Due date to file Income tax return for Financial year 2014-15 assessment year 2015-16 for cases where audit is not required is 31.08.2015 .(read more about due date of Income Tax return )Only few days are left now. Many of you are working on filing of your income tax return on time and arranging all the required records.While preparing for return filing some of you have found that as per calculation of Income Tax ,there is balance amount of Income Tax which is due and required to be paid .This balance tax is called self assessment tax.
Payment of Self assessment tax can be made online as well as offline mode(Download challan 280 in PDf format).We have covered the step by step procedure of payment of self assessment tax for ay 2015-16 hereunder.We hope that it will be beneficial for you.If you have any query/ques /doubt then please ask in comment section.
Online payment of self assessment(Income Tax) is mandatory for the following types of assesses to pay tax online with effect from April 1,2008.
- All the corporate assesses.
- All assesses (other than company) to whom provisions of section 44AB of the Income Tax Act, 1961 are applicable.
Following banks are authorized for online payment of Income Tax
Follow the steps as under to pay tax online:-
- a) Log on to NSDL-TIN website (www.tin-nsdl.com).
- b) Click on the icon “e-payment: pay taxes online”
- c) Click on 'Click to pay tax online'
or go directly to https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
Select the challan ITNS 280.
After selecting the challan, you will be directed to the screen (online challan Form) for entering the following data:-(Columns with "*" sign are mandatory ).
- Select tax payable (For Individual select code 21)
- 20 (Income Tax on companies-corporate tax ,if your PAN 4th dighi is "C")
- 21(Income tax on other) For Individual firm etc
Please ensure that you enter PAN correctly, as this is extremely important for further processing. The system will check the validity of PAN/TAN. In case PAN/TAN is not available in the database of the Income Tax Department then you cannot proceed with the payment of tax.
After entering all the above detail, click on PROCEED button. The system will check the validity of PAN. In case PAN is not available in the database of the Income Tax Department then you cannot proceed with the payment of tax.
- If PAN/TAN is available then TIN system will display the contents you have entered along with the “Name” appearing in the ITD database with respect the PAN/TAN entered by you.
- As Blinking message "Financial Year is 2014-15 for the above Assessment Year selected" will be shown
- A message will be shown in scrolling "Taxpayers are requested to ensure that Assessment Year, PAN, Type of Payment etc. entered by them are correct before proceeding.
You can now verify the details entered by you as shown in picture above. In case you have made a mistake in data entry, click on “EDIT” to correct the same. If all the detail and name as per ITD is correct, click on “SUBMIT”button. You will be directed to the net-banking site provided by your bank.
TIN system will direct you to net-banking facility of your bank. You will have to log on to the net banking site of your bank using your login ID and password/PIN provided by the bank. The particulars entered by you at TIN website will be displayed again.
You will now be required to enter the amount of tax you intend to pay and also select your bank account number from where you intend to pay the tax. After verifying the correctness, you can proceed with confirming the payment.
- Tax :Enter amount of Income Tax payable ,Including interest if not want to show interest separately.
- Surcharge : In case of Individual surcharge is applicable only if Income is more than one crore.Easy method enter balance tax in Column "(1) Tax" only and leave surcharge column as 0
- Penalty :Not applicable for self assessment tax enter " 0"
- Education cess :Not complicate things Enter complete amount in Tax (1) above.
- Interest : Enter interest amount if not included in 1 above ,better option is show "0"
- Other : "0"
- Penalty payment code :"0" for self assessment tax
On successful payment a challan counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment being made.
You can verify the status of the challan in the “Challan Status Inquiry” at NSDL-TIN website using CIN after a week, after making payment.
If you have any query/question /doubts then please ask in comment section.