Bytes - Your weekly dose of
investments, taxes, finance & more.
Bytes - Your weekly dose of
investments, taxes, finance & more.
Nireka Dalwadi
The government of India has built an infrastructure to collect taxes online via Net Banking / Debit cards from selected banks. Taxpayers after filing their ITR on the Income Tax e-Filing platform will get a challan. Process the payment on the basis of the challan through TIN-NSDL. This not only helps in easing the Tax Collection process but also makes it quick and hassle-free. This article explains the online process of Payment of tax through IDBI.
Taxes in India are of two types:
Corporate Tax- It refers to as a direct tax imposed on corporate entities. The tax has to be paid on the income or capital invested in a company. Corporate tax can also be referred to as Company tax.
Income Tax- As the name suggests, its a tax on income earned. As per the Indian Constitution, income earned by Residents and income received/earned by Non-Residents in India is subjected to Income Tax. Individuals and other entities pay income tax.
Visit the TIN-NSDL portal and hence, click on Services > e-Payment: Pay Taxes Online
Select the necessary challan as per your tax liability. Click on Proceed.
Select the necessary challan by reading the following:
TDS/TCS Section– Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) section refers to as:
Any tax collected while making any specified payments such as rent, commission, salary, interest, etc.
Any tax collected by the seller at the time of sale
If you have paid TDS or collected TCS then you need to look for challans under TDS/TCS Section
Non-TDS/TCS Section- Challans that are not regarding TDS or TCS are found under Non- TDS/TCS Section. Any type of Tax that doesn’t involve TDS or TCS has to be paid by challans mentioned under the Non- TDS/TCS Section.
Challan 280 of the Income Tax Department- Challan 280 is a much easy way to pay your advance tax, regular assessment tax, self-assessment tax, Surtax, etc. online in a few simple steps. 
1. Type of Tax Applicable
2. Type of Payment
3. Mode of Payment (Net Banking or Debit Card)
4. Select name of the Bank from a drop-down (IDBI)
5. PAN Number
6. Assessment year
7. Address
8. Email id
9. Phone number
Enter the captcha code and click on Proceed.
Your challan has been created. Verify the details inserted. Check the Tick box click on Submit to bank.
You will be redirected to the IDBI portal. Select the type of user and click on the mentioned link.
Verify your Challan details and Payable amount. Click on Continue
The facility provides a platform for taxpayers to make income tax payments online. The transactions can happen using the Net-banking/Debit card mode of some selected Banks.
e-Payment of your taxes can be done only through TIN-NSDL Portal only if:
a. You have a bank account with the Net-banking/Debit card of the selected Bank.
b. Your bank provides the e-payment facility.
After the conditions are fulfilled you can follow the above-mentioned steps to pay your Taxes online.
Well, in that case, you can do the e-Payment of your taxes from the account of any other person who has an account with the authorized bank having the online facility. However, make sure that on challan the mentioned PAN number belongs to you.
Hey @TeamQuicko
I have LTCG of more than 7 lakhs from the equity for this year. Is there a way to reduce my tax liability? Also, do I have to pay the tax in advance? If I fail to do so, what will be the penalty/interest percentage I have to pay during my tax filing in 2020?
Hi @vivek25,
You are liable to pay advance tax if your total outstanding tax liability for the financial year after TDS is above INR 10,000.
To calculate your advance tax liability you need to add your estimated income for the financial year from all sources including - Salary, House Property, Capital Gains, Business & Profession and other sources.
Next, subtract all eligible deductions, expenses, and Tax Credit available to you.
Now, if your outstanding tax liability is above INR 10,000, you need to pay advance tax to avoid penalty u/s 234B and 234C.
Hope this answers your query
You can also use the advance tax calculator to know your advance tax liability under the old and new tax regime
Hi
When I pay the advance tax through the ZERODHA-QUICKO platform, does it get saved/stored? For example I have paid for Q1. so when I have to pay for Q2, will this be automatically calculated?
Thanks
I have paid the Advance tax of Q1, but didn’t received any email from income tax portal! So, Is that normal? I received the Challan No. receipt, but no email from IT portal!
Hey @Gaurav,
Once you pay the Advance Tax, you have an option to download the challan. In case you missed downloading it, the tax credit for the same will be reflected in your Form 26AS.
Hey Girimon_Vasudevan,
When you pay advance tax through our tax planner app, you should download the challan and then you
need to add the it the advance tax toggle under the tax credits in the tax planner tab to see your tax credits reflected in the appropriate quarter.
@Nireka
Thanks. I have done it for the current year.
I did not do it for the last year. How can I add it now?
Hi @Girimon_Vasudevan,
If you missed paying advance tax last year, then the interest penalty may be applicable u/s 234B & 234C.
You can pay that as along with your self-assessment tax the filing your Income Tax Return
Sorry, I didn’t miss the payment. I missed to add it in the tax credit on your portal. I am unable to add it now.
@Girimon_Vasudevan, once you login to the Tax Planner navigate to Tax Planner > Income Situation > Tax Credits to add the tax credits.
If you face any issue can write to us at help@quicko.com and our team will be happy to assist you.