Finance Act 2005- Changes in Major Head and Challans - OLTAS - RBI - Reserve Bank of India
Finance Act 2005- Changes in Major Head and Challans - OLTAS
RBI/2005-06/39 July 4, 2005 The Chairman & Managing Director Dear Sir, Finance Act 2005- Changes in Major Head and Challans - OLTAS As you are aware, the Finance Act 2005 has introduced two new taxes i.e. Fringe Benefit Tax and Banking Cash Transactions Tax. Consequently, certain changes /rationalization have been made to Major Heads and Sub-Minor Head of Accounts by Income Tax Department as under: I. CHALLAN NO.ITNS - 280 The Challan is for the payment of the two Major Heads i.e. (a) 0020 Income-tax on Companies (Corporation Tax) and (b) 0021 Income-tax (other than Companies). It should now be possible for taxpayers to pay taxes for assessment years other than consecutive assessment years. For example, in the case of assessments for block period (more than one consecutive assessment year), the assessment year field in the bank's software may be modified to accept payments for a period other than consecutive assessment year for example payments for A.Y. 1991-97, 1992-99, 1993-99 etc. II. CHALLAN No.281 The challan is meant for payment of TDS (tax deducted at source)/TCS (tax collected at source). It has two Major Heads i.e. (a) 0020 for company deductees and (b) 0021 for non-company deductees. The challan has two Minor Head Codes which are to be ticked by the tax payer (a) TDS/TCS payable by tax payer (Minor Head -200) (b) TDS/TCS on regular assessment (raised by Income-tax Department (Minor-Head - 400). The new 3 digit codes Sub-Minor Heads now introduced in the challan are as under :
III. CHALLAN NO.282 This challan is for the payment of a number of taxes. The changes introduced in this challan are as under :
b. Wealth-Tax - Major Head 0032 has been included in this Challan. Earlier this Major Head was in Challan No.280. IV. CHALLAN NO.283 This is a new challan introduced. It is for the payment of (a) Banking Cash Transaction Tax - Major Head 0036 and The valid Minor Head for both these categories of taxes are (i) Self Assessment Tax, Minor Head - 300 and 2. You may please arrange necessary modification in OLTAS software and bring the above changes to the notice of all the branches collecting direct taxes. This would enable the branches to accept payment of these taxes with immediate effect. 3. Please acknowledge receipt. Yours faithfully, Sd/- (M.T.Varghese) |