e-TDS/TCS Quarterly Return - Correction in OLTAS Challan

Friends,

Now a days Income Tax Department has made it compulsory to file  quarterly return of income tax deducted/ collected at source. The Income Tax Department has also issued a software on its website to prepare and upload these files. You can download the latest retrun preparation utility RPU 2.7 from here. While uploading your quarterly return there may be some mistakes. Income Tax Department is now very much keen regarding these mistakes. The Department is  issuing notices in this regard day-by-day to all defaulters. While depositing the tax in Bank there could be mistakes like as wrong PAN/TAN mentioned , wrong Assesment Year or Major/Minor Head or Total Amount has been mentioned. For making correction in the OLTAS systeme the Department has given some powers to the Banks and kept some powers with the Department. 

The fields that can be corrected by the Taxpayer through Bank are tabulated below:

S.No. Type of Correction           Period for correction request

          in Challan                                  (In Days)

1        PAN/TAN                   Within 7 days from challan deposit date

2       Assessment Year        Within 7 days from challan deposit date

3       Total Amount             Within 7 days from challan deposit date

4       Major Head               Within 3 months from challan deposit date

5        Minor Head              Within 3 months from challan deposit date

6       Nature of Payment     Within 3 months from challan deposit date

• Above correction  is applicable only for physical challans with deposit date is after September 1,2011.

• Any correction request initiated by the taxpayer after the time limit specified above shall be rejected by Bank.

• For challans deposited w.e.f. September 1, 2011 to September 30, 2011, the time limit for correction in TAN/PAN, Assessment Year and Amount will be within 45 days from challan deposit date.

• Here are the fields that can be corrected by the authorized department to carry out corrections in challan with deposit date less than September 1, 2011 : 

S.No.     Type of Correction   Performed By

              in Challan 

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

7          Name                        Bank

So as described above you can make corrections in the Challan deposited in Bank.