From : E-Group, STC, Salt Lake City, Kolkata-700106 Dear Member, Kindly double click on the enclosed attachment to read it. With regards, Anup Sen, Moderator, E-Group, STC, Salt Lake, Kolkata email : stcsaltlake@xxxxxxxx To view our old mails sent to the members please login into internet & browse For mails sent in the month of May 2004 : //www.freelists.org/archives/banknews/05-2004/ For mails sent in the month of June 2004 : //www.freelists.org/archives/banknews/06-2004/ Intra-Net Web-Server of STC Salt Lake, Kolkata: Using Internet Explorer in ATM PC of your branch, please browse http://10.128.74.200 (our Intranet Web-Site). We have provided several thousand pages of Reading Materials for your benefit. Happy browsing! Send your feedback about our E-Group and Web-Server to stcsaltlake@xxxxxxxx We are receiving emails from our members advising that they are not receiving emails from us. In this regard we like to inform our members that there may be two reasons for non receipt of the emails as under: 1. If mails are returned from your mail box (due to hard bounce) as there is no space in the mail box, our system automatically delete your email from the list. To avoid these, please ensure to download regularly the mails sent by us and keep enough space in the mail-box. 2. Some of the e-mail servers (e.g. yahoo.com, sify.com, rediff.com or hotmail.com etc) may treat our mails as "SPAM" and delete the mails. Some of them put these mails in the "Bulk Folder". If such is the case, please take up the matter with your respective e-mail service provider to sort out the problem. However, if you do not receive our mails please send mail to us at stcsaltlake@xxxxxxxx We shall be glad to receive your feedbacks through emails regarding the mails being sent to you through this e-group. This message is intended only for the use of the Addressee and may contain information that is PRIVILEGED and CONFIDENTIAL. If you are not the intended recipient, dissemination of this communication is prohibited. If you have received this communication in error, please erase all copies of the message and its attachments and kindly arrange to notify stcsaltlake@xxxxxxxx immediately.Title: State Bank of India, Staff Training Centre, Salt Lake, Kolkata. : : stcsaltlake@xxxxxxxx : :
1. What are the new challans for the payment of Direct Taxes and
from what date are they operative? Ans. The 3 new single copy Challans which are being introduced from Ist
June 2004 are as under:
Each challan has a taxpayer counterfoil at the bottom which will be
returned to you by the bank after duly stamping it with a Challan Identification
Number (CIN). 2. Where will the new Challans be available? Ans. The Challans are available at the Income Tax Departments website incometaxindia.gov.in.
Challans are also available at the local Income tax offices and with private
vendors. 3. How does the new system benefit me, a common tax payer? Ans. The new system is of great benefit to the common tax payer. Now a
single copy simplified Challan has to be filled up replacing the complicated
four copy Challan. This Challan can be filled up much faster. Secondly, it will
be possible to obtain an acknowledgement for taxes paid at your own bank branch
immediately rather than after 3 days at present. Thus, one visit to the bank
will suffice instead of two visits at present if you pay taxes at your own bank
branch. Further, once you have the acknowledgement counterfoil with the rubber
stamp containing the Challan Identification Number (CIN) and you have
filled in your PAN correctly , you are assured that the payment will be
properly accounted for in your name. Lastly, you will no longer need to attach
copies/ acknowledgement of challan with your return. Simply mention the CIN
details in the income-tax return. This will also assist you in e-filing your
return. 4. Can I pay taxes using the old Challan after 1st June 2004? Ans. No 5. What would be the new procedure for payment of direct taxes at
banks? Ans. If you are paying taxes in cash (at any designated bank branch) or
by cheque at the bank branch where you have a bank account, the bank will
accept your cash/cheque and will immediately stamp the counterfoil of the
Challan with a rubber stamp containing the Challan Identification Number as
mentioned at answer number 6. If however, you are paying taxes by cheque/ draft
at a bank branch other than where you have a bank account, the collecting bank
branch will accept your cheque/draft and issue you a paper token in
acknowledgement. When you present this token after encashment of the cheque,
the bank will hand over the acknowledgement counterfoil duly stamped with the Challan
Identification Number (CIN) as explained in answer to question number 6. 6. What is Challan Identification Number (CIN) and what is its
relevance to me? Ans. CIN is the abbreviation for Challan Identification Number.
This has three parts
The CIN would be stamped on your acknowledgement receipt to
uniquely identify your tax payment. The CIN has to be quoted in your return of
income as a proof of payment. CIN is also to be quoted in any further enquiry.
Therefore, you must ensure that CIN (comprising the above 3 parts) is stamped
on the Challan by the bank. If not, immediately contact the bank manager and
insist on CIN. The Reserve Bank of India has already passed an order dated 1st
April 2004 making it compulsory for all tax collecting branches of banks to use
a rubber stamp acknowledgement that carries CIN. A separate CIN is given for
each challan deposited. If the Bank Manager is unable to resolve the issue, you
should address your grievance to the Bank's Regional Manager and the Regional
Office of Reserve Bank of India for redressal. 7. How will the acknowledgement stamp bearing the CIN look like? Ans. The Acknowledgement stamp of the bank will contain the following
information:
8. Do I have to attach the acknowledgement counterfoil with my
return? Ans. No, it will be considered sufficient proof if you quote your
Challan Identification Number (CIN) (as mentioned in your counter-foil) in your
return. The Income-tax return forms are being suitably modified. 9. What should I do if I have misplaced my acknowledgement
counterfoil? Ans. Kindly approach the bank where you have deposited the tax and
request them to issue you a certificate which contains your payment particulars
including CIN as explained in reply to question No. 6. 10. What would happen if I loose the paper token issued by the
bank? Ans. Each bank follows it's own procedure so you may contact the branch
manager of the bank. 11. I have not been
allotted a Permanent Account Number (PAN) but wish to pay taxes. Will the bank
refuse to take my payment? Ans. No. But it is in your interest to deposit the Challan with PAN to
avoid inconvenience later. However, you may deposit taxes but ensure that you
write your full name (without initials) and your full address in the relevant
place in the challan. 12. We have applied for a Tax Deduction Account Number (TAN) but have
not received one yet. Should we fill up Permanent Account Number in Challan No.
ITNS 281? Ans. No. Permanent Account Number (PAN) is distinct and altogether
different from your Tax Deduction Account Number (TAN). Try to obtain your TAN
from the assessing officer dealing with TDS. If it is not possible to do so,
leave the column blank but write your full name and address in the Challan
form. 13. I am an individual and
have to pay self assessment tax (income tax) before filing my return of income.
Which Challan should I use? Ans. You should use Challan ITNS No. 280 and tick the box 0021 Income-tax. As you are paying self
assessment tax, you should further tick the Self Assessment Tax (300) under Type of
Payment. 14. We are a corporate and have to pay Advance Tax for Assessment
Year 2005-06. Which Challan should we use? Ans. You should use Challan ITNS 280 and tick the tax 0020 Corporation Tax. As you are paying
Advance tax for the Assessment year 2005-06, write this in the space provided
in the Challan and then tick the box Advance Tax (100) under Type of Payment. 15. We are a partnership firm and have to deposit tax deducted
from a corporate. Which Challan should we use? Ans. You should use Challan ITNS No. 281 and tick tax '(0020) companies' as the status of the
deductee is a company. 16. We are a company XYZ Ltd and have deducted tax source for both
companies and non companies on "Interest other than interest on
securities". Which Challan should we use to deposit the tax? Ans. You will have to use two separate challans. You should use Challan
No. 281 and tick box (0020) in respect of tax deducted at source
from companies. You should use a separate Challan No. 281 and tick box (0021) in respect of tax deducted at source
from non-companies. The code 94A will have to be filled up under 'Nature of
Payment'. These codes are mentioned behind the challan. As in both cases, tax deposited relates to TDS on 'Interest other
than interest on securities', you should fill up code No. 94A in the 'Nature of
Payment' field in the challan. The codes for 'Nature of Payment' are mentioned
behind the challan. 17. 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. No, you will have to use
three separate challans. The TDS on salaries of employees will have to be
deposited with Challan No. ITNS 281 by ticking the box '0021 non-companies' as the TDS pertains to
individuals(non-companies). Thereafter the code 92B will have to be filled up
under 'Nature of Payment'. The codes for 'Nature of Payment' are mentioned
behind the challan. In respect of interest paid to fixed deposit holders, you will have
to first of all segregate the interest payable/paid to companies (Corporates)
and non companies. For the portion of TDS pertaining to companies, fill up
Challan No ITNS 281 and tick box '0020 companies' as the TDS pertains to
companies. For the portion of TDS relating to non companies, fill up a
separate Challan No. ITNS No. 281 and tick box '0021 non companies' as TDS pertains to non
companies. Fill up the 'Nature of Payment' as per codes given behind Challan
No. ITNS 281. In this case also the code will be 94A. Please ensure that the
bank branch gives you separate acknowledgements with separate Challan
Identification Number (CIN) for the 3 Challans deposited by you. 18. If I have to deposit fees for filing on appeal, what should I
do? Ans. 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. 19. After depositing my tax at the bank, I have noticed that I
have mentioned the Assessment year/minor head incorrectly in my challan Who do
I approach to have this corrected? Ans. You have to approach your Assessing Officer with an application
containing the details of your PAN and the CIN (as explained earlier in answer
number 6) and request him to carry out the necessary corrections. 20. After depositing the tax at the bank, I have noticed that I
have mentioned wrong PAN, or I have received my PAN after making the challan
payment? How do I get this incorporated in my challan information? Ans. You have to approach your Assessing Officer with an application
containing the details of correct PAN and CIN (as explained earlier in answer
to question number 6) and request him to make the necessary correction. 21. Is it possible for us to deposit many challans with a single
cheque? Ans. No, you have to deposit separate cheques for each challan. 22. Which are the banks where direct taxes can be paid? Ans. 31 banks and the Reserve Bank of India (RBI) at 8 centres are
collecting taxes through their authorised branches. To check the nearest
authorised bank branch, you may contact the bank manager of your bank who will
be able to guide you. This information can also be obtained from this website http://incometaxindia.gov.in. 23. Can I make tax payment using the Internet? Ans. It shall be possible to do so in the near future. Watch out for
the announcement on this website and on the websites of different banks. 24. I have to deposit self
assessment tax after 01.06.04 before filing my return for A.Y. 2004-2005 Will I
have to attach the tax payers counter foil of the single copy challans with my
return during the current financial year? Ans. As self assessment tax paid between 1.6.2004 and 31.3.2005 will
represent an overlap period between the old and new system, you should enclose
a photocopy of your taxpayer counter foil with your return for A.Y. 2004-05.
Please retain the original counterfoil for your reference. ************** |