What Is The Process Of Efiling Income Tax?

It is essential for everybody in the country to pay income tax. Surprisingly only 3.24 crore people make payment on income tax every year and that is not much given the population figure and the fact that there are so many people earning income every day. As an Indian citizen it is mandatory to pay taxes on time ever year. In order to ease the process of paying taxes on time, the government has introduced e-filing method of tax payment. This efiling income tax method offers a quick process of filing tax return online. There is no need to go to an auditor to file tax returns and pay their auditing fees to get the task completed. You can do it yourself by getting a bank account with a bank that is registered to accept income tax payments. How to Carry Out Efiling Income Tax? As per this method, you have to open an account with a bank that has been enlisted to receive income tax payment. The process of paying taxes can be done through the bank account using online payment process offered by the account. In order to complete payment of income tax, it is essential to visit the site www.incometaxindia.gov.in. The payment of taxes through online facility is available here through an online tax payment challan. This has to be filled with all required details. In case of individuals, it is necessary to select the (0021) INCOME-TAX (OTHER THAN COMPANIES) option. After this you have to enter your Permanent Account No (PAN) details and other details such as Full Name, Address and Assessment Year. The e-filing method offers various subsets of tax payment such as Tax towards Advance tax Payment (100), Surcharge tax (102), Self Assessment Tax (300) etc. You have to select the tax type applicable for your situation. You can then proceed towards completing the payment by logging to your net banking account and pay the tax payment using the account. After completing the payment process, the challan counterfoil is printed out for your automatically listing out your payment details for income tax. Take a print out of the counterfoil as proof of payment. The payment of income tax must be done before the designated July 30th date. The efiling income tax method of paying income tax has made the process of income tax payment all the more easy. No need to go to an auditor to get the payment done, it can be done by your from your home or office by visiting the site. After declaring your income details and ascertaining how much of tax you have to pay, complete the payment and get the income tax returns filed.