It is the responsibility of the deductor of tax at source to remit the necessary TDS payments. In this article, we will discuss the concept of TDS payment.

Here is the list of the authorized banks for TDS payment:  

  1. Allahabad Bank
  2. Andhra Bank
  3. Axis Bank
  4. Bank of Baroda
  5. Bank of India
  6. Bank of Maharashtra
  7. Canara Bank
  8. Central Bank of India
  9. Corporation Bank
  10. Dena Bank
  11. HDFC Bank
  12. ICICI Bank
  13. IDBI Bank
  14. Indian Bank
  15. Indian Overseas Bank
  16. Jammu & Kashmir Bank
  17. Oriental Bank of Commerce
  18. Punjab and Sind Bank
  19. Punjab National Bank
  20. State Bank of India
  21. Syndicate Bank
  22. UCO Bank
  23. Union Bank of India
  24. United Bank of India
  25. Vijaya Bank

Due Date for TDS payment

Following are the due dates for two types of categories:

  1. Government Assessee
  2. Other Assessee
  • For Government Assessee

Those who are connected with the government will be required to remit their payments within the dates specified below:

  1. Tax remittance without challan—the day of deduction
  2. Tax remittance with challan— 7th of the succeeding month
  3. Perquisites tax remitted by the employer— 7th of the succeeding month
  • For other Assessee

Those who are not part of the Government, the due dates for the remittance are given below:

  1. Deductible tax in March—30th April of the succeeding year
  2. Deductible tax in other months and deposits of tax by the employer—7th of the succeeding month

The Option of Quarterly Payment

With the consent of the Joint Commissioner, the Assessing Officer can permit the taxpayer to make quarterly payments. In this case, the due date of payment will be as specified below:

  • Quarterly TDS which concludes on the 30th of June – 7th July
  • Quarterly TDS which concludes on the 30th of September – 7th October
  • Quarterly TDS which concludes on the 31st of December – 7th January
  • Quarterly TDS which concludes on the 31st  of March – 30th April

Procedure for E-Payment of TDS

Following are the steps through which a deductor of TDS can remit the TDS payments:

Step 1.

Go to the online website of TIN NSDL.

TDS payment

Step 2.

Click on “Services”. Then select “e-payment-pay tax online” option from the drop-down menu.

TDS payment

Step 3.

Now, select the first the challan number (ITNS 281) for the payment of TDS.

TDS payment

Step 3.

Enter the valid TAN number.

TDS payment

Step 4.

Provide all the details pertaining to accounting head under which the payment is to be made, name and address of TAN, etc.

TDS payment

Step 5.

Enter the Captcha code and click on proceed, after which the confirmation will be displayed on the screen.

Step 6.

Now, all you need to confirm the details included in the challan, after which you will be redirected to the net banking page of the particular bank.

Step 7.

At the last, after the successful remittance of the payment, a challan counterfoil would be displayed. It is documentary evidence of the remittance of payment.

What are the Consequences of Delayed TDS Payment?

In a situation when the taxpayer fails to remit the TDS payment till the last due date then, he/she will be imposed with an interest at the rate of 1.5% for every month. The interest rate will be calculated which is based on the date of deduction of tax and not from the specified date of payment.

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