sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Direct Tax »
 No need to generate slip! From bank ATM to Aadhaar, 5 steps to tax redemption Income Tax Return (ITR) filing
 Income Tax Return (ITR) filing alert! These errors are in your ID? Do this ASAP or you will be trapped
 TDS deduction under section 194A of the Income-tax Act, 1961 in case of Senior Citizens
 Income Tax payers alert! ITR filing process set to witness unprecedented change – What CBDT chairman has confirmed
 ITR forms will soon be pre-filled for you: CBDT’s Sushil Chandra
 I-T dept working on pre-filled income tax return forms, says CBDT chief Sushil Chandra
 Big changes coming, will tax rates be cutIncome tax return
 Notification No. 78/2018 - Customs Central Board Of Indirect Taxes And Customs
 CBDT allows taxman to widen certain 'limited scrutiny' cases
 New direct tax code won’t change income tax slabs, rates
 If tax is paid offline by physical challan, bank can make certain corrections
 Govt moves to redraft direct tax laws to modernize income tax
 Panel to overhaul, simplify Direct Tax laws to submit report by Feb 28
 CBDT task force for drafting new direct tax law reconstituted
 

If tax is paid offline by physical challan, bank can make certain corrections
December, 03rd 2018

Banks can make certain corrections within a stipulated window from the date of tax payment

While paying self-assessment tax for assessment year (AY) 2019-20, I wrongly mentioned AY2018-19 in ITNS 280. Also, I selected the wrong code (400) under minor head code (MHC). It needs to be 300 for self-assessment tax. My income-tax return for AY 2018-19 has been approved now. There is no pending amount against the minor head (400). How can I make the correction? Is there a way to cancel this transaction and get tax refund or can it be rectified in the next financial year?

—Neeraj

As per our understanding of your case, two corrections are required to be made in the tax challan (ITNS280)—change in AY from AY2018-19 to AY2019-20 and change in minor head code from tax on regular assessment (400) to advance tax (100)/ self-assessment tax (300).

As per the challan correction procedure available on the income-tax department’s website, where tax payment is made offline by a physical challan, the taxpayer can apply to the bank for certain corrections, within a stipulated window from the date of tax payment—seven days for correction only in AY and three months for correction only in MHC. However, a combination of correction of AY and MHC cannot be processed by the bank.

Therefore, in your case, you can make an application in writing to your respective jurisdictional income-tax officer (ITO) and request him to correct the errors. The ITO can rectify these at his end, in bona fide cases. You may refer to your Form 26AS to verify whether the requisite corrections have been made in the tax records.

Alternatively, you may wish to revise your tax return for AY2018-19 and seek a refund of the taxes wrongly allocated to the said AY. In such a case, you may have to pay the taxes due for AY2019-20 along with applicable interest.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions