undoubtedly, payment of taxes may seem like a difficult process. Not only are you looking to calculate the rates for that tax, you will also need to know the approval process for the tax payment. While it might seem complex in the initial process, you can always opt to the online income tax payment which can be much more convenient. But before you can begin the applying process, there are particular requisites you should be aware. Let us have a look at a few options to help you.
Pre requisites with the online tax payment process: One in the main process from the pre 'requisites of the online tax payment process are the PAN along with the TAN account status. The permanent account number also known as PAN is a 10 alpha-numeric identifier, which can be universal identification to all financial transactions. This also helps with preventing tax evasions by maintaining track of monetary transactions. The TAN account, called the tax deduction and collection account number is often a 10 digit number issued to applicants wherein tax deductions or payments are deposited. Apart from these account, a criminal record would also require an internet bank account to begin the application form. Additionally, the account will need to have sufficient funds if you have any tax deductions occurring.
Type of taxes
When you are opting to the online tax payment, you are able to select any with the options to make your payment:
' Advance tax (100) ' this tax options is for that regular advance tax payments ' Self assessment tax (300) ' this tax option is good for those who are making their tax payments following your financial year ends. ‘Tax on regular assessment (400) ' this tax options is available when the income tax department enhances the rates. Process for that online tax payment
In addition to the government website, there are numerous other websites that provide you while using facility of tax payment online. Given below is a brief overview with the steps you simply must take to fill out of the tax payment form:
1. Log into the relevant website
2. Select the relevant challan
3. You will then have to enter your TAN/PAN details. After these details happen to be entered, a verification process will take pace to ensure the details are valid.
4. Once the verification process has become completed, you simply must fill in additional data. This can include identity details, kind of payment towards the TDS traces, bank details and other relevant data.
5. You must confirm the details you have entered along with the challan number. Once you confirm the facts you will get a confirmation and immediately you will end up directed to the website of your bank.
6. Once you are forwarded to the bank website, you will be requiring using the World Wide Web banking facilities to fill your tax payment requirements.
