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Income Tax

Internet Banking

Name of the product:Collection of Direct Taxes - On-Line Tax Accounting System(Oltas)

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TDS on sale of property

To facilitate customer payment of Tax on visiting the branch

Features of the product in brief

Acceptance of taxes at the receiving branches: A taxpayer can pay direct taxes at any authorized branch of the bank either in cash, direct debit to account or by a cheque/draft drawn on the same bank or another bank/branch at the same centre where the payment is made. The payment of tax by outstation cheques/drafts can also be made at any authorized branch, or through an electronic means of remittance to the authorized bank/branch. Funds/amount deposited through cheques/Drafts shall be credited to Governments` account after realization of the instrument.

Type of Direct Taxes

Income Tax, Corporate Tax, Gift Tax, Wealth Tax, TDS on sale of property, Equalization Levy, Income Declaration Scheme, 2016 {BCTT & Securities Transaction Tax (since abolished)}

Terms & Conditions

For every payment there should be a challan in the prescribed format. The challan format is a single copy challan with the main challan at the top and the taxpayer`s counterfoil at the bottom of the challan.

Documents required

Main portion of the challan and the taxpayer`s counterfoil form be filled in properly and the amount and major head of account to which the amount is to be accounted/credited be correctly recorded therein.

Details of the Permanent Account Number (PAN) or Tax Deduction Account Number (TAN), name and address of the taxpayer, assessment year and nature and type of payment are to be properly filled in.

The amount should be written correctly both in words and figures.

Suggested time norms for activity

For physical payment of challan: 15-20 minutes. For e-payment: On real time basis. Once the customer account is debited, transaction gets completed at Government website and tax will be treated as payment made to Government. Amount paid after 8.00PM, will be treated for next day payment.

Dos &Do`nts

Customer should be careful in filling of the details in challan forms.

Customer`s obligation

U/s 139 A (5) (b) of the Income Tax Act, quoting of PAN is mandatory. Similarly, u/s 203A of the Act, quoting of TAN is mandatory.

However, where the taxpayer indicates that he has already applied for allotment of PAN or TAN but has not yet been allotted the same, the tax payment challans may be accepted by the bank provided the tax payer indicates PAN/TAN application number in the challan. In such cases it should invariably be ensured that the full address of the taxpayer has been mentioned in the challan.

Grievance Resolution/compensation

To be settled within reasonable time

Any other important matter relating to the product

The facility is available for payment of direct taxes through physical challan at authorized branches as well as e-payment. For making e-payment, the customers should have PNB`s Internet Banking User-id & passwords.

System generated computerized receipt is made available to the tax payers.

Mandatory payment of Direct Taxes through e-payment mode only

Central Board of Direct Taxes vide their notification No.34/2008 dated 13.03.2008 had made payment of Taxes mandatory through e-system for following category of tax payers w.e.f. 01.04.2008:

  • A Company
  • A person (other than a company), to whom provisions of Section 44AB are applicable.

Acceptance of TDS on sale of Property

The Finance Bill 2013 has proposed that purchaser of an immovable property (other than rural agricultural land) worth Rs 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor.

Equalization Levy: - As per Finance Bill of 2016, Equalization levy is applicable for certain specified services related to digital domain wherein the amount of consideration exceeds a specified value (threshold prescribed by Income Tax Department). Rules to The Finance Act, 2016 states that with effect from July 1, 2016, equalization levy @ 6% should be deducted by a resident or non-resident(having permanent establishment in India) on the amount of consideration paid or payable to the non-resident not having permanent establishment in India.

This tax is to be paid by the tax payer through e-payment mode only.

Alternatively, tax payer is facilitated for making the required payment at any of our bank branches. For this, taxpayer has to furnish the details online and subsequently visit any of our bank branches.

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