It is the accountability of the deductor of tax at the source to transfer the essential TDS payments. In this article, we will consult the concept of TDS payment.
The list of authorized banks for TDS payment is as follows:
- Allahabad Bank
- Andhra Bank
- Axis Bank
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Corporation Bank
- Dena Bank
- HDFC Bank
- ICICI Bank
- IDBI Bank
- Indian Bank
- Indian Overseas Bank
- Jammu & Kashmir Bank
- Oriental Bank of Commerce
- Punjab and Sind Bank
- Punjab National Bank
- State Bank of India
- Syndicate Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- Vijaya Bank
Due Date for TDS payment
Given below are the due dates for two types of classifications:
- Government Assessee
- Other Assessee
For Government Assessee
Those who are linked with the government will be needed to transfer their payments within the dates mentioned below:
- Tax remittance with challan— 7th of the succeeding month
- Tax transfer without challan—the day of deduction
- Perquisites tax transferred by the employer— 7th of the succeeding month
For other Assessee
Those who are not linked with the Government, the due dates for the payment are given below:
- Deductible tax in March—30th April of the succeeding year
- Deductible tax in other months and deposits of tax by the employer—7th of the succeeding month
The Option of Quarterly Payment
With the concession of the Joint Commissioner, the Assessing Officer can allow the taxpayer to make quarterly payments. In this situation, the due date of payment will be as mentioned below:
- Quarterly TDS which completes on the 31st of March – 30th April
- Quarterly TDS which completes on the 30th of June – 7th July
- Quarterly TDS which completes on the 30th of September – 7th October
- Quarterly TDS which completes on the 31st of December – 7th January
Procedure for E-Payment of TDS
Given below are the steps through which a deductor of TDS can transfer the TDS payments:
Go to the online website of TIN NSDL.
Click on “Services”. Then choose the “e-payment-pay tax online” option from the drop-down menu.
Now, choose the first the challan number (ITNS 281) for the payment of TDS.
Fill the valid TAN number.
Give all the information related to the accounting head under which the payment is to be calculated, name & address of TAN, etc..
Enter the Captcha code and click on proceed, then the confirmation will be displayed on the screen.
Now, all you require to confirm the details involved in the challan, then you will be redirected to the net banking page of the particular bank.
finally, after the successful transfer of the payment, a challan counterfoil would be displayed. It is documentary evidence of the transfer of payment.
What are the Consequences of Delayed TDS Payment?
In a case when the taxpayer fails to transfer the TDS payment till the last due date then, he/she will be appointed with an interest at the rate of 1.5% for every month. The interest rate will be computed which is based on the date of deduction of tax and not from the mentioned date of payment.
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