New Procedure of Income Tax payment challan correction by banks (for physical challans) from 1st September 2011
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Revised Procedure from 1st September 2011 to get Income Tax , TDS, Self Assessment Tax, Advance Tax, Wealth Tax and Other Direct tax Payment Challan corrected / Rectified which were paid at bank in Physical Mode and time period within which correction request can be made along with conditions , Procedures for the same and Format of the letter to bank.
Challan Correction Mechanism
Under OLTAS (On Line Tax Accounting System), the physical challans of all Direct Tax payments received from the deductors / taxpayers are digitized on daily basis by the collecting banks and the data transmitted to TIN (Tax Information Network) through link cell. At present, the banks are permitted to correct data relating to three fields only i.e. amount, major head code and name.
The other errors can be corrected only by the assessing officers.
New Procedure of challan correction by banks (for physical challans):
To remedy this situation, a new Challan Correction Mechanism for physical challans has been put in place. Under this mechanism, for income tax payments made on or after 1.9.2011, the following fields can be got corrected through the concerned bank branch:
> Assessment Year
> Major Head Code
> Minor Head Code
> TAN/PAN
> Total Amount
> Nature of payment (TDS Codes)
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