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TIN 2.0: New Initiative for Simplified Income Tax Payments

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By Arpit Kulshrestha
IT Department TIN 2.0 to Improve Taxpayer Experience

The income tax department introduced the Tax Information Network (TIN 2.0) last year, aiming to enhance the taxpayer experience on the e-filing portal. Starting April 1, 2023, the entire tax payment system transitioned from the previous TIN-NSDL to TIN 2.0.

TIN 2.0, the new e-Pay tax payment platform, is the official income tax department portal designed to offer taxpayers a unified platform for accessing various income tax services, including tax payments. This system replaces the OLTAS-based payment setup and is now integrated into the e-filing portal.

A total of 26 banks along with the state-owned and private banks are on board as of now. The assessee of such banks shall be required to visit the income tax department e-filing portal for paying their direct taxes. 

What is The Method And Where to Access It?

The taxpayers need to log on to the income tax portal  https://www.incometax.gov.in/iec/foportal/. He can find a pre-login section e-pay tax  https://eportal.incometax.gov.in/iec/foservices/#/e-pay-tax-prelogin/user-details left side, which can be accessed via PAN / TAN and one-time password, received over the phone. In another way, a taxpayer can utilize his bank’s website and use their Tax Payment/Collection of Direct tax features.  

To make tax payments the upgraded payment system is been utlised. It is on the foundation of the income tax e-portal which the assessee uses to file the returns.

Which Type of Direct Taxes Could be Remitted? 

At present, an assessee can remit distinct sorts of direct taxes along with the Advance Tax, TDS/TCS, Self-Assessment Tax, Income Tax on companies, Income Tax excluding the 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.  

Taxpayers have the option to instantly download their tax-paid receipts for record-keeping, either immediately or at a later time upon logging into the e-filing portal. Additionally, the tax department will also send a copy to their registered email address. For those preferring to pay dues over the counter, they can create a challan, but it must be settled within fifteen days from its generation. Failure to do so will require the taxpayer to restart the entire process.

Certain Features of the Updated Payment Platform are Stated As

The updated platform introduces convenient payment methods like Internet Banking, NEFT/RTGS, OTC, Debit Cards, payment gateways, and UPI. This new system offers numerous advantages over the previous OLTAS, providing users with easier tax e-payment options, including Net Banking, Debit Card, Over Counter, NEFT/RTGS, and Payment Gateway options.

Read also: 5 User-friendly TDS Filing Software for Tax Management

Unlike TIN 1.0, where transactions from the TIN portal didn't have Challan expiry, TIN 2.0 introduces a 15-day expiry for Direct Tax Challans. If the payment isn't completed within this timeframe, the generated Challan will expire, requiring customers to start a fresh transaction.

On the portal of TIN, the challan shall be available only after the generation.

The assessee has the option of banks for the tax payments. Beyond that, you might obtain the credit or a refund on the same day.

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