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Pay Your Income Tax And Other Taxes Through Internet Banking

The rapid growth in information technology has enhanced the lifestyle of man by bringing everything he requires to his doorsteps. The day to day requirements of any person can be easily met by sitting in a drawing room. IT has paved way for the settlement of all the taxes through online banking. All direct taxes including Income tax, Corporate tax, FBT, BCTT (TDS, Advance-tax, self-assessment tax) and also interest, penalty to be paid can be now cleared using net banking facility.

The Basic Steps to Pay Taxes Electronically are as Follows:

  • Open a net-banking facility with any recognized bank
  • Procure User name and Password and change the password immediately according to your own choice
  • If you prefer to pay income tax, then open the website
  • On the webpage select the “pay taxes online’ option
  • Carefully fill the required Challan online and obtain a print out of the filled Challan
  • Choose your bank name and submit the Challan in the bank.
  • Open the bank website and login with your user name and password.
  • Make sure that enough amount is available in your account before paying the tax
  • Enter the amount to be paid and also validate the same
  • Authorize the payment with your transaction password
  • Immediately, a Challan counterfoil will be available with CIN (Challan Identification Number). The CIN should be noted in Return of Income
  • Take a printout of the counterfoil and also save it in the computer.
  • Immediately check the balance in your account to ensure whether the payment is debited from your account.
  • Also check whether your payment has reached the Income-tax department.

We can also possess better control on electronically paid taxes by carefully following the ensuing points:

  • The password of the account should be changed immediately after receiving the login name and password from the bank.
  • Login password and transaction password should not be identical.
  • Try to maintain the password confidentially and this should not be discussed with anyone.
  • Transaction password should only be used by the account holder and it should not be disclosed to any other person.

The major advantages of settlement of taxes via online internet banking are:

  • It is very easy to operate and convenient.
  • The facility can be availed round the clock.
  • Online form filling and tax payment reduce the burden of standing in long queues and waiting issues.
  • Instant cyber receipts can be obtained for the finished transaction
  • Challans can be delivered at the doorsteps
  • No service charge.

So take pleasure of this facility and pay tax by internet banking.

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