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GLOSSARY / Challans

Challans

Read Time: 1 Mins

    A Challan or bank challan is an official document, form, or piece of paper which acts as a way of crediting the money from one account to another through a form. It is similar to the deposit slip by which one can deposit money in someone’s account by cash or online transfer but in the deposit slip, one needs to add the details of the recipient whereas in bank challan it is already pre-filled. The bank challan is generated by the merchant which already has recipient and amount details.

    E-challan can also be used for the same purpose it is an electronic format of challan. An e-challan can also be defined as a specific format used for depositing or remitting the contribution or statutory payment at a bank or treasury.

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