Today is the last date for paying the fourth installment of advance tax. If the taxpayer does not deposit it today, then it will have to be paid along with the fine. Advance tax can be paid both online and offline and this is where Challan 280 comes to the fore .
This challan has special importance in the payment of advance tax and without it it is not possible to do the whole process. So let us understand what is advance tax and how tax filing is done with its help.
What is Challan 280?
Challan 280 is a form that can be used by a taxpayer to make payment of self-assessment tax, regular assessment tax, advance tax and surtax. This form is also called ‘ ITNS 280 ‘. In case the taxpayer chooses to make the payment online, this form is available on the NSDL website to complete the transaction. Whereas, if the offline option is selected, then the form has to be taken to the designated bank branch and then the payment has to be made.
Process of payment through challan 280
If the taxpayer is opting for online payment, then the steps given below have to be followed.
- Step 1: Visit the official website of NSDL https://www.tin-nsdl.com/.
- Step 2: On the main window that opens, click on the ‘Services’ tab.
- Step 3: Select the option ‘e-Payment: Pay Tax Online’ from the drop-down menu, where you will be taken to the ‘e-Payment of Taxes’ page. This can also be accessed directly from the ‘Online Tax Payment’ box.
- Step 4: After that click on the Income Tax and Corporation Tax (Challan 280) option, a form will appear as soon as it opens. Keep in mind that you have to fill this form within 30 minutes.
- Step 5: Fill the form with details like tax, permanent account number (PAN), assessment year, and so on.
- Step 6: After filling all the details, choose the mode of payment. Payment can be made either through ‘Net Banking’ or ‘Debit Card’.
- Step 7: After this the taxpayer has to fill the details like his address, district, state, pin code, e-mail id and mobile phone number.
- Step 8: After entering the ‘Captcha Code’, click on ‘Proceed’ option and after that the taxpayer will reach the page of ‘e-payment’.
For offline tax payment process, challan 280 has to be filled by visiting the bank branch. Where this form will be given in physical form and similarly after filling the form it will have to be paid at the cash counter of the bank.
You can check like this
After payment of tax, a counterfolio of this challan is issued, in which details like challan identification number, date of payment of tax, amount of tax paid are given. This Invoice Identification Number is needed while filing Income Tax Return (ITR), for re-generating counterfoils or for similar references in future.