Correct challan for filling up for ltcg tax

My aunt sold some property and has to pay long term capital gains tax. She has a savings bank account in Indian Overseas Bank and ICICI Bank. My queries are:

1)Which challan/form to fill in?

2)Does she have to mention anywhere in the form that the tax is on account of long term capital gains or she just has to mention it is "Income Tax"?

3)Whether direct debit of the savings bank account is possible or she has to submit a cheque for the tax amount?

4)What precautions should she take as she will be filling up the challan for the first time?

5)What details should necessarily appear on the challan receipt?

6)Can the tax deposit confirmation be viewed on 26 AS (of NSDL) or on the Income Tax website and in how many days will the tax credit be confirmed there? 
 

Replies (1)

 

The replies to your queries are as under:

1)Which challan/form to fill in?

Challan ITNS 280

2)Does she have to mention anywhere in the form that the tax is on account of long term capital gains or she just has to mention it is "Income Tax"?

In the Form you need to select code 0021 - Income Tax other than corporate tax

Select A.Y. as 2013-14

type of payment as - 100 - advance tax - no need to mention capital gains anywhere

3)Whether direct debit of the savings bank account is possible or she has to submit a cheque for the tax amount?

you can pay manually or online through net banking.

4)What precautions should she take as she will be filling up the challan for the first time?

check all the details, name pan number, addrdess, amount of tax, code of challans.

if you need any help further please feel free to ask / call

5)What details should necessarily appear on the challan receipt?

pan number, name, amount, challan sr no, bsr code of bank, date of deposit, date of tender. (stamped by bank)

6)Can the tax deposit confirmation be viewed on 26 AS (of NSDL) or on the Income Tax website and in how many days will the tax credit be confirmed there? 

you can confirm in form 26AS after 5-10 days of payment.

you can confirm the challan status on tin-nsdl.com (all details of challan are disclosed)

you can confirm in TRACES website as well

 

In case you have any further queries then please feel free to call

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