The term tax or wealth tax isn't new and finds its origin in middle ages times. Studies show even primitive communities taxes were levied on income in form of direct taxes like trading of merchandise, on land, poll tax or in kind of indirect taxes like custom duties on wool, leather and hides. The tax collected by doing this was used to supply safety also to fulfil basic needs on the citizens by building infrastructure, legal systems for that communities
Very similarly, modern Indian Taxation system has brought references from Manu Smriti and Arthasastra. Tax collected from the Government is needed to facilitate the lives from the subjects. Paying taxes happens to be a time consuming process. In order to help citizens to spend their taxes Hassel free as well as on time, online tax payment system may be started.
Online payment facilitates taxpayers to spend their taxes utilizing their net-banking account with any in the Authorized Banks.
Below are few from the reasons for paying income tax online.
Time and are not constraint for paying taxes. Taxes is usually paid anytime and everywhere using internet.
It assists in immediate credit of taxes out of your bank account.
Online payment being simple and easy , user friendly and may be done through the subject itself , thereby avoiding any wrong data entry.
E-challan copy might be saved and instant receipt i.e Challan Identification Number (CIN) might be received which can be required to file the return.
Bank statement will show this issues transaction id with the e-payment transaction.
Online payment also can be useful for tracking if the money has actually reached the I-T Department using
With effect from April 2008, it may be made mandatory from the I-T Department to cover taxes and make TDS/ TCS payment online for all from the following assesses.
All the organization assesses.
All assesses (aside from company) to whom provisions of section 44AB in the Income Tax Act, 1961 are applicable.
The government has authorised Banks to facilitate the tax payers to Pay TDS online. The list of authorised banks can be acquired with NSDL-TIN Website. In case a taxpayer’s bank doesn’t provide online tax payment facility, the taxpayer will use other person’s banking accounts having facility of online tax payment taking good care of indicating his or her own Permanent Account Number (PAN) on the challan.
This avoids the need from the tax payer to visit the Bank to create the payment and may be done electronically at her / his convenience for more information about how to creating a payment in the bank visit myincometaxrefund.in site.
