Categories: Income Tax

RBI has asked public to pay their income tax dues in advance

Payment Of Income Tax Dues

Reserve Bank has asked the public to pay their income tax dues well in advance so as to avoid standing in long queues and stated that 29 agency banks are also authorised to accept such payments. 

“Pay IT dues in advance at RBI or at authorised bank branches…These will obviate the inconvenience involved in standing in long queues at the Reserve Bank offices,” RBI said in a notification today. 

Needed to Pay your Overdue income Taxes

  • To pay your overdue Income Tax online, go to the Income Tax Department’s official website and click on Challan 280. Then select “Tax on Regular Assessment” and the bank to which you want to make the payment.
  • Every eligible earner in the country is required to pay income tax, with the income tax department keeping a close eye on tax evaders.
  • Taxes can be a burden, both monetarily and in terms of our time, which is why the department has made necessary safeguards to ensure that people do not avoid paying them.

Steps to be follow for Pay Income Tax Due :

  • Step_1: Select Challan 280. Go to the tax information network of the Income Tax Dept & click on ‘Proceed’ under Challan 280 option.
  • Step_2: Enter Personal Information. For individuals paying tax:
    • (100) Advance Tax
    • (102) Surtax
    • (106) Tax on Distributed Profit
    • (107) Tax on Distributed Income
    • (300) Self Assessment Tax
    • (400) Tax on Regular Assessment
  • Step_3: Double check Information. on select option of payment. There are 2 modes of payment available – Net banking or Debit Card…
  • Step_4: Check Receipt (Challan 280)
  • Step_5: Enter your complete address
  • Step_6:Enter Captcha in the given space and click on ‘Proceed’.

How do I get a copy of my advance tax payment receipt?

  • Go to https://tin.tin.nsdl.com/oltas/index.html to see the advance tax payment challan. Choose a view based on the CIN (Challan Identification Number).
  • Click ‘View’ after completing the required information. You can either print or save a screenshot of the challan information once they appear on the screen.
  • Taxpayers can also obtain a copy of the advance tax payment receipt/challan by going to the bank’s website where the advance tax payment was made. The advance payment receipt will be accessible for download.

What is needed to consider while paying your tax Dues:

Few points one should be consider while paying income tax old dues in order to avoid further hassles from Tax department.

  • Permanent account number : It is imperative to enter the right PAN.
  • Details Verification: Tax challan payment completed form should be checked & verified to ensure there are no mistakes in the same.
  • Calculation cross verification: The amount of tax due should be cross checked & individuals should calculate it themselves to ensure no mistakes creep in.
  • Tax payment Receipt: The Tax payment receipt generated has been paid off, It should be kept safe for future records, as the challan identification number on it is useful for future correspondence with the income tax dept. & will be taken in income tax return and related defaults there in,.

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