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Paying taxes online has become a simpler and more efficient process with the introduction of the Income Tax Portal’s e-Pay Tax feature. You can now pay tax easily online with various methods that are made available to the taxpayer. One can easily pay tax using a debit card, credit card, internet banking facility, and UPI. A taxpayer can easily access this facility through the income tax portal. Read this article to know more.
The provision of being able to pay taxes electronically has definitely made paying taxes a lot easier. Some of the benefits of e-Payments are as follows:
Apply the latest income tax slab rates on your taxable income to calculate your income tax due. Reduce any TDS that may have been deducted from your total tax due. And make sure you have paid according to these instalments. You can make these payments online.
Our CAs can calculate your advance tax liability and help you with paying it online. Seeing a large tax outgo? Don’t worry, our CAs can help calculate your freelancing income and make sure your taxes are optimized.
You arrive at your income taxes due by totalling all your income, availing all applicable deductions, determining your taxable income and then calculating your taxes at rates applicable to the income slab you fall under. As a next step, if your income falls between Rs 50 lakh and Rs 1 crore, a surcharge of 10% would apply, and if your income exceeds Rs 1 crore, a surcharge of 15% would apply on taxes due. Further, 4% of taxes due (plus surcharge if any) will have to be added by way of health and education cess. If your income during a year is less than Rs 5 lakh, you are eligible to claim a rebate under Section 87A up to Rs 12,500 or taxes due, whichever is lower.
Definitely. Not only does e-payment save time, but you can also avail the facility anytime and anywhere. Further, unlike the physical mode of payment where the credit of taxes paid goes to the government at least after a day only, online payment gives credit to the government immediately.