Challan correction mechanism
Considering the fact that several mistakes were being reported which occurred on account of wrong punching of data in the OLTAS by the banks, the CBDT introduced a new challan correction mechanism for paper based payments of income tax. The said system has been appreciated by the assessees.
Since, inadvertent mistakes can occur while paying the income tax online also, it is felt that challan correction system be made applicable to challans in respect of online payments of income tax also.
It is suggested that challan Correction Mechanism be made applicable to all types of challans including challans for online payments, payments of wealth tax etc.
Source- Pre-budget Memorandum 2014 on direct taxes by (Institute of Chartered Accountants of India (ICAI)