Income Tax News: 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.
Introduction to TIN 2.0
The income tax department's official portal, TIN 2.0, is the new e-Pay tax payment platform. Its goal is to give taxpayers a single point of contact for all income tax-related services, including tax payments. The OLTAS-based payment system has been replaced by a similar one that can be found on the e-filing portal, according to RSM India founder Suresh Surana.
Participation of 26 Banks
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."
Accessing the Income Tax Portal
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 can use the Tax Payment/Collection of Direct Tax features on his bank's website.
Advance Tax Submission
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.
Advance Tax Submission
Easy-to-use payment options offered by the new platform include UPI, debit cards, online banking, NEFT/RTGS, OTC, and payment gateways. 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. After generation, the challan would only be accessible on the TIN portal.
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