How does the new system benefit me a common tax payer?
A3 The new system is of great benefit to the common tax payer. Now a single simplified challan has to be filled up replacing the complicated four-copy challan. This challan can be filled up much faster. Secondly it will be possible to obtain an acknowledgement for taxes paid at your own bank branch immediately. Further once you have the acknowledgement counterfoil with the rubber stamp containing the Challan Identification Number (CIN) and you have filled in your PAN correctly you are assured that the payment will be properly accounted for in your name. Lastly you will no longer need to attach copies/ acknowledgement of challan with your return. Simply mention the CIN details in the income-tax return. This will also assist you in e-filing your return.
Ans. The new system is of great benefit to the common tax payer. Now a single copy simplified Challan has to be filled up replacing the complicated four copy Challan. This Challan can be filled up much faster. Secondly, it will be possible to obtain an acknowledgement for taxes paid at your own bank branch immediately rather than after 3 days at present. Thus, one visit to the bank will suffice instead of two visits at present if you pay taxes at your own bank branch. Further, once you have the acknowledgement counterfoil with the rubber stamp containing the Challan Identification Number (CIN) and you have filled in your PAN correctly , you are assured that the payment will be properly accounted for in your name. Lastly, you will no longer need to attach copies/ acknowledgement of challan with your return. Simply mention the CIN details in the income-tax return. This will also assist you in e-filing your return.
