In a given financial year, your income is taxable in three ways, namely- 1) Tax deducted at source, 2) Advance tax payments, and 3) Self-assessment taxes (before filing ITR).
In case of salaried individuals, TDS is deducted directly from income.
Taxpayers whose total tax-liability exceeds Rs. 10,000, have to pay advance-tax.
Further, for any previous year's balance tax, one has to pay self-assessment tax.
Read on to know how you can pay your taxes through online and offline modes.
Things to keep in mind while paying your taxes
While paying your taxes, whether self-assessment or advance tax, make sure you select the correct assessment year.
Notably, the assessment year is the one following the financial year, implying that if you're paying self-assessment tax for FY 2017-18, you'll select AY 2018-19.
Always select the apt radio buttons or codes, while paying your taxes.
For example, the code for advance tax is (100).
Steps to paying your taxes online
First off, log on to the TIN-NSDL online portal, and select 'Pay Taxes Online' option on the homepage.
You'll be redirected to the Challan selection page.
There, under the last option (ie. Non-TDS/TCS), select- 'Challan No. /ITNS 280', as it is the current application challan for individual tax payments.
An e-payment page will open on your screen.
About entering necessary details, choosing payment method
On this page, select '(0021) Income Tax (other than companies)', enter necessary details like PAN, assessment year, address details, and select the type of payment- (100) Advance Tax or (300) Self-Assessment Tax.
Now, select your mode of payment, i.e. net banking or debit card (select banks only).
Check your details, enter captcha, and click on 'Proceed.'
Next, click on 'Submit To The Bank' button.
About making payment, and generation of e-receipt
On the payment gateway of your bank, log-in to your net-banking account or enter your debit card details.
Once the payment is successful, an e-receipt will be generated.
It contains details such as amount of taxes paid by you, BSR Code, Challan serial number, date of challan etc.
These details will be required at the time of filing your ITR.
Steps to pay your taxes offline
To pay your taxes offline, visit your nearest tax branch, and ask for apt payment challan- in this case, Challan 280.
Fill in the required details in the form.
Now go to the relevant counter of the bank, submit the form, and pay the tax amount by cash or cheque.
The official will accept the challan and form, and hand you a payment receipt.