PSB Bank Tax Forms ITNS-280 Income Tax on Comp
PSB Bank Tax Forms ITNS-280 Income Tax on Comp. (Corp. Tax), Income Tax (Other than Comp.) Download
The provided image shows Challan No. / ITNS 280, which is the official form used for depositing Income Tax and Corporation Tax in India (itns280.pd… p. 1).
Overview
This challan is designed for paying direct taxes from July 2005 onwards (itns280.pd… p. 1). It is divided into two primary parts: the main form submitted to the bank and a Taxpayers’ Counterfoil at the bottom, which is returned to you as proof of payment (itns280.pd… p. 1).
Key Sections of the Form
- Tax Applicable (Major Head): Checkboxes to specify if the tax is for a company (0020: Corporation Tax) or a non-company entity (0021: Income-Tax) (itns280.pd… p. 1).
- Assessment Year: A dedicated box at the top right to mention the specific financial assessment year for the tax being paid (itns280.pd… p. 1).
- Taxpayer Identification: Mandatory fields for your Permanent Account Number (PAN), Full Name, Complete Address, and Contact Details (itns280.pd… pp. 1-2).
- Type of Payment (Minor Head): Checkboxes to categorize the payment type, such as:
- Advance Tax (100) (itns280.pd… p. 1)
- Self Assessment Tax (300) (itns280.pd… p. 1)
- Tax on Regular Assessment (400) (itns280.pd… p. 1)
- Details of Payment: A grid breakdown to separate the Core Income Tax, Surcharge, Education Cess, Interest, and Penalty to arrive at the Total Amount (itns280.pd… p. 1).
- Payment Mode: Fields to record whether the payment is made via Cash, Account Debit, or Cheque, along with the Bank and Branch details (itns280.pd… p. 1).
Important Rules and Instructions
- Mandatory PAN: Quoting a correct PAN is strictly required (itns280.pd… p. 2). Providing a false PAN attracts a statutory penalty of ₹10,000 under Section 272B of the Income Tax Act, 1961 (itns280.pd… p. 2).
- Separate Challans: A unique, separate challan must be filled out for each distinct type of payment (itns280.pd… p. 2).
- Usage Restriction: This form is only for the direct tax payments listed on it (itns280.pd… p. 2). It cannot be used for depositing Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) (itns280.pd… p. 2).
- Verification Check: When the bank returns your counterfoil, you must ensure it features the 7-digit BSR Code of the bank branch, the Date of Deposit, and the Challan Serial Number (itns280.pd… p. 2). These three parameters must be cited when filing your Income Tax Return (itns280.pd… p. 2).
If you plan on using this form, tell me:
- Whether you are paying Advance Tax or Self Assessment Tax
- If this is for an Individual or a Business
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