Steps for TDS Challan Verification with OLTAS

The Online Tax Accounting System (OLTAS) was introduced by the tax department back in 2004 to replace the manual tax collection process used by the banks. To manage direct tax payments like TDS, the banks now make use of the OLTAS system .When you pay TDS through Challan 281 at any of the banks eligible for tax collection, you are given a receipt for the same. In case if you want to verify your TDS payment, the same can now be done online in easy steps.

Take a look at the steps you should follow for verifying your TDS challan online-

• Visit https://tin.tin.nsdl.com/oltas/index.html and select between CIN-based and TAN-based verification(CIN or Challan Identification Number verification is done by individual taxpayers who pay TDS, and TAN or Tax Deduction and Collection Account Number verification is obtained by individual/entities who are responsible for deducting tax at source
• You will now have to enter details like BSR code, challan serial number, etc. which are mentioned on the TDS challan receipt that you might have received at the time of paying TDS
• Click on ‘Submit’, and you can verify the TDS payment, including the name of taxpayer, TDS amount, date of payment, etc.

TDS deductors also have the option to check the challan status online through the TRACES website. The steps for the same are as follows-

• Visit https://www.tdscpc.gov.in/app/login.xhtml and login to your account
• Once logged in, look for the ‘Statement/Payment’ option at the top
• Click on this option, and a drop-down menu will open with the ‘Challan Status’ option
• You can now either use your CIN or BIN to check the status of TDS challan

When you enter your CIN, BIN, or TAN for TDS challan verification, the report will also have ‘Claimed’ and ‘Unclaimed’ status.The status shows ‘Claimed’ when the challan amount successfully matches the TDS deposited by the bank and the TDS mentioned by the taxpayer at the time of filing tax returns. Bank payments that do not match or are not claimed in the returns have the ‘Unclaimed’ status.

The bank sends the TDS details to the NSDL. The NSDL cannot make any changes to the tax collection data. So, in case if you find any errors during OLTAS challan verification , you will have to get in touch with the bank where you paid the TDS. However, there are time limits within which the errors can be corrected.For instance, in case if the PAN or TAN is wrong, the same could only be corrected within 7 days from when the challan was deposited. Similarly, there are correction due dates ranging from 7 days to 3 months for errors in the TDS amount, assessment year, payment nature, etc.

To avoid any errors, every TDS deductor should double-check all the details of the payment, taxpayer, etc. at the time of depositing TDS with the bank. In case if a mistake is made, you only have a limited window to make the corrections.Once the TDS is deposited successfully, you can follow the steps discussed in this post to verify the challan online.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.