How to make corrections in Challan and make payment

Section 200 of the income tax Act, said that it is the duty of the deductor to pay deducted tax within the stipulated time. Income tax department has made a system named as online tax accounting system (OLTAS). Under the system, the physical Challans of all direct tax payment received from the deductors are digitised on daily basis by the collecting banks and all of the data transmitted to the Tax Information Network, through link cell. Presently, the banks are permitted to correct data relating to three fields only that is amount, name and major head code. If there is any other type of error, then it could be done only by the assessing officers Read More..