How to Pay Your Income Tax Due Amount After Submitting Incorrect PAN in SBI

Submitting your Income Tax Return (ITR) is a critical task every individual must perform. However, if your PAN number in SBI was re-registered during the submission, resulting in an incorrect entry, you might find yourself in a challenging situation. Here's a step-by-step guide to help you resolve the issue and ensure you meet the income tax deadlines.

Background and Late Filing Deadline

The deadline for filing ITR for the Financial Year 2020-21 (FY 20-21) without any audit was 31st December 2021. For those who missed the deadline, worry not! The Indian Income Tax Department allows the belated filing of ITR till 31st March 2022, subject to late fees.

Late Filing and Late Fees

The amount of late fees you will be charged depends on your total income:

No late fees for income below Rs 250,000 Late fees of Rs 1,000 for income between Rs 250,000 and 500,000 Late fees of Rs 10,000 for income above Rs 500,000

Important Steps to Pay the Amount Due

To avoid penalties under Section 234B, you should pay the amount due as soon as possible. Here’s a detailed guide on what you need to do:

Paying the Amount Immediately

Check your current Tax Challan details: Log in to your Income Tax Portal and update the incorrect PAN details. Pay through online methods: Many banks and financial institutions support online payments for tax dues. You can use NetBanking, mobile apps, or website portals to pay. Create a Challan facility: If you need to pay a large amount, consider setting up a Challan facility through your bank. This allows you to make multiple tax payments without repeated submission of details.

Rectifying the ITR

If the system does not automatically rectify the ITR with the updated PAN, you need to file a revised return:

If the ITR has not been processed, file a revised return with the correct PAN. If the ITR has already been processed, it will automatically raise a demand against your PAN. You must pay this demand promptly to avoid further complications.

Precautions and Tips

To avoid similar issues in the future, consider these tips:

Double-check your PAN details before submission. Ensure all documents and details are correct and up-to-date. Keep track of all submitted ITRs and their statuses.

Conclusion

Missed deadlines or incorrect details can be stressful, but with the right steps, you can rectify the issue and ensure compliance with income tax regulations. Remember, paying the amount due promptly not only saves you interest under Section 234B but also avoids the hassle of late fees. Stay informed and stay compliant!