Skip to main content

TIN 2.0: New Initiative for Simplified Income Tax Payments

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.

Comments

Popular posts from this blog

Check Summary of 2023 MCA Amnesty Scheme for LLP e-Forms

The discussion shall take place for "Latest Amnesty Scheme introduced by MCA in relation to Limited Liability Partnership". A General Circular No 08/2023 Dated: 23rd August 2023- Subject- Condonation of Delay in filing of Form-3, Form 4, Form 11 u/s 68 of LLP Act, 2008 is been issued by the MCA.  MCA has acknowledged that they've received numerous complaints regarding technical glitches on their website and discrepancies in the master data. These issues have prevented Limited Liability Partnerships (LLPs) from submitting the LLP-3, LLP-4, and LLP-11. In order to facilitate a more business-friendly environment, the MCA is utilizing its authority under Section 67 of the LLP Act, 2008. They have decided to grant a one-time relaxation in additional fees and any related penalties for delayed filing of the aforementioned three forms, as elaborated in this article. However, one aspect of this initiative raises some confusion. Why hasn't the MCA included Form LLP 8 in this a

All Special Features of Gen I-T Software with Downloading Steps

Gen IT is one of the income tax software created by professionals from SAG Infotech Pvt. Ltd. This software helps to compute Income Tax, Interest Calculations, Advance and Self Assessment Tax. The software is created with high quality-perfection to prepare returns. It also provides e-filing to upload returns with the help of the software. This software is proficient in calculating Income Tax, Advance, Interest Calculations, and Self Assessment Tax. The quality of the software is very high as the returns are prepared by it. The software provides the facility to file and upload returns. Also, there are simple steps to download the free download Gen IT software for the trial version. To complete the processes, the Gen Income Tax returns filing software has 2 different sections which include - Client Manager, Income Tax, Billing, AIR, Calculator, Backup/Restore, Password and Printer Settings, Bulk SMS/E-Mail and Help. These operations are explained briefly below- 1. Client Mana

All About Advance Tax Payment Rule Under IT Act, 1961

A tax expert answers the question- ‘the requirements of advance tax provisions under the Income-tax Act 1961’. Advance tax, as the name itself indicates that the tax paid by individuals in the financial year when the corresponding income is earned, rather than in the assessment year when the income is assessed for taxation purposes. This payment is calculated based on the consolidated income earned and expected to be earned from various sources, such as salary, rent, interest, and more. It takes into account applicable deductions, exemptions, and credits for taxes deducted at source (TDS) or taxes collected at source (TCS). According to section 208 of the Income Tax Act, 1961, individuals whose estimated tax liability for the year amounts to Rs. 10,000 or more are required to pay advance tax. However, senior citizens aged 60 years or above who are residents and do not earn any income from business or profession are exempt from paying advance tax. Typically, advance tax payments are ma