TDS is playing very important role for the small business. after apply for the TAN you have to required to charge the taxes but there is problem,entrepreneurs are confused about to making Online Tds payment in india. So in today’s article will discuss how you can make online Tds payment in India. In this article inform you about how and where you can make payment of Tds.
How To Do Online TDS Payment In India?
TDS stands for Tax Deducted at Source. In India, Tds is used as a method for collecting income tax by Government according to the Income Tax Act, 1961.TDS comes under the domain of Central Board of Direct Taxes (CBDT), which is a part of the Indian Revenue Services (IRS).Tds is a type of income tax where the person who is responsible for making payments such as salary, commission, professional fees, interest, rent, etc. is liable to deduct a percentage of tax before making full payment to the receiver of the payment. Tds is calculated on the basis of the rates present in the current year Income tax Slab.The TDS on income/salary is calculated on an annual basis.
In India Income generated from the following sources comes under TDS Deduction :
- Salary and all other positive incomes under any head of income are subject to payment of TDS.
- TDS is Deductible on Interest on securities
- TDS is Deductible on Interest other than interest on securities
- Payments to contractors and sub-contractors
- Winnings from Lottery or crossword puzzles
- Winnings from horse races
- Insurance Commission
- TDS Payment is Required for Any interest other than interest on securities payable to non-residents not being a company or to a foreign company.
- Payment to non-resident sportsman including athlete or sports association/institution.In case of a non-resident sportsman, payments in respect of advertisements as well as articles on any game/sports in India in newspapers, magazines, etc. is included
- Payment in respect of deposits under NSS(National Savings Scheme)
- Payment on account of repurchase of Units by Mutual Fund or UTI
- Payment for Commission or brokerage
- Payment of rent
- Payment of fees for professional or technical services
- Commission to Stockist, distributors, buyers, and sellers of Lottery tickets including remuneration or prize on such tickets.
- Income from Units purchased in foreign currency or long-term capital gain arising from the transfer of such Units purchased in foreign currency.
- Payment of any income to non-residents in respect of interest or dividend on bonds and shares etc
Process Of MAking Online TDS Payment In India
To make online payment of Tds in India, you need to head over to the website: https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp, After visiting the following link follow these steps given below:
On the first screen that will appear you will have to select the relevant income tax challan no i.e.Income Tax Challan No ITNS 280, Income Tax Challan No ITNS 281, Income Tax Challan No ITNS 282 and Income Tax Challan No ITNS 283 etc.
After Selecting challan, Enter its PAN / TAN as applicable. There will be an online verification of the validity of the PAN / TAN entered.
After this process If PAN/ TAN entered by the taxpayer is valid he/she will be allowed to fill up other challan details like accounting head under which payment is made, name and address of TAN/Pan and also a selection of the bank through which payment will be made, etc.
On submission of data entered a confirmation screen will be displayed.Then the taxpayer has to confirm details of challan and after that, it will be directed to the net-banking site of the bank where payment will be done.
The taxpayer then will log in to the net-banking portal with the user id/ password provided by the bank and enter payment details at the bank site to complete the payment process.
On successful payment, a challan counterfoil will appear on the screen which will include CIN(Corporate Identity Number), payment details and name of the bank through which payment has been made. This counterfoil serves as a proof of payment being made.
Following is the List of Banks for Online Tax Collection
- 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 Limited
- Indian Bank
- Indian Overseas Bank
- Jammu and Kashmir Bank
- Oriental Bank of Commerce
- Punjab National Bank
- State Bank of Bikaner & Jaipur
- State Bank of Hyderabad
- State Bank of India
- State Bank of Indore
- State Bank of Mysore
- State Bank of Patiala
- State Bank of Travancore
- Syndicate Bank
- UCO BANK
- Union Bank of India
- United Bank of India
- Vijaya Bank
Need Further Assistance!
Filing online TDS Payment in India can be tricky matter and you might find it very confusing. It is highly recommended to seek a Help of professional in this matter. For any query or Assistance Do visit myonlineca-India’s top-class legal service provider company, trusted by more than 5000+ happy clients & 150+ social reviews.