About online Payment of Direct Taxes
An Assessee can also must pay Income-tax, company tax (i.e., Income-tax paid with the aid of a enterprise),Tax deducted at supply (TDS),Tax collected at supply (TCS),Securities Transaction Tax (STT) ,Wealth-tax and other direct taxes like present tax, expenditure tax, and so forth.In this article we mentioned for whom online charge is obligatory , what details is required to be crammed in Challans and What the one-of-a-kind codes in challans indicates.
There are two modes of fee of direct taxes (i) physical mode i.e. price through furnishing the hard copy of the challan at the detailed financial institution; and (ii) e-fee mode i.e. making payment by means of using the digital mode. on this part, you could benefit information approximately numerous provisions relating to e-charge of various direct taxes.
in advance, we used to face in queue for hours to ebook movie tickets, railway tickets, etc. but now we can loosen up at our area and carry out those obligations using the internet. With the development of generation, the government has additionally upgraded itself. previously, the taxpayers must wait in lengthy queues on the banks for making the price of tax, however after the introduction of e-price facility one can pay tax pretty comfortably from any place by means of the use of internet banking facility of the permitted banks.
mandatory or compulsory e-payment it’s miles obligatory for the subsequent taxpayers to pay tax the use of the e-charge mode best (i.e., the use of internet banking facility). In different phrases, following humans cannot use the bodily mode of fee of tax and have to pay the tax electronically the use of the e-fee facility:
All taxpayers apart from company who’re vulnerable to get their bills audited as consistent with segment 44AB.
The earnings-tax legal responsibility for the economic year 2015-16 of Essem Ltd. amounted to Rs. eight,40,000. It desires to discharge its tax liability. advice the organisation as to the mode of charge of tax.
it is obligatory for a employer to pay the earnings-tax the usage of the e-payment mode only (i.e., the use of internet banking facility). therefore, Essem Ltd. has to pay its tax electronically with the aid of the use of the internet banking facility.
Mr. Raja is engaged within the commercial enterprise of buying and selling in meals grains. the yearly turnover of the commercial enterprise become Rs. 1,84,00,000. He wants to pay advance tax of Rs. 84,000. recommendation him as to the mode of charge of tax.
The turnover of the enterprise of Mr. Raja exceeds Rs. 1,00,00,000 and, hence, as in keeping with phase 44AB Mr. Raja could be susceptible to get the accounts audited.
it’s miles obligatory for the subsequent taxpayers to pay tax the usage of the e-payment mode handiest (i.e., the usage of internet banking facility). In different phrases, following humans can’t use the bodily mode of price of tax and ought to pay the tax electronically using the e-charge facility:
All taxpayers apart from employer who are liable to get their debts audited as according to phase 44AB.
Mr. Raja is at risk of get his debts audited and, subsequently, he might be included with the aid of (2) above, and therefore he has to pay the improvement tax electronically i.e. by using using the net banking facility.
Mr. Vipul is engaged inside the business of trading in fabrics. the yearly turnover of the business amounted to Rs. 84,00,000. earnings for the year amounted to Rs. eight,40,000. He desires to pay his develop tax. advice him as to the mode of charge of tax.
The turnover of the commercial enterprise does no longer exceed Rs. 1,00,00,000 and, therefore, as consistent with segment 44AB Mr. Vipul isn’t prone to get the money owed audited.
it’s far compulsory for the following taxpayers to pay tax the use of the e-charge mode handiest (i.e., the use of internet banking facility). In different phrases, following persons can’t use the bodily mode of fee of tax and should pay the tax electronically using the e-charge facility:
All taxpayers other than corporation who are vulnerable to get their money owed audited as in line with phase 44AB.
Mr. Vipul is not blanketed in any of the above mentioned categories and, for this reason, it isn’t obligatory for him to pay tax electronically. thus, he can pay tax with the aid of bodily mode or digital mode as in line with his preference. but, e-payment can be smooth and will store time and efforts.
Essem Ltd. paid brokerage of Rs. 84,000 to Mr. Kapoor. The organisation deducted tax of Rs. 8,400 on the brokerage paid to Mr. Kapoor. It wants to pay the TDS of Rs. eight,400 to the credit of presidency. recommendation the enterprise as to the mode of charge of TDS to the credit of the government.
it is compulsory for the following taxpayers to pay tax using the e-charge mode handiest (i.e., using internet banking facility). In different phrases, following people can not use the bodily mode of price of tax and have to pay the tax electronically the use of the e-charge facility:
(1) All businesses
(2) All taxpayers aside from company who are liable to get their accounts audited as in step with section 44AB.
The above provisions will observe to all kinds of tax like advance tax, self assessment tax, tax deducted at supply, and so forth. as a result, Essem Ltd. has to pay electronically the TDS to the credit of government via the usage of the net banking facility.
Mr. Krunal is engaged in the enterprise of trading in meals grains. the yearly turnover of the enterprise changed into Rs. 1,84,00,000. He purchased 1,000 quintals of wheat thru a broker and paid him brokerage of Rs. eighty four,000. Mr. Krunal deducted tax of Rs. 8,four hundred on the brokerage paid by him. He desires to pay the TDS of Rs. eight,400 to the credit score of government. advice him as to the mode of price of TDS to the credit of the government.
The turnover of the business exceeds Rs. 1,00,00,000 and, hence, as consistent with phase 44AB Mr. Krunal could be liable to get the bills audited.
it is obligatory for the subsequent taxpayers to pay tax using the e-charge mode handiest (i.e., using internet banking facility). In other phrases, following individuals can not use the physical mode of charge of tax and have to pay the tax electronically the usage of the e-charge facility:
All taxpayers other than agency who are at risk of get their money owed audited as per segment 44AB.
The above provisions will follow to all forms of taxes like develop tax, self assessment tax, tax deducted at supply, and so forth. therefore, Mr. Krunal has to pay electronically the TDS to the credit of the authorities by means of the usage of the internet banking facility.
As discussed in advance, e-price is mandatory for all groups and all non-company taxpayers included via audit below phase 44AB. a person not included inside the obligatory class can voluntarily pay his tax by means of the use of the e-fee mode. E-price saves time and efforts.
benefits of e-payment
E-fee is time saving, easy, safe and this facility may be used at any time from everywhere.
necessities for making e-fee
For making e-price of taxes one have to have only things, a web connection and a internet banking enabled account in an accepted bank. If the taxpayer does not have a net banking enabled account, then he could make e-fee using a net banking enabled account of any other character however the tax ought to be paid in his call.
Taxes which can be paid electronically
Following direct taxes can be paid the usage of the e-fee mode :
corporate tax (i.e., income-tax paid through a agency)
Tax deducted at source (TDS)
Tax accumulated at supply (TCS)
Securities Transaction Tax (STT)
Wealth-tax and different direct taxes like gift tax, expenditure tax, and so forth
general info to be provided inside the Challans for use for making payment of tax.
Following are few large info that are common to all the above mentioned challans:
accurate everlasting Account quantity of the taxpayer must be entered in case of price of earnings-tax and correct Tax Deduction Account quantity of the deductor should be entered in case of fee of TDS/TCS.
accurate financial 12 months/assessment yr should be decided on.
accurate cope with of the taxpayer is to be supplied together with accurate Pin Code.
accurate e mail identity and correct cellphone number of the taxpayer need to be provided.
Challan 280 particular details Challan 280 is for use for making price of profits-tax and corporate tax. Following are few important points to be stored in mind even as supplying details in Challan 280:
Taxpayer should make correct choice of applicable tax along side accurate Code of respective tax. The Codes furnished in the Challan 280 are :
Code 0020 is for earnings-tax paid by means of agencies and Code 0021 is for profits-tax paid by way of non-corporate taxpayers.
Taxpayer need to make accurate choice of applicable type of fee together with correct Code of respective type of price. The Codes for unique type of charge provided in Challan 280 are :
Code one hundred is for payment of enhance tax, Code three hundred is for charge of self evaluation tax, Code four hundred is for tax on regular evaluation, Code 106 is for dividend distribution tax, Code 107 is for tax on disbursed profits to unit holders and Code 102 is for surtax.
Challan 281 unique information Challan
281 is to be used for making price of TDS/TCS with the aid of corporate and non-corporate deductors/creditors. Following are few important points to be stored in thoughts whilst supplying details in Challan 281:
correct selection of nature of deductee is to be made at the side of accurate Code. The Codes provided within the Challan 281 are :
0021 Code 0020 is for company deductees and 0021 is for non-organisation deductees.
correct selection of type of fee is to be made together with accurate Code. The Codes furnished inside the Challan 281 are :
Code 200 is for TDS/TCS payable via taxpayer and Code four hundred is for TDS/TCS to be paid on normal assessment.
correct choice of nature of charge need to be made (i.e., TDS on revenue, hobby, fee, and so forth.) at the side of accurate segment.
shape 26QB precise details
shape 26QB is for use for making charge of tax deducted at supply from consideration paid for purchase of immovable belongings. it could be used by a corporate in addition to non-company deductor. Following are few critical factors to be kept in mind whilst imparting details in form 26QB:
correct choice of nature of deductee is to be made together with accurate Code. The Codes supplied in form 26QB are :
Code 0020 is for organization deductees and Code 0021 is for non-organization deductees.
selection of type of price. In case of form 26QB, with the aid of default there may be most effective one Code for sort of charge, i.e., 800 (i.e. TDS on sale of assets) and could be mechanically selected.
permanent Account wide variety (PAN) of the transferee and transferor (to be provided in block letter).
category of the PAN of the transferee and transferor (may be robotically selected).
complete name of the transferee and transferor.
cope with of the transferee and transferor.
choice for a couple of transferee/client.
choice for a couple of transferor/vendor.
info of the property transferred along with entire deal with.
Date of settlement/reserving, sale attention and sort of fee (i.e., lump sum or on installment).
amount paid/credited (to be selected from the drop down supplied).
quantity of TDS and other info like rate of TDS, interest, costs, and so on.
selection of mode of fee (i.e., payment through internet banking or e-charge through touring any of the financial institution branches).
Date of price/credit and date of deduction of tax at supply.
overview of e-charge system
Given beneath is the evaluate of the technique to be accompanied while making e-charge of direct taxes:
The e-payment gateway may be approached from tin-nsdl.com
Open the respective chalan.
After choosing the proper challan, the display for imparting details may be displayed, the taxpayer must offer the ideal info within the challan (as mentioned in advance).
After supplying all of the considered necessary information efficiently at the side of the ideal Codes, the taxpayer have to pick out his financial institution from the dropdown furnished in the display (i.e. the selection of the financial institution from which he desires to make the fee).
After deciding on the applicable financial institution, the taxpayer must enter the verification Code appearing at the screen.
After providing the verification Code the taxpayer have to click on the proceed button provided on the display.
On clicking on the proceed button, a brand new page may be displayed containing the information furnished with the aid of the taxpayer in the Challan and the name of the taxpayer as in line with the statistics base of income-tax branch could be displayed. The name will be displayed from the PAN/TAN database with the department. In case of form 26QB the call of the transferor and transferee can be displayed.
If the name and different information as displayed at the screen are correct then the taxpayer can continue for making fee by clicking at the post to bank button furnished on the screen.
On submitting the challan to the financial institution, the gateway of the bank could be displayed on the screen and the taxpayer has to login to his account and enter the details of tax, interest, cess, penalty, and so forth., to be paid.
After providing the info he need to affirm the information yet again to check the
correctness and then need to submit the challan to bank for effecting charge.
On a hit completion of the transaction, the challan of charge (i.e., receipt of payment) might be generated and could be displayed on the screen.
Challan will include Challan identification range (CIN) and other details. The taxpayer ought to keep the tough replica in addition to gentle replica of the Challan for his records and for similarly necessities.
contact info in case of any help
whilst making e-fee, if the taxpayer faces any hassle at the NSDL internet site, he have to contact the TIN call middle.
even as making e-price, if the taxpayer faces any problem at the payment gateway of his bank, he need to contact his bank.