slide

How to correct mistakes in an income tax challan online through the e-filing portal? Read here

The Income Tax Department has introduced an online Challan Correction feature to simplify income tax payment and rectify errors promptly.

Taxpayers can use this feature within seven days from the date of their income tax payment. After this window expires, the conventional offline method must be used for corrections.

The online Challan Correction feature applies to Assessment Year (AY) 2020-21 (Financial Year 2019-20) and all subsequent years.

Taxpayers can amend three critical details in their income tax challans: Assessment Year, Major Heads (e.g., individual income tax code), and Minor Heads (e.g., advance tax).

Taxpayers must be registered on the e-filing ITR portal and ensure that the challan requiring correction hasn't been used for filing the ITR. There should be no outstanding correction requests.

Taxpayers can check the status of their correction request by logging in to the ITR portal and selecting the 'Challan Correction' option within the services tab.

Correction requests can be made for minor heads: 100 (Advance tax), 300 (self-assessment tax), and 400 (demand payment as regular assessment tax) and their corresponding major heads.

The online feature eliminates the need to physically visit income tax offices for certain corrections.

The introduction of this feature aims to enhance efficiency and accuracy in the income tax payment process, providing convenience to taxpayers.

Click here to know more about 
how to rectify errors in an income tax challan online via the e-filing portal.

Check here for more personal finance-related stories. 

Taxpayers can now rectify errors using the online Challan Correction feature on the ITR portal.

Life Insurance Awareness Month: How to revive lapsed LIC insurance policy? A step-by-step guide

Bharti AXA Life Insurance unveils Income Laabh to provide both income and insurance benefits. Details here

Pramerica Life Insurance launches new age ULIP designed for the new generation’s financial ambitions. Details here

Last two weeks: Opt for a nominee to avoid your mutual fund units from being frozen

As Nifty hit a new milestone, is this the time for investors to book profit? 3 experts answer

How to achieve freedom from home loan in your 20's? Here are 5 ways

Riding the wave of India's bull rally by investing across assets

Go Digit Infinity Wallet Plan: Here's its review, features, and more

68% insured Indians believe they have adequate life insurance but only 6% have sufficient coverage: Study

MF central: Manage accounts with multiple fund houses at one unified platform; Here's how

Holding a number of mutual funds in a number of AMCs is not uncommon. It is, therefore, vital to manage all accounts with ease and comfort

Stock Check: JSW Infra jumps almost 100% from IPO price in 5 months; should you still buy?

Currently trading at around  <span class='webrupee'>₹</span>236, the newly listed JSW Infra has surged almost 100 percent jump from its IPO price of  <span class='webrupee'>₹</span>119 in less than 5 months. Technical and fundamental experts suggest if you should still buy the infra stock.

Axis Mobile App ranks top position on NPS leaderboard

According to a survey, Consumer awareness was most notable for payment platforms such as Paytm, Google Pay, and PhonePe. However, when it comes to Net Promoter Score, Axis Mobile App claims the top position with a score of 59, followed by ICICI Bank's iMobile Pay, and then BHIM.

Weekend Wrap: From Trent to Adani Power, top news and market movers this week: 27 October 2023

The stock market cycle is always a few months ahead of the economic cycle.

From top news makers to market performance, here's the market wrap for the week ended 27 October 2023.

Why rebalancing a portfolio provides a safety net against volatility?

Investing isn't a 'set it and forget it' game.

Rebalancing a portfolio provides a safety net by helping control volatility and minimizing the impact of market downturns, even though it may not always yield higher returns compared to an unbalanced, equity-heavy approach

How to correct mistakes in an income tax challan online through the e-filing portal? Read here

Taxpayers can now rectify errors using the online Challan Correction feature on the ITR portal.

Topics to follow