Challan 280 In Excel
Updated: 11:55:49 AMIn India, tax collection is one of the most important and difficult tasks that is carried out by the Department in India. In fact, among developing countries, India has one of the lowest rates of tax collection in the world and there is scope for a lot of improvement in terms of tax collection and to facilitate this, various measures are taken including Challan 280 to help improve tax collection.Looking at our statistics, the current situation looks quite bleak. India’s tax-to-GDP ratio is only 16.6%, much below the applicable rate for the average emerging market economy, which usually average around 21%. This rate is lower than even half of the average ratio for OECD (Organization for Economic Co-operation and Development) nations which is currently have an average tax to GDP ratio of 34%. While one of the key factor behind this apparently dismal performance in India is the exclusion of a wide base of the population from the taxation slabs through various exemptions, the other and more worrisome, is the less than responsible behavior of the eligible taxpayers.Every citizen should remember that payment of correct and timely taxes is a very crucial element for a country’s progress. The money so collected by the government is used for development of infrastructure, education, health, defense and similar crucial sectors.
Sources of Tax CollectionThere are three ways of tax collection:. Payments made voluntarily by persons with the designated banks.
Select the relevant challan i.e. ITNS 280, ITNS 281, ITNS 282, ITNS 283, ITNS 284 or Form 26 QB demand payment (only for TDS on sale of property) as applicable. Step-3 Enter PAN / TAN (as applicable) and other mandatory challan details like accounting head under which payment is made, address of the tax payer and the bank through which payment.
Challan 280 In Excel Format
For instance – Self-Assessment Tax and. Taxes deducted at source (TDS) on behalf of the taxpayer by the person making the payment to him/her. Taxes collected at source (TCS) on behalf of the taxpayer at the time of incurring an expense. Challan No./ITNS 280 is required to be filled out for Income Tax Payment. This is applicable for all types of income tax payments such as Self-Assessment Tax, Advance Tax, Regular assessment tax, surcharge, tax on distributed income or distributed profits.
Modes of Income Tax PaymentsThere are two ways through which income tax can be paid. One is through the online route i.e.
Logging to the website TIN NSDL Website and the other is depositing the same at any of the designated bank branch via cash, cheque or demand draft.Irrespective of the mode of payment opted for by an individual, Challan No. /ITNS 280 needs to be filled in by the depositor. Tax Information Network (TIN) is an initiative by the Income Tax Department of India (ITD) for the modernization of the current system for collection, processing, monitoring and accounting of direct taxes using information technology.TIN is a repository of nationwide Tax related information, and has been established by the National Securities Depository Limited (NSDL) on behalf of the IT Department.E-Payment enables payment of taxes by the taxpayers through the medium of internet. In order to benefit from this facility, the taxpayer needs to possess a banking account with online access features through any one of the authorized banks empanelled with the IT Department.
The webpage for paying the TIN-based tax online is TIN NSDL webpage. The tax payer needs to visit the TIN NSDL website and open the link -. From the various challan options available, after logging into the TIN account, he/she needs to click on the Challan No. / ITNS 280 (Payment of Income Tax and Corporation Tax) mentioned under the sub heading “Non-TDS / TCS”. Tax Applicable: The applicable tax amount can be levied on two types of income.
If it is being levied on a company, then the first radio button i.e. (0020) Income Tax on companies (Corporation Tax) needs to be selected. In case the tax is being paid by any other assessee such as Partnership Firms, individuals, LLP, etc. Then the second option (0021) Income Tax (other than companies) needs to be selected. The tax payer needs to provide the PAN details.
It is imperative that the taxpayer checks this detail carefully as a wrong PAN input will lead to the tax being deposited against some other account. In case, the PAN as entered by the user is not available in the Income Tax Department’s database, then one cannot proceed with the payment of tax. Assessment Year: This refers to the year in which the assessee is paying the tax for the income that he/she would have earned in the previous financial year. Many times, taxpayers get confused with the terms – Financial Year and Assessment Year.Simply put, financial year is that time period in which the income is earned and assessment year is the year after the end of the financial year and in which the tax needs to be paid. So, if the income was earned anytime between April 2015 and March 2016, then the financial year (FY) would be 2015-16 and Assessment Year (AY) would be 2016-17.
Full Name: This field is not open for input by the taxpayer. It is displayed based on the PAN details entered earlier and as available in the database of the Income Tax Department. Address: There are certain fields pertaining to the address information of the assesse wherein filling out the information is voluntary such as Flat/Door/Block No., Name of premise/village/building, Road/Street/Lane, Area/ Locality.
However, information on city, state and pin code needs to be mandatorily entered. Contact Details: Details such as Email ID and Mobile No., though not mandated by the IT Department, are useful fields and should be filled out. This enables the IT Department to get in touch with the taxpayer quickly, in case of any issues or queries. Type of Payment: Here the taxpayer needs to select from one of the following options, depending on the nature of the tax. Advance Tax. Surtax.
Self-Assessment Tax. Tax on Distributed profits. Tax on Distributed Income. Tax on Regular AssessmentFor instance, if the tax being deposited is for the same financial year, calculated on basis of the estimated income, the taxpayer should select the option for Advance Tax. While, if the tax is being deposited after the end of the financial year, when a demand has been raised by the IT Department, it would be tax on regular assessment.
Bank Name: The assessee needs to select the name of the bank through which he/she wants to make the payment. The list of banks is shown via a dropdown menu and the taxpayer needs to select the applicable one from there. Amount of Tax to be paid: This information is not to be mentioned in Challan 280 and would need to be furnished in the bank’s website. Once all the mandatory fields have been properly completed, users need to click on the “Proceed” button given at the end of the page. The IT Department offers a facility to taxpayers wherein they can check and confirm the status of their challan as well as verify if the payment made by them (Using the online Challan No./ITNS 280) has reached the concerned authorities i.e. The IT Department.Users can login to the NSDL website using the link - in the taxpayers can check the status of their challan via various options. CIN Based ViewOn providing the details such as CIN (Challan Identification Number), BSR Code of Bank’s branch, challan tender date and challan serial number, the taxpayer can track online the status of their challans.
This system is extremely beneficial as the taxpayer is not required to personally visit the bank to make the payments. Also, the payment can be done electronically at one’s convenience- in terms of time as well as location. Lastly, as the taxpayer gets the Challan Identification Number (CIN) online immediately subsequent to the payment, he/she is able to track the online the status of the payment (whether it has been deposited correctly with the concerned authorities) and can also use the same while filing the income tax returns. Credit Score affects your Loan & Credit Card EligibilityHence, the IT Department has retained the offline method of tax payments. Under this method, taxpayers need to download the Challan No. /ITNS 280 Form from the website of the Income Tax Department.
They need to furnish the required details in the form (Similar to the online form) such as, PAN, the Assessment Year, residential address, contact details, e-mail ID etc. Along with the duly completed form, taxpayers need to take the amount of tax payable and physically go to any of the designated bank’s branch and make the payment towards income tax through cash, cheque or demand draft.
The bank will issue a stamped counterfoil which will act as a proof of the payment made by the taxpayer.
Under traditional practice, the government used to collect taxes manually through bank branches. This manual process was cumbersome as well as prone to errors.
To overcome the issues of manual collection, advisory group on tax reforms under the chairmanship of Dr. Vijay Kelkar recommended networking of Income Tax Department, banks and Reserve Bank of India. This was proposed as it would facilitate online transmission of details of tax collected, deposited, refund, etc between these entities.
To facilitate this online process, core group from RBI, Indian Banks Association, Central Board of Direct Taxes and Controller of Accounts worked together and came up with Online Tax Accounting System (OLTAS) for Direct Taxes.Download TDS Challan 281:OLTAS was introduced in 2004 for collection, accounting and reporting of receipts and payments of Direct taxes. These taxes can be paid online or through network of branches. It also facilitates tax payers to track the status of their challans or e-challan deposited in banks online. Under this system, the details of tax paid flows from banks to Tax information Network (TIN) maintained by NSDL. Unlike traditional system in which three copies of challans were issued, in OLTAS, single copy of challan is issued with a tear off strip for tax payer.Following are the three types of challans introduced by the Income Tax Department:. Challan No. ITNS 280 – This form is used for the payment of Income Tax; such payment can be in the form of Self-Assessment Tax, Advance tax, tax on regular assessment, tax on distributed profits or income.
Tax can be paid online or through cheque, DD, etc. At various bank branches.
Irrespective on the mode of payment, Challan ITNS 280 shall be used. Challan No. ITNS 281 – This Challan is used for depositing Tax Deducted at Source (TDS) or Tax Collected at Source (TCS). Challan No. ITNS 282 – This is to be used in case of payment of Gift Tax, Wealth Tax, Expenditure Tax, Estate Duty, Securities Transaction Tax and Other Direct Taxes.
This challan is used for depositing TDS and TCS by corporate as well as non-corporate entities. TDS or Tax Deducted at Source is a mechanism introduced by the Government in which the person (deductor) before making the payment of specified nature (such as salary, rent, etc.) to the payee (deductee) shall deduct tax at specified percentage from such amount payable and deposit it to the Income Tax Department. TCS or Tax Collected at Source is the tax collected by the seller from the buyer at the time of sale of specified goods.Due date for filing TDS ChallanTDS is to be paid by all assessees who have deducted TDS at the time of incurring expenditure. The due date for payment of TDS is different for government assessee and non-government assesses. Get Your CIBIL Score Report with Monthly Updates at ZERO CostDue date for payment in case of non-government assessee:. Tax is to be deposited for months other than March – 7 th of the next month. For example, if the TDS is to be deposited for the month of August 2016, the due date shall be September 7, 2016.
Tax is to be deposited for the month of March – 30 th April. For example, if the TDS is to be deposited for the month of March 2017, the due date shall be April 30, 2017.Due date for payment in case of government assessee:.
Tax Deposited without challan – Same day. Tax deposited with challan – 7 th of the next month. For example, if the TDS is to be deposited for the month of May 2017, the due date shall be June 7, 2017Unlike for non-government assesses, in case of government assesses, for the month of March also, the payment is to be made by 7 th of the next month. Hence in case the TDS is to be deposited for the month of March 2017, the due date shall be April 7, 2017.Consequences in case of delayIn case where TDS is deducted on time but not deposited within the specified time period (i.e. 7 th of the next month or 30 th April in case of March) interest on such amount is payable at the rate of 1.5% per month from the date on which it should have been paid.For example, If the TDS for the month of October 2016 is deposited on December 15, 2016, then in such case the due date of payment was November 7, 2016 however since the payment is not made in time interest at the rate of 3% will be payable, i.e. For two months, November as well as December.
Following are the details that are required to be filled in ITNS 281:. Tax Applicable: This is the first column of the form, it has two options:.
0020: This is applicable in case of income tax of companies, i.e. If the deductee is a company such as ABC ltd. Then code 0020 should be selected.
Whether an entity is a company or not can be checked by the PAN no. Of the entity, in case of a company the fourth letter of the PAN No. Shall be “C”. 0021: This is applicable in case of income tax for other than companies, i.e.
If the deductee is not a company, it may be an individual, HUF, partnership firm, etc.; this code should be selected.It is to be ensured that separate challans are to be used for different types of deductees, i.e. Corporate and non corporate and accordingly codes should be selected.
Assessment year: Assessment year is the year in which tax is to be paid in respect of the income earned during the previous year. Assessment year is the year next to previous year. TAN No., Name and address: Enter the TAN no. And name of your company. Or Tax Deduction and Collection Account Number is a unique 10 digit alpha numeric number issued to the persons who are required to deduct or collect tax on the payments made/received by them under Income Tax Act, 1961.In case of online filing of challan, name as per Income Tax Department database based on TAN No.
Entered shall be automatically captured on the confirmation screen. Type of payment: It relates to the TDS payment category:.
If the tax is paid by the tax payer on monthly basis on his own, then tick on “TDS/TCS payable by tax payer”. If the tax is paid by the tax payer based on the demand raised by Income Tax Department, then tick on “TDS/TCS regular assessment (Raised by IT Department)”. Nature of Payment: Code as per the section under which TDS/TCS is deducted is to be filled in here. For eg., in case of interest on securities code will be 193, in case of dividend code will be 194, etc.It should be ensured that separate challans are used for payment under different sections. For example if the payment is to be made for interest on securities and one for dividend, in such case separate challans should be made specifying different codes for each kind of payment. Details of Payment: Enter the details of payment, i.e. Income tax, surcharge, etc.
In amount as well in words. Details of cheque, DD, etc. Also needs to be entered along with the date and bank branch. Logon to e-Tax Payment System site link. Click on Challan No./ ITNS 281.
Fill in the required details such as TAN no., address, mode of payment, bank name, etc. And click on proceed. Confirmation screen will be displayed, check the details entered. Click on “Submit to bank”. It will be redirected to the net-banking site of the bank. Enter the user id and password provided by bank for net-banking purpose.
Enter the payment details, i.e. The amount to be paid. Click on submit. On successful payment, a challan counterfoil shall be displayed containing the CIN No., payment details, and bank name through which e-payment has been made.Process for Offline Challan Submission. Download the excel format of TDS challan. Enable editing and content. Fill in the required details.
Challan 280 In Excel
Take the printout of the challan. Submit the challan to the bank along with the amount to be paid. On submission of the challan, bank will issue a counterfoil/ receipt back stamped as a proof of submission.Payment can be made in cash as well as cheque. In case payment is made at the branch where the payer has an account and such payment is made in cash/ cheque, bank shall accept the cash or cheque and will immediately stamp the counterfoil of the Challan with a rubber stamp containing the Challan Identification Number.
However, if the payment in the form of cheque/DD is made at any other branch, the collecting bank branch shall accept cheque or draft and issue a paper token in acknowledgement. When this token is presented at the branch after encashment of the cheque, the bank shall provide the acknowledgement counterfoil duly stamped with the Challan Identification Number.Challan Identification Number or CIN is a unique number issued to acknowledge the payment of tax. It consists of three parts, 7 digit BSR code of the bank branch where tax is deposited, Date of Depositing tax (in DD/MM/YY format) and Challan’s Serial Number. The online status of challans deposited can be checked online on website of Tax Information Network at. The enquiry can be done by banks as well as tax payers. Below are the details that are required to be entered by the tax payer based on the type of view:. CIN Based view:.
BSR Code of collecting branch. Challan Tender Date (Cheque/cash deposit date). Challan Serial No. Amount (Optional). TAN based view:. Tax Deduction/ Collection Account No. (TAN).
Challan Tender Date/ Date of Deposit (Period)Below are the details that are required to be entered by the collecting branch:. OLTAS user id and password. Branch scroll date. Major Head Code descriptionBelow are the details that are required to be entered by the Nodal branch:. OLTAS user id and password. Nodal scroll date.
Major Head Code description. Challan Status Enquiry by Tax Payers:. CIN based view: On the basis of CIN details and amount, the tax payer can view the following details:. BSR Code. Date of Deposit. Challan Serial Number. Major Head Code with description.
TAN/PAN. Name of Tax Payer. Received by TIN on (i.e. Date of receipt by TIN). Confirmation that the amount, if entered, is correct. TAN based view: By providing TAN and Challan Tender Date range for a particular financial year, the tax payer can view the following details:.
CIN. Major Head Code with description. Minor Head Code.
Nature of PaymentIf the tax payer enters the amount against a CIN, the system will confirm whether it matches with the details of amount uploaded by the bank. Credit Score affects your Loan & Credit Card EligibilityChallan Status Enquiry for Banks: Tax collecting bank branches and the nodal branches can access following details:.
Collecting Bank Branch: On the basis of branch scroll date and the major head code- description, the collecting bank branch can access the total amount and total number of challans for each major head code. Further, the collecting branch can view following details:. Challan Serial Number. Challan Tender Date. PAN/TAN. Name of Taxpayer.
Amount. Date of receipt by TIN.
Nodal Bank Branch: On the basis of nodal scroll date and the major head code-description, the nodal branch can view following details:. Nodal Branch Scroll Number. Scroll Date. Major Head Code - Description. Total Amount. Number of Branches.
Number of Challans.