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Axis Bank has been authorized for collection of Income Tax or other Direct Taxes on behalf of the Central Board of Direct Taxes (CBDT).
There are a number of processes by which you can pay your taxes directly. You can use challans for direct tax payments. CBDT has come up with specific forms i.e. challans for remittance of the various types of Direct Taxes. Taxpayers are required to fill in these challans and submit it along with the cash or cheque or DD or PO at the bank counter.
You can also find out how to make a payment while paying your taxes directly through Axis Bank.
Taxpayers also have the option to avail the challan pick-up and delivery facility services. You can contact your nearest Axis Bank branch in order to find out more about these services.
CBDT has defined specific forms ie, Challans for remittance of the various types of Direct Taxes. These Challans are required to be filled in by the taxpayer and submitted along with the cash or cheque or DD or PO at the Bank counter. The Challan required to be submitted for the various types of Direct Taxes are as follows:
| Tax Major Head Code | Direct Tax Type | Challan Type |
|---|---|---|
| 020 | Income Tax on Companies (Corporation Tax) |
Advance or Self-Assessment Tax - 280 TDS - 281 |
| 021 | Income Tax Other Than Companies | |
| 023 | Hotel Receipts Tax | Advance or Self-Assessment Tax - 282 |
| 024 | Interest Tax | |
| 028 | Expenditure Tax | |
| 031 | Estate Duty | |
| 032 | Wealth Tax | |
| 033 | Gift Tax | |
| 034 | Securities Transaction Tax (STT) | |
| 026 | Fringe Benefit Tax (FBT) | 283 |
| 036 | Banking Cash Transaction Tax (BCTT) |
| Step 1 | The depositor will fill in a pre-printed Pay-in-Slip along with the required Challan and tender the same along with cash or cheque or demand draft or pay order at the collection counter. The cheque or DD or PO should be in favour of "Axis Bank A/c Income Tax" (as applicable). |
|---|---|
| Step 2 | After verifying the challans and the instrument tendered for correctness, the Bank official will hand over the stamped and signed counterfoil (which will serve as the paper token) to the tenderer. |
| Step 3 | The processed challan (after realisation of the cheque or DD or PO) will be provided to the depositor in exchange of the counterfoil of the Pay-in-Slip. |
The taxpayers may avail the facility of Pick-up of Tax Challan or Payment and Delivery of acknowledged Challan. Contact your nearest Axis Bank Branch for further details.
From 1 June, 2004 the Income Tax Department has introduced a new system for payment of Direct Taxes called Online Tax Accounting System (OLTAS). This system not only simplifies the procedure for payment at the collecting branches of designated Banks but is also a breakthrough in accounting of Direct Tax Payments. All collecting branches of various Banks have been networked and integrated with Tax Information Network (TIN) hosted by National Securities Depository Ltd. (NSDL) and the Income Tax Department.
new single copy challan-cum-acknowledgement form instead of the erstwhile four-copy challan has been introduced by the Income Tax Department. The challan has a unique identification number called Challan Identification Number (CIN). With the help of CIN and PAN, every payment is uniquely identified thereby resulting in correct tax credit as also enabling online transmission of details of tax payments to the Income Tax Department. Further, it is also not necessary to enclose a copy of challan along with the return of income.
TIN provides a facility to the tax payers to enquire about the status of their challans over the internet. The assessees can check the status of their Tax payments through Axis Bank by using their CIN on the TIN OLTAS website. http://www.tin-nsdl.com/OLTASChallanStatusEnquiry.asp
