What I describe is how to pay the Advance tax online.
This has to be paid every quarter, and I am doing this in December for the third quarter.
I. Who has to pay ?
This is an elaborate topic and will depend on the Income, so consult your tax consultant
(It's not only the companies that have to pay this - at least that was my understanding - which is a myth.)
II. What do you need to pay the advance tax.
- The estimated tax payment statement from your financial institution.
- The bank where you want to withdraw the money to pay the tax. ( you need the internet user id and pwd )
- Your PAN number handy before you get started.
III. How much do you have to pay :
This depends - again - the Government website does not state how much an individual owes - however talk to your tax consultant with the 'estimated tax paid' statement from the bank, The tax consultant should be able to guide you on how much advance tax you will have to pay.
IV. What happens if you DON'T pay the Advance Tax.
You will have to pay the penalty at the end of the year. (and this article tells just - how to avoid that )
V. What happens if you PAY the advance Tax.
(Smile ) You are considered a law abiding citizen.
VI. Of course, connection to the internet since you are doing this online. ( Smile )
Before you get started - have these things ready:
I. From the bank
You need to have the TDS paid statement for the quarter from the bank.
For payments in March - you need the TDS statement 3 months Oct,Nov and Dec.(you pay this in March )
If you have a home loan - then get the interest paid - this is called Loss on Property.
2. Your online bank account and password handy
3. Click on
http://incometaxindia.gov.in/Pages/default.aspx
4. Click on e-Pay Taxes
https://onlineservices.tin.nsdl.com/etaxnew/tdsnontds.jsp
Click on Challan : ITNS 280
Challan 280
0021 ( Income tax Other than companies )
and 100 - For advance Tax. ( thru the year )
and 300 - For Self - Assessment Tax. ( required when you are doing your returns and realize that you owe some back taxes )
Self Assessment Tax:
If you realize that you owe the government some back taxes when doing the yearly returns, then select this option:
You have to pay it by selecting '300' and note the BSR ( 7 digit ), Challan number and the date you paid the tax. ( you will need it when you go back to your ITR and click on Taxes Paid '+' section where you have paid your earlier Advance taxes.
Here the key things are
Assessment year -
This is the following year -
So, if you are doing it in 2011 December = then the assessment year is 2012-2013
Click on "Proceed'
You are paying the "Tax", and enter the figure in the tax column, there are others like Interest/Penalty,Education cess etc - these you can skip.
Once you are logged in ( choose Internet banking ) and validate the information. Check that the figures you intend to pay - is matching with what you are paying.
Check that PAN #, account details, and proceed to the following steps.
When done, hit Confirm and the new web page will list two options on how to get the document that you just paid.
(THIS IS IMPORTANT :)
Download the pdf document.
also -view the copy - take a snapshot and keep it safe.
Hope this guide helps.
This completes the e-Tax payment procedure.
The good part of doing it - every quarter in the year is - you dont incur the penalty when you pay the taxes at the end of the year.
This has to be paid every quarter, and I am doing this in December for the third quarter.
I. Who has to pay ?
This is an elaborate topic and will depend on the Income, so consult your tax consultant
(It's not only the companies that have to pay this - at least that was my understanding - which is a myth.)
II. What do you need to pay the advance tax.
- The estimated tax payment statement from your financial institution.
- The bank where you want to withdraw the money to pay the tax. ( you need the internet user id and pwd )
- Your PAN number handy before you get started.
III. How much do you have to pay :
This depends - again - the Government website does not state how much an individual owes - however talk to your tax consultant with the 'estimated tax paid' statement from the bank, The tax consultant should be able to guide you on how much advance tax you will have to pay.
IV. What happens if you DON'T pay the Advance Tax.
You will have to pay the penalty at the end of the year. (and this article tells just - how to avoid that )
V. What happens if you PAY the advance Tax.
(Smile ) You are considered a law abiding citizen.
VI. Of course, connection to the internet since you are doing this online. ( Smile )
Before you get started - have these things ready:
I. From the bank
You need to have the TDS paid statement for the quarter from the bank.
For payments in March - you need the TDS statement 3 months Oct,Nov and Dec.(you pay this in March )
If you have a home loan - then get the interest paid - this is called Loss on Property.
2. Your online bank account and password handy
3. Click on
http://incometaxindia.gov.in/Pages/default.aspx
4. Click on e-Pay Taxes
https://onlineservices.tin.nsdl.com/etaxnew/tdsnontds.jsp
Click on Challan : ITNS 280
Challan 280
0021 ( Income tax Other than companies )
and 100 - For advance Tax. ( thru the year )
and 300 - For Self - Assessment Tax. ( required when you are doing your returns and realize that you owe some back taxes )
Self Assessment Tax:
If you realize that you owe the government some back taxes when doing the yearly returns, then select this option:
You have to pay it by selecting '300' and note the BSR ( 7 digit ), Challan number and the date you paid the tax. ( you will need it when you go back to your ITR and click on Taxes Paid '+' section where you have paid your earlier Advance taxes.
Here the key things are
Assessment year -
This is the following year -
So, if you are doing it in 2011 December = then the assessment year is 2012-2013
Click on "Proceed'
You are paying the "Tax", and enter the figure in the tax column, there are others like Interest/Penalty,Education cess etc - these you can skip.
Once you are logged in ( choose Internet banking ) and validate the information. Check that the figures you intend to pay - is matching with what you are paying.
Check that PAN #, account details, and proceed to the following steps.
When done, hit Confirm and the new web page will list two options on how to get the document that you just paid.
(THIS IS IMPORTANT :)
Download the pdf document.
also -view the copy - take a snapshot and keep it safe.
Hope this guide helps.
This completes the e-Tax payment procedure.
The good part of doing it - every quarter in the year is - you dont incur the penalty when you pay the taxes at the end of the year.
