The New System Benefit The Common Tax- Payer

Benefits overview:

The common Tax- payers are greatly benefited by the introduction of the new system of tax payment. This method is very much acceptable to the Tax- payers as there is only a single challan are to be filled instead of filling up of four-copy challan. This challan is very much clear to Tax- payers and easily readable. This single challan doesn’t take much time to be filled up. The acknowledgment part for the taxes paid is readily available at the nearest branch immediately. The payment confirmations as well as the account information are readily accessible to the Tax payers if the acknowledgment counterfoil parts with a rubber stamp on it which contain the challan identification number i.e. CIN. The tax payers must be notified that they are correctly filled up their PAN details. The new system also provides a benefit in which the tax payers are no longer needed to attach their copies or challan acknowledgment with their returns. The tax payers just need to mention the simple details of CIN in their IT (Income Tax) returns. This helps the tax payers in e- filling their return.

Procedures:

The tax payers only needs to pay their taxes in either cash or cheque at any recognized branches of bank (bank account must be there). The bank will immediately received the given cash or cheque by giving a stamp on the counterfoil part of the challan containing the challan identification number.

Relevance of CIN:

Challan identification number consists of three parts which includes Bank Branch Name, BSR which are of 7 digits, Deposit date of tax and serial number of challan. In order to identify clearly the Tax payment the CIN number stamped on the acknowledgment counterfoil part of the challan. CIN is also required for further clarification if any. Thus, the tax payers must be sure about it that CIN no. is given to them.