What is Income tax Challan

Income tax Challan

• It is a simple form used to pay tax to the government.
• Tax is deposited in Authorized Banks and not directly with Income tax Department.
• It can be paid
• Direct Online – through Net Banking
• Manually – By Going to Bank Physically
• Prescribed Challan form. is Challan 280.

Note:-While paying challan,it is to be mentioned what type of Income Tax it is

Types of Income tax

• Self-Assessment tax

        It is the tax paid at the time of filing Return (i.e. after 31 March)

• Advance tax

        It is the tax paid in advance during financial year

         (i.e. from 1 April to 31 March)

• Tax on Regular Assessment

          It is tax paid when some notice is received by Income tax.Department