Income Tax:-Pan/Tan/Assessment Year/Major Head change

Friends, 

Correction in TAX Challan

        It is human error to mention wrong PAN/TAN, Assessment Year, Major Head, Minor Head or Nature of payment while depositing any challan in Bank. The following modifications time period are only applicable on physical challans deposited in Bank. 

Correction in OLTAS challan

NSDL receives tax collection data as uploaded by the bank. NSDL is not authorized to carry out any changes in the data sent by the bank to TIN.

The fields that can be corrected by the Taxpayer through Bank are tabulated below:

Sl. No.	Type of Correction on Challan	Period for correction request (in days)
1	PAN/TAN	Within 7 days from challan deposit date
2	Assessment Year	Within 7 days from challan deposit date
3	Total Amount	Within 7 days from challan deposit date
4	Major Head	Within 3 months from challan deposit date
5	Minor Head	Within 3 months from challan deposit date
6	Nature of Payment	Within 3 months from challan deposit date

Note :

1.   Above correction mechanism is applicable only for physical challans with deposit date greater than equal to September 1,       2011.
2.   Any correction request initiated by the taxpayer after the time limit specified above shall be rejected by Bank.
3.   For challans with challan deposit date from September 1, 2011 to September 30, 2011, the time limit for correction in TAN/PAN,       Assessment Year and Amount will be within 45 days from challan deposit date.
4.  The fields that can be corrected and the entity authorized to carry out corrections on challan with deposit date less than       September 1, 2011 are as below:

Sl. No.	Type of Correction on Challan	Performed By
1	PAN/TAN	Assessing Officer
2	Assessment Year	Assessing Officer
3	Major Head	Assessing Officer /Bank
4	Minor Head	Assessing Officer
5	Nature of Payment	Assessing Officer
6	Total Amount	Bank
7	Name	Bank

5.  For rectifications in challans paid through online mode (internet challan) , taxpayer may contact their concerned Assessing Officer (AO) of the Income Tax Department (ITD).

6.  More details on Challan Correction Mechanism available at
http://www.incometaxindia.gov.in/archive/LeftMenu_ChallanCorrectionMechanism_26082011.pdf

Value of "Type of Payment codes" 200 or 400 in Challan 281

Type of Payment codes are very much important in TDS Challan Form No. 281.  There are two codes as 200 and 400.  Many time it has been observed that depositer deposit TDS in wrong Payment Code which creates problem while submitting TDS returns.   

I think, every deductor should some time in knowing the value of these codes 200 or 400.  If deductor deposit TDS in code 400 as TDS/TCS Regular Assessment ( Raised by I.T. Deptt.), the same does not appear in .csi file.  I mean to say the particular challan can not verified while generating FVU file. 

Keeping in view its seriousness ,  deductor should use  400 code in Challan 281 for making any payment  only  when demand has been raised by Income Tax Department. 

Excel based Forms Challan No 280,281,282 and 283

Friends,  No doubt that e-payment is a best way to deposit/pay Income Tax,Advance Tax , TDS, FBT etc.  But many times we feel that e-payment is not possible due to not having transaction rights with banks or any other problems. In such case, pdf format of the same forms can be collected from www.incometaxindia.gov.in but these forms can not be edited,  there are lot of chances to enter wrong Pan Number with other wrong details which  attract penalty of Rs. 10,000/- on mentioning wrong Pan Number in Challan.  To avoid such type of complication, excel based form Challan No 280, Challan No 281, Challan No 282 and Challan No 283 are best which are linked below for download.  You may enter your basic details and get it store for its future use.  Correctness of Pan depends upon your one time attention. 

Completely Free Excel Based Forms Challan No 280 ,281,282 and 283

Excel Free Salary Calculator with Form 16 with New format (click here)

How to Re-generate Cyber Receipt /Tax Challan

Friends,  due to many reasons there is major requirement of re-generation of cyber receipt/challan of payment made by Axis Bank.   It is easily available at www.axisbank.com. It is not available in internet Banking Link.  Re-generation of Challan/Cyber Receipt is available at main site without login.  Steps and picture views are given as under :

• Open website of axisbank at www.axisbank.com
• click on Corporate
• Govt. Business
• Cyber Receipt/Challan (available at bottom in right hand side)
• Payment through TIN-NSDL website (click here)
• CBDT-Direct Tax Challan
• Now select Challan Type, iConnect Payment ID, Date and Payment Amount

Due Date for Payment of e-tds/e-tcs

Friends,  Be alert for depositing tds/tcs in time and save your money.   7th October 2010 is near.  To avoid penalty  on late payment of TDS/TCS, Pay TDS/TCS in time.   In case, you make deposit TDS/TCS 8th October 2010 or on or before 31st October 2010 which you have  deducted/collected in the month of September 2010,  Income Tax Department will charge interest for one month due to TDS/TCS not deposit in due date i.e. 7th October,2010. 

For making e-payment on Challan 281 (Click Here)

Physical Challan No. 281 for Depositing TDS/TCS in Bank. (Click Here)

Last Date for Payment of Advance Tax

Friends,

                 Today is 15th September, 2010.  It is important date for tax payers.  Advance Tax liability stands due on this date.  30% Advance tax of Total Tax is due for Corporate or Non-corporate assessee.  Everyone should pay their due advance tax in time.  In case advance tax is not paid, Interest is to be charged on Income tax on account of non-payment of Advance Tax. 

 Download Challan No. 280  for depositing advance tax 

Click here to Deposit online Advance Tax

Challan No 280 or 281

Friends,

As the return filling date is very much near for those assesses whose sales increase 40 lakhs or covered under audit case. There is no doubt payment of tax should be through online/e-payment. But in some cases or having problem of transaction right from bank, there are lot of persons who are paying income Tax through physical challan. So download Challan Number 280 or 281 (for Tds) through the below link

Calculators Click Here
Challan Number 280 Click Here
Challan Number 281 (for Tds only) Click Here
Online Return Prepration Utility submission Procedure Click Here

e-Payment of tds/tcs and submit return in Time

(Deposit your Income Tax,TDS or TCS in Time)

(Avoid from Interest and Penalty)

Friends

All the deductions/collections of tax (Income tax) made in the month February 2010 on account of tax deduction at source or tax collected at source are due for payment upto 7th March, 2010.

Meaning of T.D.S.,T.C.S., E-Payments

T.D.S. =Tax Deduction at source

T.C.S. = Tax Collected at source

e-payments = Electronically Payments

Method of Payments

There are two methods for making payment of income tax, tds or tcs etc. One is manually and second is electronically. Electronically payment is most reliable in comparison with manually payment. It is easy, time saving and safe. There is no need to fill manually challan no. 280, 281 and 282 etc,no need to visit any bank again and again and payment of challan status can not be checked through your internet banking account.