• Feb
  • 09
  • 2012

Correction in OLTAS / Income Tax / TDS / Direct Tax Challan, Type of Correction and Period for correction

Correction in OLTAS challan i.e. in Challan No. ITNS 280 related to payment of Income tax and Corporation tax, ITNS 281 for depositing Tax Deducted at Source / Tax Collected at Source (TDS/TCS) from corporates or non-corporates , ITNS 282 for payment of Hotel Receipts Tax, Estate Duty, Wealth Tax, Gift-tax, Expenditure Tax and Other direct taxes and ITNS 283 or payment of Banking Cash Transaction Tax and Fringe Benefits Tax.

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

4 Responses to “Correction in OLTAS / Income Tax / TDS / Direct Tax Challan, Type of Correction and Period for correction”

  1. SATISH KUMAR JHA says:

    MOST OF THE TIME BANK MAKE MISTAKE, OR EVEN TAX PAYER MAKES MISTAKE FOR PAYMENT OF CHALLAN. 26 AS seen by the assessee at the time of filing tax return.
    if tax payer having bonafide proof , bank should authorised to rectfy. In view of e filing person staying at mumbai filing assress of north east meghalaya, it is difficult to go to Assessing officer for recification.

  2. Karim Hamirani says:

    I have confused about TDS payment period from what date till i submit. and i want details of % of TDS.

  3. Pravin Bihare says:

    I have made a TDS payment in April-2011 but wrongly entered Assessment year 2011-12 instead of 2012-13 can change this assessment year

  4. SATYA PRAKASH says:

    The time limit fixed by the NSDL is not practical as the Tax Payer is generaly know (at the time of filing Income Tax return) mistake done by the Bank. Some times the amount is credited to individual 26AS statement after three months or so.

    Hence there should be no time limit prescribed because mistake can be rectified at any time when it came to the notice of Tax payer. As in the case of fraud the case can be filed after ten years also.

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