RBI/2005-06/39
DGBA.GAD.No.H-42 /42.01.034/2005-06
July 4, 2005
The Chairman & Managing Director
All Agency Banks including
Jammu & Kashmir Bank Ltd
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 :
|
Section
|
Nature of Payment
|
Code
|
|
206C
|
Collection at source from
Alcoholic Liquor for Human Consumption
|
6 C A
|
|
206C
|
Collection at source from
Timber obtained under Forest lease
|
6 C B
|
|
206C
|
Collection at source from
Timber obtained by any Mode other than a Forest Lease
|
6 C C
|
|
206C
|
Collection at source from
any other Forest Produce (not being Tendu Leaves)
|
6 C D
|
|
206C
|
Collection at source from
Scrap
|
6 C E
|
|
206C
|
Collection at source from
contractors or licensee or lease relating to Parking lots
|
6 C F
|
|
206C
|
Collection at source from
contractors or licensee or lease relating to Toll Plaza
|
6 C G
|
|
206C
|
Collection at source from
contractors or licensee or lease relating to mine or quarry
|
6 C H
|
|
206C
|
Collection at source from
Tendu leaves
|
6 C I
|
III. CHALLAN NO.282
This challan is for the payment
of a number of taxes. The changes introduced in this challan are as under :
a. Securities Transaction Tax has been renumbered
as Major Head 0034 in place of the earlier Major Head 0025.
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
(b) Fringe Benefit Tax - Major Head 0026.
The valid Minor Head for both
these categories of taxes are
(i) Self Assessment Tax, Minor Head - 300 and
(ii) Tax on Regular Assessment Tax - Minor Head 400 and
(iii) Advance Tax, Minor Head-100.
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)
General Manager
|