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Tax Deducted at Source (TDS)

Meaning of TDS :Tax Deducted at Source (TDS) is a means of collecting of income tax under the Indian Income Tax Act of 1961. Any payment covered under these provisions shall be paid after deducting prescribed percentage fixation by the Income Tax department. So TDS returns must be filled by deductor against deductee which states that TDS deducted & paid to government during the Quarter to which it relates.

Deductor & deductee are two parts of TDS, TDS deduction amount deducted by deductor from deductee and finally deposited in government against Challan no 281. After the quarter ending or year ending TDS certificate which also known as form 16/ 16A must be given by deductor to the deductee.

There must be valid PAN (Permanent Account Number) & TAN (Tax Deduction account Number) order to payment of TDS amount, TDS return and also Income-Tax return. Pan can be applied in the Form no. 49A, on which TAN can be applied in the Form no. 49B against requisite documents. Every business concern must have their valid PAN & also TAN.

Following types of challan should be used under TDS system by deductor. Online e-payment system make very easy for TDS payment.

E-Payment facilitates payment of direct taxes online by taxpayers. To avail of this facility the taxpayer is required to have a net-banking account with any of the Authorized Banks. TDS site can be linked as

https://www.tdscpc.gov.in

DUE DATE OF TDS PAYMENT FOR GOVT ASSESSEE:

SL NO. PARTICULARS DUE DATE
1. TAX DEPOSITED WITH OUT CHALLAN. SAME DAY.
2. TAX DEPOSITED WITH CHALLAN & TAX ON PERQUSITES. NEXT MONTH DATE 7TH

DUE DATE OF TDS PAYMENT FOR NON-GOVT/ PRIVATE ASSESSEE:

SL NO. PARTICULARS DUE DATE
1. TAX DEDUCTED IN EVERY MONTH UP TO FEB. NEXT MONTH 7TH
2. TAX DEDUCTED IN MARCH. 30TH APRIL NEXT MONTH
In some cases TDS can be deposited in quarterly

DUE DATE OF TDS PAYMENT FOR QUARTERLY BASIS.

SL NO. PARTICULARS DUE DATE
1. APRIL- JUNE JULY 7TH
2. JULY-SEPT. OCT.7TH
3. OCT.-DEC. JAN.7TH
4. JAN.-MAR. APRIL 30TH
(Always challan no.281 is used for payment of TDS which has presented in above.)
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TDS payment Challan.

Challan applicable for TDS payment.

SL NO. PARTICULARS FORM / CHALLAN NO
1. TDS ON RENT OF PROPERTY. 26QC
2. DEMAND PAYMENT FOR TDS ON RENT OF PROPERTY. DEMAND PAYMENT FORM 26QC
3. TAXATION & INVESTMENT REGIME FOR PRADHAN MANTRI GARIB KALYAN YOJANA ,2016 (PMGKY) 287
4. PAYMENT INCOME DECLARATION SCHEME , 2016 286
5. PAYMENT OF EQUALIZATION LEVY 285
6. PAYMENT OFTDS ON SALE OF PROPERTY 26QB
7. DEMAND PAYMENT FOR TDS ON RENT OF PROPERTY. DEMAND PAYMENT FORM 26QB
8. TAX DEDUCTED AT SOURCE / TAX COLLECTED DAT SOURCES FROM CORPORATES / NON CORPORATES. 281

Challan applicable NON TDS/TCS OR Income Tax.

SL NO. PARTICULARS FORM / CHALLAN NO
1. PAYEMENT OF INCOME TAX , CORPORATION TAX, SELF ASSESSMENT TAX. 280
2. PAYEMENT OF SECURITIES TRANSACTION TAX, HOTEL RECEIPTS TAX, ESTATE DUTY, INTREST & WEALTH TAX, EXPENDITURE TAX/ OTHER TAX , GIFT TAX 282
3. PAYMENTS OF BANKING CASH TRANSACTION TAX AND FRINGE BENIFITS TAX 283

Procedure of TDS/TCS payment in challan no. 281:

  • i) Tan number must be entered properly otherwise it cannot proceed.

  • ii) Submission all the data in respective field.

  • iii) After submitting all data, submit button entered which transfer towards tax-payer respective bank .

  • iv) Tax payer must have valid designated bank which can use net banking facility in order to payment TDS challan amount.

  • v) After successful payment, a counterfoil of the challan can be generate which known as Challan Identification Number(CIN).

  • vi) In CIN all the information i e BSR code ,challan date, challan. sl no. Must be present which can be used at the time of TDS return.

  • vii) CIN can be verify in NSDL-TIN site , if any problem arise , then contact TIN call center at 020-27218080 or mail at e-tax@nsdl.co.in.

  • viii) After depositing TDS/TCS, deductor must be filled TDS/TCS return, accordingly provide Form 16/16A & Form 27D to the deductee holder.

  • (Form 16 meant for salary deduction, other than deduction can get Form 16A, Form 27D meant for TCS)
    Interest on late payment of TDS: Interest paid @ 1.5% for every month , if any delay by the employer or Tax deductor, which will be calculated from due date of payment against actual payment date.

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