Finance Act, 2005 : Changes in major head and challans-OLTAS

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....has introduced two new taxes i.e., fringe benefit tax and banking cash transactions tax. Consequently, certain changes/rationalization have been made to major heads and sub-minor head of accounts by Income-tax Department as under : I. Challan No. ITNS 280 The Challan is for the payment of the two major heads i.e. (a) 0020 Income-tax on Companies (Corporation Tax) and (b) 0021 Income-tax (oth....

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....200) (b) TDS/TCS on regular assessment raised by Income-tax Department (Minor-Head-400). The new 3 digit codes sub-minor heads now introduced in the challan are as under : Section Nature of payment Code 206C Collection at source from alcoholic liquor for human consumption 6CA 206C Collection at source from timber obtained under Forest lease 6CB 206C Collection a....

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.... Collection at source from tendu leaves 6CI    III. Challan No. 282 This challan is for the payment of a number of taxes. The changes introduced in this challan are as under : a. Securities transaction tax has been renumbered as Major Head 0034 in place of the earlier Major Head 0025. b. Wealth-taxMajor Head 0032 has been included in this challan. Earlier this Major....