PSB Bank ITNS-283 Banking Cash Transaction Tax (BCTT), Fringe Benefit Tax
PSB Bank ITNS-283 Banking Cash Transaction Tax (BCTT), Fringe Benefit Tax from Download
The provided document is Challan No. / ITNS 283, used for depositing two specific types of taxes in India from July 2005 onwards (itns283.pd… p. 1).
Overview
This specific challan handles business-related direct taxes—specifically cash transaction and fringe benefits taxes—rather than personal income tax (itns283.pd… p. 1). It contains a primary counterfoil for the bank and a tear-away Taxpayers’ Counterfoil at the bottom for personal record-keeping (itns283.pd… p. 1).
Key Sections of the Form
- Tax Applicable (Major Head): Checkboxes to choose between two main tax categories:
- (0036) Banking Cash Transaction Tax (BCTT) (itns283.pd… p. 1)
- (0026) Fringe Benefits Tax (FBT) (itns283.pd… p. 1)
- Time Period Fields: Separate boxes to fill in the Financial Year and the Assessment Year (itns283.pd… p. 1).
- Taxpayer Identification: Grid boxes to record the Permanent Account Number (PAN), Full Name, Complete Address, and Pin Code (itns283.pd… p. 1).
- Type of Payment (Minor Head): Ticking boxes to identify whether the tax is being submitted as Advance Tax (100), Self Assessment Tax (300), or Tax on Regular Assessment (400) (itns283.pd… p. 1).
- Details of Payments: A detailed numerical block matrix to write out the individual breakdowns of core Tax, Surcharge, Education Cess, Interest, and Penalties (itns283.pd… p. 1).
Important Rules and Guidelines
- Mandatory PAN Code: Writing your correct PAN is required (itns283.pd… p. 2). Disclosing a false PAN is a punishable offense under Section 272B of the I.T. Act, 1961, carrying a penalty of ₹10,000 (itns283.pd… p. 2).
- Separate Forms Requirement: You must use an individual, separate challan for every single distinct type of payment you make (itns283.pd… p. 2).
- BCTT Specific Instruction: Scheduled Banks depositing Banking Cash Transaction Tax are instructed to tick tax code (0036) along with Self Assessment Tax (300) under the payment classification (itns283.pd… p. 2).
- TDS Exclusion: This form is explicitly not meant for depositing Tax Deduction at Source (TDS) (itns283.pd… p. 2).
- Receipt Acknowledgment: When submitting at the bank counter, double-check that the stamped counterfoil contains a 7-digit BSR code, Deposit Date, and the unique Challan Serial Number (itns283.pd… p. 2). You need to quote these values in your final return (itns283.pd… p. 2).
If you need further help with this form, let me know if you would like me to:
- Explain what Fringe Benefits Tax (0026) covers
- Help you identify the 7-digit BSR code on a stamped receipt
- Clarify the difference between Financial Year and Assessment Year for your filing
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