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:
- 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
Following are the due dates for two types of categories:
- Government Assessee
- Other Assessee
For Government Assessee
Those who are connected with the government will be required to remit their payments within the dates specified below:
- Tax remittance without challan—the day of deduction
- Tax remittance with challan— 7th of the succeeding month
- 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:
- 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 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:
Go to the online website of TIN NSDL.
Click on “Services”. Then select “e-payment-pay tax online” option from the drop-down menu.
Now, select the first the challan number (ITNS 281) for the payment of TDS.
Enter the valid TAN number.
Provide all the details pertaining to accounting head under which the payment is to be made, name and address of TAN, etc.
Enter the Captcha code and click on proceed, after which the confirmation will be displayed on the screen.
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.
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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