TMI BlogCorrection in OLTAS Income Tax/TDS challan after paymentX X X X Extracts X X X X X X X X Extracts X X X X ..... Correction in OLTAS Income Tax/TDS challan after payment - By: - AMIT BAJAJ ADVOCATE - Income Tax - Dated:- 25-2-2011 - - Recently I faced a situation where the tax demand on regular assessment of my client for A.Y 2008-09 was deposited with a nationalized bank but wrongly the said payment of demand was done towards A.Y 2010-11. This situation may have been faced by many assessees because there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... may always be a possibility of mentioning wrong Assessment year or wrong PAN/TAN etc in the TDS Challan or in Income Tax Challans. In such situation the first thing that comes to mind is how one can get the challan corrected after the payment of tax so that right credit of tax is given to the assessee/deductor concerned. The power to amend such wrong details in challan after payment of tax in O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... LTAS has been given to Assessing officer and Bank depending upon the type of correction, which has been provided as follows for the benefit of all concerneds. NSDL receives tax collection data as uploaded by the bank. It is not authorized to carry out any changes in the data sent by the bank to TIN. The fields that can be corrected and the entity authorized to carry out corrections are as belo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w: Sl. No. Type of Correction on Challan Performed By 1 PAN/TAN Assessing Officer 2 Assessment Year Assessing Officer 3 Major Head Assessing Officer /Bank 4 Minor Head Assessing Officer 5 Nature of Payment Assessing Officer 6 Total Amount Bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7 Name Bank Thus application should be made for correction to the A.O or Bank in case of any mistake in Income Tax/TDS Challan depending upon the type of correction as mentioned above. - Reply By sunil jain as = Dear Sir Is there any notifocation/circular/press release for para 3,6, 7 that bank has power to do it. You know how the banks respond. So unless there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is some thing of this sort which can be shown to them, it will be helpful. Thanks Dated: 26-2-2011 Reply By ASHOK CHOUDHARY as = Dear Sir, For making the application for the correction in the TDS challan about the nature of Payment , who is the Assessee Officer ITO or the ITO ( TDS ward ). Dated: 26-2-2011 Reply By AMIT BAJAJ ADVOCATE as = The said authorisation procedure has been prescr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ibed at NSDL website. Visit following Link http://tin.nsdl.com/OLTAS-note.asp Dated: 26-2-2011 - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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