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 »
 CBDT notifies changes in Form 16
 Investors panic as Income Tax seeks details from unlisted companies
 All India ITR launches guidelines to assist companies in Filing e-Form Active
  Form 16: New format for salary TDS certificate makes it difficult to fudge income, tax breaks
 How to e-file your ITR-1
 CBDT notifies changes in Form 16, seeks disclosure of more details about allowances
 Form 16: New format for salary TDS certificate makes it difficult to fudge income, tax breaks
 Income tax: New ITR forms seek more details from taxpayers
 Direct tax target may be scaled down in Budget
 New ITR forms decoded: Know the changes and how to file returns with ease
 277 startups secure all-clear from Income Tax department

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 2019 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