Regular assessment, what is it?

I read about tax on regular assessment. what is it ? how is it paid?

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Hi Adarsh,

Please see the below details and this will explain completely about regular assessment.

What is Regular Assessment tax ?

Tax on regular assessment is the tax that a taxpayer is required to pay against a notice of demand from the Income-tax department. So when a notice of demand is received and it is found that some additional tax is required to be paid, the same shall be deposited under the head “Tax on Regular Assessment”.

Regular Assessment tax due dates are during an assessment year of a taxpayer’s Income Tax Return after the last financial year has been over.

Where to pay Regular Assessment tax?

You can pay your Regular Assessment Tax either On-line or at the bank i.e. by Offline Method.
For making the payment in both the methods, you will need Challan No.280.

For On-line method of payment of Regular tax, you will need to visit the website of Income Tax Department and select Challan 280. The details on the online mode of payment are discussed in the following section.

For making the payment of Regular Assessment tax by offline method, you will have to visit your bank and collect Challan 280. Later on, you can fill up the details on the challan and deposit your tax amount with the bank.

How to pay Regular Assessment tax?

The steps for making payment of Regular Assessment Tax will be same as that of Self Assessment Tax. The only difference is that in the field of “Type of payment”, you will have to select " (400) Tax on Regular Assessment ".

Challan No.280 is needed for making Income Tax payments. The payment might be in the form of Self Assessment Tax, Advance Tax or Regular Assessment Tax; a taxpayer will need Challan No.280 to complete the payment.

  • In the first step, you can visit the tax information network of Income Tax Department and select Challan 280.
  • In the next step, you can select go to Government website and pay your tax.
  • The next step is about populating your personal details.
  • First, you need to select (0021) Income Tax (Other than Companies).
  • Next, you will need to enter your PAN details.
  • You will have to select the particular financial year for which you are making the Income Tax payment.
  • Next, your address has to be filled in.
  • ‘Type of Payment’ is quite important and needs to be filled correctly.
  1. You will have to select ‘(100) Advance Tax’ in case of payment for Advance tax.
  2. Select ‘(300) Self Assessment Tax’ if you are making the payment for Self Assessment tax
  3. You have to select ‘(400) Tax on Regular Assessment’ for making the Regular Assessment Tax payment.
  • There would be two modes of payment available i.e. Net Banking or Debit Card. You need to select your choice of payment option.
  • In the next step, you will have to enter the Captcha code and click ‘Proceed’.
  • Now, according to the mode of payment selected by you; you will be redirected to the payment page of your bank. Here, you can cross check all the information once again and click ’Confirm’.
  • After the payment, you will obtain your tax receipt on the screen. You need to save the tax receipt for future references.
  • The BSR Code and Challan Serial Number on the tax receipt are to be used in your Income Tax Return details to declare that your taxes are paid now.

Regards,
Chethan

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