How to Deposit Self-Assessment Tax Online?

While you might be familiar with the concept of paying income tax as per the slabs decided by the Indian government, you might not know much about self-assessment tax. Continue reading to learn more about how to deposit self-assessment tax online.

What Is self-assessment tax?

Before learning about how to furnish Income Tax Returns online, it is important for you to understand what self-assessment tax entails. Essentially, you have to pay self-assessment tax for income earned during the year. You have to compute the self assessment tax payable after you deduct the TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) amount from the total tax liability. You also have to factor in the advance tax you have to pay for the financial year in question. After reducing the TDS, TCS and the Advance Tax from your total tax liability, you shall arrive at the self assessment tax which is payable by you.

There is no specific due date by which you have to make the payment. You have to pay self-assessment tax during the assessment year before filing the income tax return. You can do so by physically submitting challan no./ITNS 280 with any Bank. You can also pay the self assessment tax online via net-banking facilities.

Who Is liable to pay self-assessment tax?

Self-assessment tax is payable by those individuals who have earned taxable income during a particular year. For instance, you would be liable to pay self assessment tax if you missed out on factoring an income while making the final payment for your advance tax. Or, if tax is not deducted at source or deducted at a lower rate, then , you would be liable to pay self-assessment tax.

Such issues are common for salaried professionals who have earned income from a fixed deposit or short-term bond but have not disclosed the same to their employer. This is when self-assessment tax shall have to be paid.

How to pay self-assessment tax online?

If the question, “how can I deposit my income tax online?” has crossed your mind, then the steps given below will help you out. With just a few easy steps, you can pay your self-assessment tax digitally. Do note that this process only works via net banking and debit card.

  1. Log on to the official website for payment of taxes, by clicking here.

  2. On the home page under tab ‘Services’, look for the option ‘e-payment: Pay Taxes Online’.

  3. Here, you can select ‘challan no./ITNS 280’ and then select the Tax Applicable as ‘(0021) Income-tax (other than companies)’ and then select the Type of Payment as ‘(300) Self Assessment Tax’.

  4. You can then choose Mode of payment, ‘Net banking’ or ‘Debit Card’. If you chose Net Banking, select the bank of your preference from the dropdown menu to execute your payment.

  5. Then, choose the appropriate year for the assessment that you are making the payment.

  6. Next, fill out the details regarding your PAN, address, email address and mobile number.

  7. Next, enter the Captcha Code and click on ‘Proceed’.

  8. Once you click on ‘Proceed’, your full name (masked) as per PAN details shall be reflected. Be carefeul to check all the details before making the payment. If you realise you have entered any incorrect information, you can click on ‘Back’ and rectify the error.

  9. Please read the consent terms and the information filled by you and then select the option ‘I agree’ and then click on ‘Submit to the Bank’ to proceed ahead.

  10. You will then be redirected to your bank’s net-banking page to execute the payment. You will have to enter your login credentials of net banking.

  11. Then you have to enter the tax payable amount under ‘Basic Tax’ and ‘Interest’, if any.

  12. Once you enter the tax payable amount, please check the details and click on ‘Confirm’.

  13. Once you have successfully made the payment, you will show a challan. Please click on ‘Download’ to obtain a copy of the self assessment tax payment challan. This challan will include the CIN, all the necessary payment details, and the bank’s name via which you have made the payment.

  14. You should keep a scanned or hard copy of this challan.

  15. Once you have paid the self-assessment tax, it will reflect on your Form 26AS within a few days. If this does not happen, you can fill out the necessary challan details like the CIN, BSR Code etc. while filing the income tax return.

That is it! With a few straightforward steps, you will have paid your self-assessment tax online.

Now that you know more about how to deposit ITR online after self-assessment make sure your taxation is up to date to avoid fines or penalties.

Click here to read more on how to get your TDS certificate online.

*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.