Correcting Errors in Advance Tax Challans: A Pre-Filing Checklist

Advance Tax Instalment Deadline for Taxpayers Exceeding Rs 10,000 Closed on March 15

The window for the final advance tax instalment for taxpayers with a total liability exceeding Rs 10,000 (after TDS, TCS, and other credits) closed on March 15. Taxpayers may now verify their payment status, download challans, or correct errors, if any.

Checking Advance Tax Payment Status and Downloading Challan

To check the status of advance tax payment, visit the NSDL OLTAS portal and select the "CIN (Challan Identification Number) view" option. Enter details such as BSR code, date of deposit, and challan serial number to view and save or print challan details.

Read also: Correcting Credit Score Errors: A Guide to Ensuring Accurate CIBIL Reports and Optimal Loan Eligibility

Alternatively, log on to the income-tax department's e-filing portal and access Form 26AS or the Annual Information Statement (AIS). These statements provide a consolidated view of all tax payments, including advance tax, for cross-verification before filing the return.

Correcting Errors in Challan

If an error is spotted in the challan, such as an incorrect PAN, assessment year, or tax type, request a correction through the I-T department's e-filing portal. Select the relevant challan using CIN details and choose the fields to be updated. The request must be verified using OTP or other available verification methods.

The window for online correction typically ranges from 7 to 30 days from the date of payment, depending on the type of error. If this window has passed or if the correction is not permitted online, approach the bank branch where the payment was made and submit a challan correction request.

Read also: Missing a Single EMI Payment Can Adversely Impact Credit Profile

Adjusting Excess Advance Tax Paid

If excess advance tax is paid, the surplus can be claimed while filing the income-tax return (ITR). The excess amount will reflect in Form 26AS and AIS. While filing the return, report the total tax paid and compute the final liability. Excess amount will be processed as a refund by the income tax department after the return is filed and verified.

Taxpayers' Tips

To minimize errors and avoid excess payments, taxpayers should carefully estimate their annual income, factor in eligible deductions, and review tax credits before paying.