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)
Recently while paying online advance tax of Rs.15000 it was wrongly Paid Rs.150000 one zero was extra. Bank is not ready to do correction. what should we do for this?
Is there any process?
pl. reply us.
i paid tds on sell of property but while selecting payment on line by oversight selected type- other instead of income tax . due to this in 26 AS it show only transaction amount and TDS as 0 how to correct data pl advice me
mahendra shah
Yes all will appreciate this step by cbdt. AS banks frequently make mistakes in filling up Assessment year in advance tax challans due to lack of knowledge by data feeder.
Thanks for the steps.
Hope govt.will give us mechanisam for rectifying the challans