To help citizens to pay their taxes Hassel free and on time, Online Tax Payment system has been started
To help citizens to pay their taxes Hassel free and on time
, Online Tax Payment system has been startedThe term income tax or wealth tax is not new and finds its origin in ancient times. Studies show even in primitive communities taxes were levied on income either in form of direct taxes like trading of merchandise, on land, poll tax or in form of indirect taxes like custom duties on wool, leather and hides. The tax collected this way was used to provide safety and to fulfil basic needs of the citizens by building infrastructure, legal systems for the communities
Very similarly, modern Indian Taxation system has taken references from Manu Smriti and Arthasastra. Tax collected by the Government is used to facilitate the lives of the subjects. Paying taxes is definitely a time consuming process. In order to help citizens to pay their taxes Hassel free and on time, online Tax Payment system has been started.
Online payment facilitates taxpayers to pay their taxes using their net-banking account with any of the Authorized Banks.
Below are few of the reasons for paying taxes online.
Time and location are not constraint for paying taxes. Taxes can be paid anytime and from anywhere using internet.
It helps in immediate credit of taxes from your bank account.
Online payment being easy and user friendly and can be done by the subject itself , thereby avoiding any wrong data entry.
E-challan copy can be saved and instant receipt i.e Challan Identification Number (CIN) could be received which is required to file the return.
Bank statement will show the subject's transaction id of the e-payment transaction.
Online payment also helps in tracking whether the money has actually reached the I-T Department using http://www.taxeworld.com.
With effect from April 2008, it has been made mandatory by the I-T Department to pay taxes and to make TDS/ TCS payment online for all of the following assesses.
All the corporate assesses.
All assesses (other than company) to whom provisions of section 44AB of the Income Tax Act, 1961 are applicable.
The government has authorised Banks to facilitate the tax payers to pay taxes online. The list of authorised banks is available with NSDL-TIN Website. In case a taxpayer's bank doesn't provide online tax payment facility, the taxpayer can use other person's bank account having facility of online tax payment taking care of indicating his own Permanent Account Number (PAN) on the challan.
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