Home Income tax Individual Income Tax Earnings Tax Division notified a New Function of Pay In a while Earnings Tax e-Submitting Web site

Earnings Tax Division notified a New Function of Pay In a while Earnings Tax e-Submitting Web site

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Earnings Tax Division notified a New Function of Pay In a while Earnings Tax e-Submitting Web site

Earnings Tax Division notified a New Function of Pay In a while Earnings Tax e-Submitting Web site

The Earnings Tax Division has added a brand new characteristic to the earnings tax e-filing web site that enables folks to pay their taxes later. Which means that a person can proceed to submit ITR with out first paying any owed earnings taxes. As soon as the ITR is submitted, the earnings tax quantity may be paid, topic to sure standards. Beforehand, the ITR may solely be submitted after the taxes had been paid.

There are specific issues a person wants to remember whereas utilizing the ‘pay later’ possibility. As soon as you choose this selection whereas submitting ITR, firstly, it’ll say ‘Chances are you’ll be thought-about as assessee in default’. Secondly, it’ll say ‘Chances are you’ll be liable to pay curiosity on tax payable.

As soon as you choose this selection whereas submitting ITR, firstly, it’ll say ‘Chances are you’ll be thought-about as assessee in default’. Secondly, it’ll say ‘Chances are you’ll be liable to pay curiosity on tax payable.

Following the processing of the ITR, an intimation discover can be despatched to the person, based on the earnings tax division helpdesk consultant. This notification will inform you that you simply owe cash in taxes and that you need to pay it as quickly as potential. Following that, a person may have 30 days to pay earnings tax liabilities with no penalties or curiosity. If the tax dues aren’t paid inside 30 days, penal curiosity will probably be assessed.

Consequently, 1% penal curiosity will probably be levied on tax arrears. If tax dues aren’t paid inside 30 days, 1% penal curiosity will probably be charged.

If the ITR stays defective past the 15-day deadline, it will likely be regarded an invalid return, and extra necessities will apply as if the taxpayer didn’t file the return, along with the unfavorable penalties of non-payment of self-assessment tax.

Use of Pay Later Choice to pay Earnings Tax

When an individual recordsdata his or her ITR, the pay later possibility will show. The strategy for utilizing this selection is easy and could also be completed by following the directions given under:

Step 1: Go to Earnings tax E-filing portal and login into your account utilizing your consumer ID (PAN or Aadhaar) and password.

Step 2: After logged in, click on on the ‘e-file’ possibility, choose ‘earnings tax return’, after which choose ‘file earnings tax return’.

Step 3: When you’ve entered all the vital details about your earnings and deductions, the earnings tax web site will routinely decide when you owe any further taxes. You need to authenticate your complete tax fee based mostly on the ITR filed right here.

Step 4: On this web page, you’ll get a abstract of the specifics of how a lot earnings tax you should pay.

Step 5: If you happen to conform to the elevated tax legal responsibility, you may select both the ‘Pay Later’ or ‘Pay Now’ possibility.

Step 6: You’ll be able to file your ITR with out paying earnings tax when you use the ‘Pay Later’ possibility right here.

Step 7: It is possible for you to to file your ITR after you have picked the pay later possibility. As soon as your ITR has been filed, ensure to test it utilizing one of many six decisions given.

Pay Taxes Later

After submitting the ITR, there are two strategies to pay earnings tax dues when you used the pay later possibility.

  • Utilizing the e-pay tax technique
  • Making earnings tax fee after receiving a tax demand discover.

e-pay tax technique: After getting efficiently submitted the ITR, you need to use the e-pay tax choice to settle any excellent tax liabilities. If earnings tax is paid earlier than the tax demand discover is distributed, no penal curiosity is more likely to be assessed.

Tax fee after receiving tax demand discover: The tax demand discover will probably be issued after the ITR has been processed.

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