How I corrected wrong details mentioned while paying Income Tax

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One of my clients recently did a mistake of selecting the wrong assessment year while paying his Income Tax. And after incurring the mistake, he called me to inform that he has done this mistake and was worried on what will happen in this case.

He was worried if he will have to pay Income Tax again in this case as he had wrongly mentioned incorrect assessment year. He thought that maybe he’ll have to pay tax again and claim a refund of the tax wrongly paid for a different assessment year.

I told him not to worry and intimated him that Income Tax Dept has provided the facility of correcting the mistakes done while paying Income Tax. He was relieved on hearing this and asked me further about how the assessment year can be corrected.

I told him that the following mistakes incurred in depositing Income Tax Challan can be corrected:-

  1. Assessment Year
  2. Major Head Code
  3. Minor Head Code
  4. TAN/PAN
  5. Total Amount
  6. Nature of Payment (TDS Codes)

I told him the procedure to correct these mistakes incurred while depositing the income tax challan and by following the procedure, he was able to correct these mistakes. The time period and procedure for correction has been mentioned below for your ready reference.

Procedure for Correction of Physical Challan deposited with Banks

The first thing to note here is the time within which the correction is to be applied for. The time window for correction by the taxpayer is as follows:-

S. No.

Correction required

Period of Collection Request
(from Challan Deposit date)

1

TAN/PAN

7 days

2

Assessment Year

7 days

3

Amount

7 days

4

Major head, Minor head, Nature of Payment

3 Months

 

The taxpayer should within the above time frame apply for correction of details entered in challan by submitting a request form for correction (in duplicate) to the concerned bank branch. A copy of the original challan as well as the PAN Card is also required to be attached alongwith the correction form.

The format for the Correction Form of Physical Challan can be downloaded from here – Challan Correction Form.

Procedure for Correction of Challan & Tax paid Online

If the Challan and Tax was paid online or in case the time limit for correction through bank has expired, the taxpayer can still get this corrected by contacting the concerned assessing officer and filing an application for correction of Challan.

Karan is CA by Qualification with the rare distinction of being awarded All India Rank 22. He is also the founder of this website and is an expert in helping people save Taxes legally. He can be reached by booking an appointment for Tax Advisory Service.