How to Rectify Assessment Year in Income Tax Challan?

Have you entered an incorrect Assessment Year (AY) while paying your income tax challan in India? Then you must be wondering, how to change assessment year in income tax challan? Let me tell you that you can rectify it online through the Income Tax Department's e-Filing portal. This correction is crucial to ensure that your tax payment is accurately credited to the intended financial year.​

How to Change Income Tax Challan Assessment Year?

You can request a correction for the Assessment Year in your challan if:​

1. The correction is initiated within 7 days of the challan deposit date.​

2. The challan pertains to AY 2020-21 onwards.​

The steps that you must follow for this are:

1. Visit

   https://www.incometax.gov.in

   and log in using your PAN and password. Navigate to Services > Challan Correction.

2. Click on New Request and select the relevant challan from the list of available challans. Choose Assessment Year from the list of editable fields and enter the correct AY.

3. After making the necessary corrections, submit the request. The correction request will be processed, and you can track its status through the portal.

4. Ensure that the correction is made within the stipulated 7-day window from the date of challan deposit.​ Corrections are only applicable to unconsumed challans.​

5. If the correction window has lapsed, you might need to contact your jurisdictional Assessing Officer for further assistance.

This is how to change assessment year in income tax challan.

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How to Change Bank Account in Income Tax Return? 

We humans are bound of make mistakes sometimes. I too made a mistake of entering the wrong assessment year in my income tax challan. So, when I was looking for how to rectify assessment year in income tax challan, I realised that the assessment year is frequently entered incorrectly in challans for a variety of unavoidable reasons, which results in the raising of demands and the adjustment of refunds from following years, if any. Let me tell you how to rectify this mistake.

How to correct assessment year in income tax challan? 

The challan payment is often shown on the taxpayer's Form 26AS/AIS. If the amount paid in the challan is displayed in 26AS of a different year if the A.Y. is written incorrectly in the challan. 

For instance, if a tax of Rs. 100000/- for A.Y.2020-21 was mistakenly paid in A.Y.2017-18, the claim for Rs. 100000/- plus interest of Rs. 10000/-, or Rs. 110000/-, will be made in A.Y. 2020-21. The tax paid of Rs. 100000/- will be reflected in 26AS/AIS of A.Y.2017-18. Additionally, if a refund of Rs. 200000 is computed in the years 2022–2023, the demand of Rs. 110000 will be subtracted from the return of Rs. 200000, leaving the taxpayer with only the remaining Rs. 90000. 

How to change assessment year in income tax challan online? 

If so, send a letter to the jurisdictional assessing officer asking for the A.Y. that was incorrectly put on the challan to be corrected, together with any necessary documents, to the income tax office. Keep in mind that banks cannot make any corrections here. You must go to the department of income taxes. Once the necessary corrections have been made by the concerned Assessing Officer, the Rs. 100,000/- challan payment will be correctly shown in 26AS/AIS of A.Y. 2020–21.

I hope I was able to explain to you how to rectify assessment year in income tax challan.