HOW TO PAY TAXES ELECTRONICALLY? ITS 24X7
In today’s world you can almost buy anything on net by just a single click. So why not taxes? Yes, you can also pay taxes from anywhere in the world. In India almost all banks are providing online tax payment facility. The intention of this article is to create awareness about net banking facilities provided by various financial institutions. Despite of net banking facility and many other add-on services most of us are still using age old practices. Most of the banks will not accept your tax payment in cash. Banks will accept tax payments if they are paid through instrument or electronically. Cheque/ Online payment has been made mandatory by some of the laws like Income Tax Act, 1961 & Service Tax Act etc. You can also read my articles on my site http://www.mytaxform.info. Further we would discuss how to pay taxes online or electronically? For making online tax payment there is no need to download any software or purchase income tax challan. Any person having a net banking facility can pay taxes electronically. The detailed information can be obtained from the bankers as the procedure varies from bank to bank. The list of banks providing e tax payment facility is available on NSDL-TIN website.
How secure is the transaction?
There is no need to worry. All the transactions made through banks or NSDL-TIN or Income Tax site are encrypted and have Secure Socket Layer (SSL) authentication. Most of the banks in India have Verisign Digital Certification. This assures that this site is secured for financial transactions. Additionally, the security level will differ from bank to bank. If you don’t see the signs as mentioned above, you have to take extra measures for protection. Look for the closed padlock and “s” in https in the URL.
How to pay taxes online?
There are 2 ways by which one can pay taxes. (1) From NSDL-TIN website. (2) From your Bank site. 1) NSDL-TIN website/ Income Tax website: For paying from this site you can log on to http://www.onlineservices.tin.nsdl.com/etaxnews . Alternatively you can also pay through http://www.incometaxindia.gov.in. On Income Tax site there is ‘Pay your Tax Online” button on left hand menu bar. By clicking on this you will be redirected to NSDL-TIN website. The following steps will lead you in paying e-taxes.
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(payment of Income Tax & Corporation Tax) |
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(Tax Deducted at Source / Tax Collected at Source (TDS/TCS) from Corporates or non-corporates) |
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(payment of Security Transaction Tax, Hotel Receipts Tax, Estate Duty, Interest Tax, Wealth Tax, Expenditure Tax /Other Direct taxes & Gift tax) |
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(payment of Banking Cash Transaction Tax and Fringe Benefits Tax) |
• Select appropriate challan Form.
• After selecting appropriate challan, fill the details such as PAN, Name & address and then click on ‘Proceed’ button.
• A confirm data page will appear along with message in red letter. “For PAN ‘XXXXX 0000X’ given by you above, the name as per Income Tax Department database is ‘
XXXXXXXXX’.
Tax credit will be effected
to the said PAN nam
e. If the name is correct, then click on “Submit to the bank”
• Login with the user id and password and enter the tax amount along with any intrest or penalty.
• An e-receipt will be generated, save or print it for your record.
This is the complete e-payment process.
2). If you have to pay taxes through your bank directly then following steps should be taken:
• Login with user id and password.
• Click on E-Tax menu and select on appropriate type: Direct Tax, Indirect Tax or State Tax.
• Fill the appropriate challan along with tax am
ount.
• Click on Confirm button.
• An e-receipt will be generated containing CIN (Challan Identification Number).
Stop taking pains by wasting your time in standing long queue in banks and of carrying liquid cash, just clicking will pay your taxes. Pay your Taxes & have sound sleep
LAST DATE FOR VAT RETURN HAS BEEN EXTENDED
Kind attention to all VAT dealers in Maharashtra! Pay your tax in the bank on or before 21st October 2009 for the period ending September 2009.
It is mandatory to file e-return for all the vat dealers. Last date to upload your return is on or before 09th November 2009. Previously it was 31ST October 2009. No physical returns will be accepted in the bank as well as in Sales Tax Office. Submission of e-return acknowledgement is not required in Sales Tax Office.
Failure to pay your tax and file return will attract a penalty of Rs.5000/- along with other penal action.
To compute your VAT liability & to file your VAT returns visit us:
Harshal V. Kulkarni
Certified Financial Consultant,
Add: IInd Floor, Plot No. 259, Bajaj Nagar,
West High Court Road, Nagpur (West),
PIN 440010, Maharashtra, India.
Or
Call us: +91-712-6625979
LAST DATE OF FILLING MVAT AUDIT REPORT IS ON 2ND MARCH 2009
The dealers having gross purchases or sales more than Rs.40.00 Lakhs during the F.Y 2007-08 should get their books of Account audited by Chartered Accountant or Cost Accountant and will have to submit VAT Audit Report to Sales Tax Department by 02/03/2009 earlier it was 31/01/2009.
The dealers holding license under Foreign Country Liquor Regulations should also get their accounts audited and should submit VAT Audit Report to Sales Tax Department by 02/03/2009 irrespective of their gross purchase & sales exceeds Rs.40.00Lakhs.
GET FORM ‘C’ WITHOUT ANY HASSLE
The Maharashtra Sales Tax Department is moving with the world. The department has started a separate website http://www.mahavat.gov.in for issuing various forms related to Sales Tax. The services from this site will be available from 2nd Feb. 2009 and shall be available only for dealers who have opted for e-services.
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