Types of Taxes
When tax is paid during the previous year itself, it is called Advance Tax. For example, any tax paid during the financial year 2021-22 for income earned in that year shall be treated as advance tax for the Assessment Year 2022-23.
Self-assessment tax refers to any balance tax that has to be paid by an assessee on his total income. This tax is paid after the end of the previous year, i.e., during the assessment year before filing the I-T returns. The assessee himself determines the income tax payable.
Tax on Regular Assessment
Tax on regular assessment is the tax that a taxpayer is required to pay against a notice of demand from the Income-tax department. This tax is paid after the income tax department does the assessment.
Process for online payment of tax The payment of tax can be made online through www.incometax.gov.in or www.tin-nsdl.com. Offline payment of tax can be made through Challan No. ITNS 280 in any authorised bank.