Under the TDS (Tax Deduction at Source) system, a portion of the tax is deducted directly from the payment’s source.
When making payments such as rent, interest, and commission, the person making the payment must deduct TDS and then pay the remaining amount to the recipient. The deducted TDS must be remitted to the government before the indicated due date.
The TDS rate chart allows you to access the full list of payments that require TDS deductions and the corresponding TDS percentage rate.
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Here are the steps to follow when making a TDS payment online
Visit NSDL’s website to pay taxes electronically.
To access the e-payment page, select ‘CHALLAN NO./ITNS 281’ in the TDS/TCS section.
Please enter your required information on the following page.
- When it comes to ‘Tax Applicable,’ select ‘Company Deductees’ if you are deducting TDS while making payments to a company, otherwise, choose ‘Non-Company Deductees.’
- Insert the Tax Deduction Account Number (TAN) plus the Assessment Year (AY) to make the payment.
- Insert the ‘Pin Code’ and choose a ‘State’ from the drop-down list.
- Choose whether the payment is for TDS deducted and payable by you, or TDS on regular assessment.
- Choose your ‘Nature of Payment’ and ‘Mode of Payment’ from the drop-down menu and press ‘Submit’.
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Upon submission, a confirmation page will appear. The full name of the taxpayer in the database will be visible on the confirmation page if the TAN is correct.
After verifying the data you entered, you’ll be taken to your bank’s online banking website.
To make the payment, the taxpayer should access the net banking site and enter their user ID and password given by the bank.
Once you have completed the payment, you will receive a challan counterfoil with CIN, payment details, and the name of the bank. This is proof of payment. After payment has been made, your TDS must be returned.
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According to Section 203A of the Income Tax Act, 1961, it is required to include TAN (Tax Deduction and Collection Account Number) in all TDS returns, payment challans, and certificates. To apply for TAN, fill out Form 49B online.
Yes, the Income Tax department provides an online service to examine and produce information about challan status. Travelers can observe their challan deposits on the official portal of TIN-NSDL, and thus can ensure details with regard to their tax payments.
Challan State for TDS can be traced online through the perspectives of the TAN view and CIN view. In the mode of TAN view, the TAN number is identified as a number for tracking challan. When using CIN mode, the Challan Number takes its place as an identification number. The deductor can check out all relevant details.
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The Income Tax branch permits alterations and improvements to the challan. If the wrong TAN is incorrectly entered when making the TDS payment, the deductee will be unable to claim reimbursement.
Therefore, amendments can be made to challans produced through TRACES (TDS Reconciliation Analysis and Correction Enabling Systems).
Depending on which field requires alteration, either the assessing officer or Bank will approve it. Corrections of TAN/PAN are approved by the Assessing Officers.
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