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e-Tax Payment using OLTAS

Last Update Date : August 14, 2018

e tax payment using OLTAS

The Income Tax department provides e-tax payment facility through its OLTAS service on the tin.nsdl website. This guide will help you understand how you can use this service to make payment of various types of taxes.

What is OLTAS?

OLTAS, also known as Online Tax Accounting System is an initiative of the Income Tax department to receive information from banks and maintain records of tax paid by the taxpayers through banks by uploading challans online.

Paying Tax Online using OLTAS

You can pay taxes online using this facility if you have an operational account with access to internet banking (net banking) facility in a bank authorised to process tax payments.

Eligibility for e-Tax Payment

It is mandatory for the following parties to make the payment of taxes electronically:

  • All the corporate assessees
  • All assessees (other than company) to whom the provisions of Section 44AB of the Income Tax Act, 1961 apply

Steps for e-Payment of Taxes

e-Payment of taxes can easily be done by following these simple steps:

  1. Go to Tax Information Network website of the government and login to your account.
  2. Go to “Services” tab and choose “e-payment: Pay Taxes Online”.
  3. Select the relevant challan as applicable in your case.
  4. Enter PAN or TAN, whichever is applicable and provide other mandatory details.
  5. Post submission of data, your PAN or TAN will be validated and if found correct, a confirmation screen will appear with your full name on it. Check and confirm the data that you provided earlier, post which, you will be directed to the net banking website of the bank.
  6. Login to your net banking account and fill up the payment details and make the payment.
  7. After making the payment successfully, a challan counterfoil will appear containing CIN, payment details and bank name through which e-tax payment has been done. Keep the counterfoil safely with you.

Banks authorised for e-Tax payment

List of Banks
Allahabad Bank Andhra Bank Axis Bank
Bank of Baroda Bank of India Bank of Maharashtra
Canara Bank Central Bank of India Corporation Bank
Dena Bank HDFC Bank ICICI Bank
IDBI Bank Limited Indian Bank Indian Overseas Bank
Jammu and Kashmir Bank Oriental Bank of Commerce Punjab National Bank
State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of India
State Bank of Indore State Bank of Mysore State Bank of Patiala
State Bank of Travancore Syndicate Bank UCO Bank
Union Bank of India United Bank of India Vijaya Bank

Types of Challans to be used for Tax Payments

A taxpayer needs to choose the correct Challan or Form for making payment of his taxes. The list given below will help you identify the form applicable to you.

Challan/Form Description
ITNS 280 For depositing Advance Tax, Self-Assessment Tax, Tax on Regular Assessment, Surtax, Tax on Distributed Profits of Domestic Company and Tax on Distributed income to unit holders.
ITNS 281 For depositing TDS/TCS by company or non-company deductee
ITNS 282 For depositing Securities transaction tax, Estate duty, Wealth-tax, Gift-tax, Interest-tax, Expenditure/other tax and Hotel Receipt tax
ITNS 283 For depositing banking cash Transaction Tax and FBT
ITNS 285 For depositing Equalization Levy
ITNS 286 For depositing Income under Declaration Scheme, 2016
ITNS 287 For depositing payments under Pradhan Mantri Garib Kalyan Yojana, 2016
Form 26QB For depositing payment towards TDS on Sale of Property
Form 26QC For depositing payment towards TDS on Rent of Property

Benefits of e-Tax Payment using OLTAS

There are various benefits of paying taxes electronically:

  • The process is convenient and saves time as you can do it from home or office without standing in long queues.
  • Once you make the payment, your records with the tax department are automatically updated.
  • You can easily verify the status of your tax payment online.

Dos and Don’ts for Taxpayers

When making e-payment of taxes, you must take care of some important things.

Things to do

  1. When filling a challan, there are some fields which cannot be skipped. They are:
    1. PAN / TAN
    2. Name and address of the taxpayer (for physical challans)
    3. Assessment Year
    4. Major Head, Minor Head
    5. Type of payment
  2. In case you have to deposit TDS or TCS, you need to use challan 281 and do the following things carefully:
    1. Quote the correct TAN, name and address of the deductor on each challan.
    2. Before you deposit tax, do verify the PAN details from the Income Tax department’s website.
    3. Make deposits of tax deducted under each section by using separate challans and enter the correct nature of payment code in the relevant column in the challan.
    4. Also, for different types of deductees, separate Challans should be used for making payments.
  3. The Challans used for non-TDS / TCS payments, the Challans which can be used are 280/282/283/285/286/287 as applicable. When filling these Challans, make sure that you provide the correct PAN, name and address in each challan.
  4. Enter correct financial year and assessment year in the challan.
  5. As the confirmation of the tax payment, you get a counterfoil. Ensure that it carries the CIN or Challan Identification Number. The CIN comprises of the following parts:
    1. Seven digit BSR code of the bank branch where tax is deposited
    2. Date of deposit (DD/MM/YY) of tax
    3. Serial number of challan
  6. Verify the tax payment information submitted to the bank.
    1. Details available on the TIN website www.tin-nsdl.com under the link “Challan Status Inquiry”
    2. In case the details are not available then you may contact the bank branch where the tax has been deposited.
  7. In case the counterfoil issued by the bank has been misplaced, kindly contact the respective bank/branch for details regarding the same.
  8. Please visit TIN website www.tin-nsdl.com for details on preparation and furnishing TDS/TCS statements.

Things not to do

  1. Choose the correct type of challan carefully. Do not use incorrect type of challan for paying tax.
  2. Do not quote incorrect PAN/TAN in your challan.
  3. Do not fill PAN in place of TAN or vice versa in your challan.
  4. Avoid using a single challan to deposit tax deducted for corporate and non-corporate deductees.
  5. Do not use same challan for depositing various types of tax like Advance tax, Self-assessment tax etc.
  6. Do not make mistake in the FY and AY to be indicated in the challan.
  7. If you have multiple TANs for the same division filing TDS statements, do not use different TANs in different challans. Use one TAN consistently and surrender the others.

Correction in OLTAS Challan

When you fill your challan form and submit it to the government through bank, the government (NSDL) receives it and does not modify any data. So, if you made any mistake in providing the required data while making payment, you can make correction through bank only. You can make corrections in the prescribed fields as per the prescribed timelines. Refer to the table given below:

Sr. No. Type of correction on challan Period for correction request (in days)
1 PAN/TAN Within 7 days from challan deposit day
2 Assessment year Within 7 days from challan deposit day
3 Total amount Within 7 days from challan deposit day
4 Major head Within 3 months from challan deposit day
5 Minor head Within 3 months from challan deposit day
6 Nature of payment Within 3 months from challan deposit day

Note:

  • If you exceed the time limit as mentioned above for making correction request, you bank will reject your request for correction.
  • If you had submitted challan using online mode (internet challan), you may contact your assessing officer for requesting correction.
  • Once you make a correction request, the bank gets 7 days from the date of receipt of correction request to make changes.

Procedure to Correct OLTAS Challan

You can get the incorrect information in your challan corrected by following the given procedure:

  • Make the correction request by submitting the correction request form (in duplicate).
  • Attach a copy of original challan counterfoil with the correction request form.
  • If you are requesting a correction in challan 280/282/283, you need to attach a copy of PAN with your correction request form.
  • If you are a taxpayer (other than an individual) making a correction request, you need to attach the original authorization seal with the request form.
  • You need to submit a separate request form for each challan.

Conditions Related to the Acceptance of Correction Request

The bank will accept correction request based on the following conditions:

  • Correction in the name is not permitted. Therefore, such a request will be rejected by the concerned bank.
  • Any combination of correction of minor head and assessment year is also not permitted.
  • Your request for PAN/TAN correction will only be allowed when the name in the challan matches with the name as per the new PAN/TAN.
  • You can make the correction in the amount mentioned in the challan only if the corrected amount matches the amount actually submitted to the bank and received by the government.
  • You will get only one opportunity to make the correction in a single challan. No additional request will be entertained. However, if you made the first correction request for amount field, you can make a second request for correcting other fields.
  • If you make a request for correction in multiple fields, either all the fields will be corrected or your request will be completely rejected. There will be no partial acceptance of correction request.

Frequently Asked Questions

Q-1) We have to deposit taxes on account of TDS on salaries of our employees as well as TDS on interest paid to fixed deposit holders who are individuals and other corporates. Can we combine the three payments in one challan?

Ans-1) No, you will have to use three separate challans.

Q-2) If I have to deposit fees for filing an appeal, what should I do?

Ans-2) In case you have to deposit appellate fees, copying charges or other miscellaneous payments, tick box 0020, thereafter tick box ‘400 Regular Tax’ under ‘Type of Payment’ and fill up the amount to be paid in ‘Others’ column under ‘Details of Payment’. In case of non-corporates such as individuals, partnership firms, societies etc. the same procedure is to be followed except that the box 0021 should be ticked at the top of the challan instead of 0020.

Q-3) Is it possible for us to deposit many challans with a single cheque?

Ans-3) No, you should deposit separate cheques for each challan.

How can H&R Block help you?

Saving taxes and filing income tax return accurately becomes very easy when you have professional help. This is where we come into the picture. We have a team of in-house tax experts who can file your tax return accurately while giving you maximum tax benefits.

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