BIN View allows checking the status of Bank Identification Number (BIN) verification. Understanding its status is crucial to avoid consequences such as transaction failures or security issues.
Overview:
Understanding the intricacies of financial terms, such as the Book Identification Number (BIN), is crucial for businesses to comply with government regulations. In this article, we delve into the significance status of BIN verification process, and the consequences of non-compliance.
What is BIN ?
The Book Identification Number is a vital component in the tax deduction mechanism associated with government payments. It is mandatory for Deducting and Collecting Authorities (DDOs) to submit Tax Deducted at Source (TDS) using bank cheques without making an actual payment. The Indian Government has made BIN submission compulsory to streamline this process.
BIN Is Produced When?
BINs are generated through a meticulous process. It includes the following:
- Each Drawing and Disbursing Officer (DTO) or Pay and Accounts Officer (PAO) submits Form No. 24G, a monthly e-TDS return, providing DDOs’ information.
- After the Principal Accounts Officer (PAO) submits these monthly reports, a unique BIN is assigned, visible on the Tax Information Network (NSDL).
- This BIN must be included in periodic returns, and businesses can obtain it by contacting the Assessing Officer (AO).
Consequences Of Failing To Quote BIN
Have you ever thought about what will happen when you forget to quote the Book Identification Number? What steps should be taken in case you fail to quote your Book Identification Number?
Read on to know more!
For verification purposes, the Book Identification Number (BIN) information and TDS amount, as stated in the periodic TDS statement submitted by the DDO, will undergo a comparison with the details recorded in Form No.24G filed by the PAO.
If any inaccuracies in the information provided by the DDO result in a discrepancy during the validation process, the payment details for the relevant deductee will not be reflected in Form 26AS. Consequently, the relevant PAO’s BIN will need to be correctly mentioned along with the corresponding amount in the TDS statement submitted by the DDO.
Verification Of BIN
Verification of the Book Identification Number (BIN) involves a systematic process that taxpayers must follow to ensure accurate information. Here are the detailed steps for submitting an online request for BIN details verification:
BIN View: Visit The TIN Portal
Step 1: Navigate to the official website of the TIN portal to access or download the Book Identification Number (BIN) Details.
Step 2: Proceed through subsequent pages where the BIN will be confirmed after clicking on the BIN verification link on the website.
Complete The Appropriate Information
To complete the BIN verification process, taxpayers need to follow these steps. While comprehending the entire process can be tedious, adhering to the mandates is crucial.
Step 3: Enter the following information:
– Nature of Payment
– TAN Number
– Treasury Number/AIN
– The time frame the user wants to view their BIN (Date)
– Image with text captcha
Step 4: The “Nature of Payment” area offers various possibilities. Here, users must choose a form from the dropdown menu suitable for viewing or verifying their BIN information. Note: Use the “All Form Kinds” option if users want to see the BIN-Verification data for all form types at once.
Step 5: Select the “View BIN information” icon.
Checking The Amount
Note – Verifying the amount of tax paid to the government is not required.
Step 6: After the previous step, users are transferred to the following BIN verification screen. Complete the following information in this field:
– BIN Number (enter the amount in the appropriate place corresponding to that Receipt Number & DDO serial number)
– Verify the boxes
Step 7: Select the “Verify Amount” icon.
Step 8: Users can check the screen to see the status of their BIN verification.
Status of BIN Verification
Notifications and the BIN view status will be presented as follows:
- – If the message “Amount Matched” appears, it signifies genuine Book Identification Number (BIN) information.
- – If the BIN Verification/BIN View status indicates that the “Amount Not Matched,” the Book Identification Number (BIN) detail is incorrect.
Essential Details of the Book Identification Number(BIN) Include:
When dealing with the Book Identification Number (BIN), here are crucial details to be mindful of for a seamless experience:
– Choose the time frame (Month and year) for which Form 24G statements have been filed to view/download BIN data.
– Mention the Deductor’s (DDO) TAN and the specific time frame (Month and year) for which Form 24G statements have been filed to view/download the BIN for a confident TAN. Only those DDO entries with a valid TAN will have a BIN generated.
– Users are allowed to request a BIN (view/download) once every 12 months.
– It is optional to verify the amount of tax paid to the government. The Assessing Officer (AO) must check the box and enter the tax amount to certify the amount of tax remitted. The accepted amount will be displayed if the details correspond to the amount on file at the TIN central system. Otherwise, a “Mismatch in Amount” will be indicated.
– A caret (^) separated text file will be made available for download, providing users with a convenient and accessible format for obtaining the necessary information.
Conclusion
Navigating the complexities of Book Identification Numbers is essential for businesses to ensure compliance with government regulations. Vakilsearch’s expert services offer invaluable assistance in understanding and adhering to the stringent mandates set by the Indian Government.
It’s crucial to follow the prescribed procedures diligently to avoid any consequences. For assistance, reach out to the experts at Vakilsearch for comprehensive support in handling these intricacies seamlessly.
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