, without unwanted accesses and you know when the funds are received by the Income Tax department. Therefore, even if you have been using the offline method for paying income tax until now, you should consider switching over to the online mode. Following are the steps involved while paying income tax online:

  1. For paying the taxes, you must have access to your net banking facility offered by your bank. If you have the required facility, you simply need to log in to the official portal of the Income Tax department and click on the option related to paying e-tax.
  2. From the list of options displayed on the screen, click on the one that gives you access to Challan 280.
  3. Depending on the financial year, you then have to choose the following options:
  1. Choose section 300, if the tax for the previous fiscal is being paid by you.
  2. Choose section 100, if the tax for the current fiscal is being paid by you.
  3. Choose section 400, if the tax for the current fiscal is being paid by you but after receiving a notice.
  1. Next comes the page where you have to mention basic details like the year of assessment, PAN (Permanent Account Number) details, the residential address, bank details, registered phone number and email ID etc. After filling the details, be sure to double check so that there is no discrepancy.
  2.  After filling the details and submission of the same, the next page that will be displayed will be the access page for the online transaction (net banking page) of your bank.
  3. Use your net banking credentials to log in and make the payment (be sure to check whether you are filling in the correct amount. Seek professional assistance from a certified professional, if in doubt).
  4. Once you make the payment, the receipt of the same will be displayed and you must keep a record of it.

HDFC Life offers Save Tax Calculator – an online tool that makes it very easy for you to calculate the amount of tax payable so that you have complete clarity while paying your income tax. For details, click on the mentioned link: https://www.hdfclife.com/financial-tools-calculators/tax-saving-calculator.

 

SAVE TAX CALCULATOR

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