CA.PRAMOD KUMAR PANDA (Chartered Accountants) (204 Points)
20 September 2008You must note that the OLTAS System through which Bank Receives all Direct Tax Payment and records PAN wise or TAN wise works up to 8.00 P.M. So never logon to Bank Site for payment of Tax after 8.00 P.M. This may land up yourself in to finding out lost money in the Bank Channel for 2/3 days which can lead to sleepless night.
Particulary on 30th. September, the last date of filing I.T.Returns for 2008-09 assessment year, pay all self assessment tax before 8.00 P.M.
CA PRIKSHIT WADHWA
(CHARTERED ACCOUNTANT)
(339 Points)
Replied 20 September 2008
Dear Panda Ji,
I use to make a lot of e-payments at midnight somewhere around 2.00 am to 4.00 AM but out of hundreds and thousands of my payments not even a single transaction has been misplaced.
I think this all viz payment upto 8.00 Am etc is just a rumour to male the e-payment scheme a failure.
RAJAN GUPTA
(SERVICE)
(653 Points)
Replied 20 September 2008
Dear Friends,
Actually the fact is that some bank has fixed cut off time for payments for each day though you can deposit tax 24X7 but payment made after 8pm will be considered in the next days ......moreover this practice or cut of time has been fixed by majority of the banks no necessarly the time is 8 pm for all the banksso you should confirm from your banks what is the cut off time ,
Misplacing of payment is not correct..
CA.PRAMOD KUMAR PANDA
(Chartered Accountants)
(204 Points)
Replied 20 September 2008
CAclubindia
