Changes in Challan Payment

CMA KNVV Sri Vidya - Sri Kanth (C.A.Final (New) ICWAI FINAL (New))   (11269 Points)

07 April 2009  
Changes in Challan Payment 1. Challan Format: a. New TDS Challan, Form 17 is introduced. b. Challan is section Independent. Deductor can prepare a single challan at the end of the month for all his TDS deductions (Including Salaries and Non Salaries). c. This additionally Contains, information of the Account No [or Card No] of the Deductor. d. The earlier fields Surcharge and Cess break-ups are not necessary. e. Information of Deductions paid under that challan has to be provided. This should contain PAN, NAME of the deductee and Total TDS. 2. Payment: a. Electronic Payment [e-Payment] of TDS made mandatory to all. No TDS/TCS Payments would be accepted directly at Bank Branches. b. The system for acceptance of e-Payment would be ready by end of April in accordance to Form 17. c. An entry form would be provided similar to Form 17 format. d. Credit Card/Debit Card acceptance is likely to happen. e. The old system of e-Payment may remain for challan payments of earlier years. 3. Acknowledgement: a. The Deductee records under that challan have to be entered online [if less than 10] or have to be uploaded through a file. b. On successful payment, an acknowledgement would be generated in Form 17 format, which validates [Yes/No] for each PAN of the deductee and generates a Unique Transaction Number [UTN] for each deductee record. 4. Due Date: a. Challan Payment Due dates remain almost the same. b. Joint Commissioner, on prior request through AO, can approve for Quarterly payment of TDS under certain sections.