In an effort to enhance the electronic filing experience for taxpayers, the income tax department launched Tax Information Network (TIN 2.0) in the previous year. With effect from April 1, 2023, the entire tax payment has been transferred from the previous TIN-NSDL to TIN 2.0.
“The new e-Pay tax payment platform TIN 2.0 is an official portal of the income tax department with an objective to provide taxpayers with single window access to income tax-related services, including tax payments. Such a payment system is available on the e-filing portal, replacing the OLTAS-based payment system,” said Suresh Surana, Founder of RSM India.
There are currently 26 banks participating, both private and state-owned. According to Prabhakar K S, Founder & CEO of Shree Tax Chambers, “taxpayers of those specific banks will now have to visit the income tax department’s e-filing portal to pay their direct taxes.”
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Where and how can I get it? The income tax portal, https://www.incometax.gov.in/iec/foportal/, must be accessed by the taxpayer. At https://eportal.incometax.gov.in/iec/foservices/#/e-pay-tax-prelogin/user-details left side, he can locate the “e-Pay Tax” pre-login section. To access it, he needs to enter his phone number (PAN/TAN) and one-time password. As an alternative, a taxpayer may use the Tax Payment/Collection of Direct Tax features available on his bank’s website.
Surana said, “The new payment system is used for the purpose of making payment of taxes. It is based on the income tax e-portal, which taxpayers use for filing returns.”
Which direct tax kinds are eligible for remittance?
There are currently many different types of direct taxes that a taxpayer can submit, such as Advance Tax, TDS/TCS, Self-Assessment Tax, Income Tax on Companies, Income Tax Other Than Companies, Wealth Tax, Gift Tax, Banking Cash Transaction Tax, Fringe Benefit Tax, Surcharge Tax, Tax on Distributed Profits/Income, Secondary Adjustment Tax, Accretion Tax, Tax on Regular Assessment, and Commodities Transaction Tax / Securities Transaction Tax.
According to Prabhakar K S, the taxpayer can download the tax-paid receipts for his records right away, log into the e-filing portal later, or receive a copy directly from the tax department to his registered email address. “A challan can be generated by those who want to pay their dues over the counter, but they must pay it back within fifteen days of the date they generated it. He must start the entire process over again in the case lapse”, he stated.
Read also: Filing ITR for Individuals with Multiple Sources of Income in India
The following are a few characteristics of this new payment platform:
The new platform provides user-friendly modes of payment such as Internet Banking, NEFT/ RTGS, OTC, Debit Cards, payment gateway, and UPI. “The new facility comes with several advantages compared to the erstwhile OLTAS and provides user-friendly options for e-payment of taxes including Net Banking, Debit Card, Over the Counter, NEFT/RTGS and Payment Gateway options,” said Prabhakar K S.
The Direct Tax Challan in TIN 2.0 will expire 15 days prior to the transaction’s completion, in contrast to TIN 1.0, which did not have a Challan expiry for transactions started through the TIN portal. The generated Challan will expire and the customer will have to start over if the payment is not made within 15 days.
The challan would be available on the TIN portal only after generation.
There are more banks available to taxpayers for tax payments. Additionally, you might receive a refund or credit that same day.
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