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Frequently Asked Questions
The TIN 2.0 portal is the new income tax e-filing portal that was launched on July 1, 2022. This revamped official portal of the Income Tax Department makes it much easier for taxpayers to make their tax payments, file their tax returns, and keep track of their income and taxes via Form 26AS, the Tax Information Statement (TIS), and the Annual Information Statement (AIS), among other things.
If you have any pending tax liabilities for any previous year, or if you want to pay your advance taxes for the current financial year, you can easily make the tax payments on the TIN 2.0 portal itself.
Let's take you through how this is done before diving into the advantages of paying your taxes on the new TIN 2.0 portal.
Step 1: Log into your account
Log into your income tax e-filing account using your user ID and password. The user ID is always your PAN, and the password can be set by you.
Step 2: Opt to pay taxes online
Once you've logged in, hover over the 'e-File' section on the web page, and click on the 'e-Pay Tax' option from the drop-down menu. Make a new payment.
Step 3: On the top right corner, you'll find a button labelled '+ New Payment.' Click on this button to make a new tax payment for the assessment year of your choice.
Step 4: Choose the type of payment
You will then find several categories of payments on the next page, such as income tax, STT/CTT, TDS on property transactions etc. Choose 'Income Tax' and click on the 'Proceed' option.
Step 5: Select the assessment year
Choose the assessment year that pertains to the tax payment you wish to make from the drop-down menu.
Step 6: Choose the minor head
From the second drop-down menu, choose the type of income tax you want to pay, such as self-assessment tax, advance tax, accretion tax etc. Then, click on 'Continue.'
Step 7: Enter the full breakup of the payment
You will then see a set of various fields like tax, surcharge, cess, interest, penalty etc. Enter the relevant amounts in each of the applicable fields. Then, select the 'Continue' option.
Step 8: Choose the payment method
To date, various banks are recognized as 'Authorized Banks' on the TIN 2.0 portal. If you have an account with any of these banks, you can choose 'Net Banking' as your preferred payment mode and make your tax payment without additional transaction charges or fees.
If you do not have an account with an authorized Bank, you can make your tax payment via the payment gateways available on the TIN 2.0 portal using payment options such as Debit or Credit card, UPI and Net Banking. Here, transaction charges may be applicable.
That's not all. You also have the option to pay your taxes via cash, cheque or demand draft at the bank counter of any of the authorized banks after you take a printout of the challan. This option cannot be used by you if you are a company or a person (other than a company) to whom the provisions of section 44AB are applicable.
Kotak Mahindra Bank is an authorized bank on the TIN 2.0 portal and has a payment gateway on the income tax e-filing portal. So, if you are a Kotak customer, you can pay your taxes via the Kotak Bank internet banking platform. And if you are not a Kotak customer, you can still use our payment gateway to make your tax payment smoothly online.
Paying your taxes on the TIN 2.0 portal is extremely convenient. You can take care of different kinds of tax payments from one common platform itself. This saves you the trouble of visiting different websites and portals to make your tax payments. Furthermore, if you have any tax dues pending before filing your tax returns, you can quickly take care of it in a few minutes and get back to your ITR filing, thus reducing any delays.
Many people hesitate to make payments online because of the concerns surrounding data security on the internet. However, you do not have to worry about this on the new income tax platform. All tax payments made on the TIN 2.0 portal are highly secure since the same are redirected through your bank website or secured payment gateways. This essentially means that you do not have to worry about your Internet banking details or your debit card information being leaked to or accessed by unauthorized third parties.
On the new TIN 2.0 portal, you have a wide range of payment options to choose from. If you are a customer of any of the authorized banks, you can pay your taxes via Internet banking. Alternatively, you can also choose to make your tax payments with your debit card via RTGS/NEFT or through options available such as UPI and Net Banking under payment gateways.
Although it is not advisable, sometimes, you may forget about a particular tax liability until the very last minute. The good news is that on the TIN 2.0 portal, you can make your tax payments on any day (including public holidays) round the clock. So, if you're worried about a quickly approaching tax deadline, you can make your tax payment almost instantly on the TIN 2.0 portal before the due date has passed.
Another advantage of the new income tax portal is that you can keep track of all your previous tax payments in one place. The payment history section also gives you the option to filter your past payments by the assessment year, the type of tax payment and the period during which you made the payment.
To enjoy all the benefits listed above, all you need to do is make your tax payments online directly via the TIN 2.0 portal. The process is fairly easy, and the steps outlined above can help you get through the payment procedure smoothly, without any hassle whatsoever.
This Article is for informational purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. ("Bank") or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers, and it does not constitute legal advice from the Bank. The Bank, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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What are the different rate slabs that everyone keeps referring to? what is exempted what is included under GST.
You don't want to understand the economics behind GST. All you want to know is what are you going to pay.