te Challans more than 45,000 crores received on new income tax portal: Finance Ministry | Zee Business

Challans more than 45,000 crores received on new income tax portal: Finance Ministry

TIN 2.0 is a new payment system launched on the e-filing portal on July 1, 2022, with the aim to ease the payment of the tax process and reduce the compliance burden.

Challans more than 45,000 crores received on new income tax portal: Finance Ministry
Over 10 banks have been live on the e-filing portal, TIN 2.0 (Image: Pixabay)

More than 17 lakh challans involving Rs 45,357.57 crores have been received till November 30, 2022, on Tax Information Network (TIN) 2.0, the Ministry of Finance said in a Tweet on Wednesday, December 14.

TIN 2.0 is a new payment system launched on the e-filing portal on July 1, 2022, with the aim to ease the payment of the tax process and reduce the compliance burden.

Till date, over 10 banks have been live on the e-filing portal for epay tax services, some of which include Axis Bank, Canara Bank, Karur Vyas Bank, etc. TIN replaced the existing Online Tax Accounting System (OLTAS), which was previously used for the tax filing process.

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For most of the banks, Direct Tax Transactions under Minor Head codes – 100 - Advance Tax, 200 – TDS/TCS (other than TDS on Sale of Property), and 300 - Self-Assessment, can be initiated directly from the TIN 2.0 portal.

Over the past one year, the Income Tax Department has incorporated several technological changes and experimented with the portals. Along with TIN 2.0, they also launched Taxpayer Information Summary (TIS) that aggregates information for taxpayers on the Information category level (eg Salaries, Interest, Dividend, etc) and avoids duplication of information, to enhance ease of filing returns.

The migration to the new tax collection platform in July 2022 was in compliance with directives from the Central Board of Direct Taxes (CBDT). The portal was developed by the Income Tax Department as a mission mode project under the National E-Governance Plan. The objective of this portal is to provide taxpayers with single-window access to income tax-related services, including tax payments.

But at the same time, the income tax department also notified that having more than one TIN will be considered illegal, as it may be used for tax evasion. The penalty for this violation can be a monetary penalty or even up to six-month imprisonment, or both. 

 

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Written By: ZeeBiz WebTeam
Updated: Wed, Dec 14, 2022
03:38 pm
New Delhi, ZeeBiz WebDesk
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