Muhammed Yasir (Ass. Mgr in Finance) (51 Points)
22 January 2014Is it possible to correct the mistake of changing major head of TDS Challan through TDS challan correction facility in TDS Traces?
CA Kumar Ajay
(Following My Dreams)
(228 Points)
Replied 22 January 2014
Assuming That You Are Talking About Wrong Major Head Stated While Depositing The TDS Challan.
Traces Only Facilitates Correction In Return Not Challan. !!!!
Secondly
Challan Major Head Can Be Changed By Bank Within 3 Months Of Deposit.
Last But Most Important......Wrong Major Head Is Not At All An Issue....No Default Will Arise.
Approx.70-80% Deductors Deposit Single Challan For Both Corporate And Non Corporate Deductee.
Regards
CA. Kumar Ajay
cakumarajay @ hotmail.com
Kulwant Singh Khalsa
(CA STUDENT)
(105 Points)
Replied 22 January 2014
NSDL receives tax collection data as uploaded by the bank. NSDL is not authorized to carry out any changes in the data sent by the bank to TIN.
The fields that can be corrected by the Taxpayer through Bank are tabulated below:
| Sl. No. | Type of Correction on Challan | Period for correction request (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 |
Note :
1. Above correction mechanism is applicable only for physical challans with deposit date greater than equal to September 1, 2011.
2. Any correction request initiated by the taxpayer after the time limit specified above shall be rejected by Bank.
3. For challans with challan deposit date from 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.
4. The fields that can be corrected and the entity authorized to carry out corrections on challan with deposit date less than September 1, 2011 are as below:
| 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 |
| 7 | Name | Bank |
5. For rectifications in challans paid through online mode (internet challan) , taxpayer may contact their concerned Assessing Officer (AO) of the Income Tax Department (ITD).
6. More details on Challan Correction Mechanism available at
https://www.incometaxindia.gov.in/archive/LeftMenu_ChallanCorrectionMechanism_26082011.pdf
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
