How to pay self assessment tax online
How to Pay Self Assessment Tax Online
In this post, we will discuss what a Self-Assessment Tax is, when it needs to be paid, and how you can easily pay it online through the Income Tax e-filing portal.
Let’s look at each section in detail:
Self assessment tax - Introduction
Self-Assessment Tax is the extra tax you pay after adjusting Advance Tax and TDS on your total income for the year. If you need to file an income tax return, you should first pay this tax. It can be paid using Challan 280, which is also used while e-filing your return.
There’s no fixed date to pay Self Assessment Tax since it’s calculated after the financial year ends. But make sure to pay it before filing your return, otherwise you may have to pay interest on the pending tax amount.
How to pay self-assessment tax online?
You can pay the Self Assessment Tax online by following steps below.
Step 1: Go to the Income Tax e-filing website and log in with your details.
Step 2: Click on the e-File tab and choose the e-Pay Tax option.
Step 3: Now click on the New Payment button.
Step 4: Choose Income Tax from the list and click Proceed.
Step 5: Choose the right Assessment Year and pick Self-Assessment Tax (300) from the list, then go to the next step.
Step 6: Fill in the tax amount and go ahead to finish the payment.
Step 7: Choose the bank you want to pay through and pick your payment method.
Once the payment is done, just click the download button to get your Challan.
This concludes our post. Please leave any questions or comments in the box below; and we will happily respond.
FAQs
Q1. Can I pay a self-assessment tax in instalments?
Ans: Yes, you can pay it in parts. Just make sure the full amount is paid before you file your ITR.
Q2. What is the due date to pay the self-assessment tax?
Ans: There is no fixed due date to pay self-assessment tax. But it’s better to pay it before filing your return. If you don’t, you might get a notice from the Income Tax Department or have to pay interest or penalty.
Q3. What is the timing of E-Payment of taxes?
Ans: You can pay all direct taxes online anytime, 24×7, using internet banking or a debit card.
Q4. Is there any time limit to pay tax once the challan is created?
Ans: Yes, once the challan is created, you should pay the tax within 15 days from the date the CRN (Challan Reference Number) is generated.
