A taxpayer requires Challan 280 to pay Income Tax. This payment can be from Advance Tax or Self-Assessment Tax. You can pay by using cash, cheque, demand draft at various bank branches. If you pay Income Tax online or by visiting a bank you will always have to do it by using challan 280.
Pay Tax Online using Challan 280
If you wish to pay Income Tax by visiting a bank then you will have to download challan 280, as it is the ticket pay Income Tax. You will have to pay Income Tax by filing all the relevant details in the Challan 280.
To pay Income Tax Online you will have to go to the Official Government Website and click on Challan 280 to download your challan.
Here’s how you can use Challan 280 to pay Income Tax online, but before that you need to follow the instructions mentioned below: –
If Income Tax is supposed to be paid by a company, then in that case you will have to pay Income Tax using Challan No/ ITNS 280 (0020) – Income Tax on Companies. In other cases where Income Tax is supposed to be paid by a Partnership Firm, LLP, Individuals then in that case Challan No/ ITNS 280 (0021) – Other Than Companies.
The taxpayer should carefully fill all the details in Challan 280, especially the PAN no and the name of the taxpayer, if these details are incorrect, there are chances that the tax will be deposited in someone else’s name. Once you click on the submit button after filling the details in Challan 280, your name will be displayed on the confirmation screen.
The Assessment year for which you wish to pay income tax should be chosen correctly. You must remember Assessment year is the next year to the Financial Year.
- Type of Payment
The taxpayer must select the type of the payment he is making in the Challan 280. If the tax is being paid for the same financial year, then it is considered as Advance Tax and if it is paid after the end of the financial year it is considered as Self -Assessment Tax.
The name of the Bank should be selected, but you are not supposed to mention the tax amount as it will be mentioned on the Bank’s website.
So, these were the things you should keep in mind while paying Income Tax using Challan 280.