Tax deducted at the source or TDS is a form of income tax collected by the government on making clearly stated payments such as salary, commission, and rent. TDS is a form of direct income tax and is a fixed value predefined by the government of India on certain threshold payments.
The deductor is responsible for making the payment and submitting TDS before transferring the amount to the deductee. Penalties can be avoided by making payments on time. It is submitted offline and online. Comparing both options, TDS payments online are far easier to make than offline. You can make a payment just by following a few steps.
Procedure for Making TDS Payment online
You can make TDS online payments by visiting the National Security Depository Limited(NSDL) website or simply typing “TDS payment “on google, which will directly bring you to ‘e-payment for TIN’ ranking first on google search results. Start your procedure by clicking it.
- You will notice the first column for TDS/TCS challan no./ ITNS 281. Under it, there is the proceed button; select it.
- It will generate the page where you have to submit all the required detail:
- The first row is for Tax applicable; if you are an individual taxpayer, select option non-company deductee. For the company, select the option with the name company deductee.
- Moving to the next row, you have to fill in the ‘type of tax’ and the nature of the payment.
- Choose the mode of payment that suits you, net banking or card.
- Enter the Tax deduction account number, Which is necessary for making TDS payments. Also, fill in the assessment year.
- Now only filling in the details like address, email, mobile number, and Pin code is required.
- Fill in the captcha code and proceed.
- Once you submit all the details regarding TDS online payment, your full name will display on the screen as a taxpayer. Further, confirm the details for the final submission.
- At last, you must make payment, and a counterfoil of challan will be generated. It is proof of your TDS payment online.
Due Date for TDS Online Payment
The government has provided taxpayers sufficient time to pay their TDS before the due date for payment. The date for Depositing TDS for FY 2022 is shown in the table.
|TDS Deduction date||The due date for the TDS payment|
|January 2022||7 Feb 2022|
|February 2022||7 March 2022|
|March 2022||30 April 2022|
|April 2022||7 May 2022|
|May 2022||7 June 2022|
|June 2022||7 July 2022|
|July 2022||7 August 2022|
|August 2022||7 September 2002|
|September 2022||7 October 2022|
|October 2022||7 November 2022|
|November 2022||8 December 2022|
|December 2022||7 January 2022|
For quarterly TDS payments, the due dates are:
|Quarter ending date||Due date of TDS payment|
|30th of June||7 July|
|30th of September||7 October|
|31st of December||7 January|
|31st of March||30 April|
Applicability of TDS Payment
TDS is applicable in various cases such as security, dividend, withdrawal of EPF, payment to the contractor, winning a lottery, transfer of immovable property, royalty, etc. The income tax department has specified different interest types on different income inception. For example, under section 194-I, the TDS for rent earned from a building is 10%.
TDS get deducted only when total income is above the total taxable limit. The union budget for this year, 2022, introduced a new TDS payment where tax is deducted at source at the rate of 10% by any individual providing any benefit or requisite in monetary exceeding INR 20,000.
How to check the status of online TDS Payments?
There are three methods for checking your status for TDS online payment
- First: The TDS payment status through Pan.
- Second: Checking TDS payment status through 26AS
- Third: TDS return status through Net banking.
To check TDS payment status through PAN:
- Visit the website of the TDS centralised processing cell
- You will ask to enter the verification code shown on the screen; after entering the code, click on proceed.
- Now you will need to enter your PAN and TAN credential.
- Choose the financial year, type of return, and a quarter of TDS.
- Then click on ‘go.’
- All the details will be displayed on the screen.
TDS payment status Via 26AS:
- Visit Income Tax Portal.
- Navigate to the My Account menu and select view form ’26AS’.
- you will see a disclaimer. Click on confirm to move to the TDS-CPC portal
- Here, agree to the acceptance of usage and click on proceed.
- Select View Tax Credit (Form 26AS)
- Choose the assessment year and view type.
- Then you are ready to download your TDS payment status.
Check the TDS statement through Net banking:
Although net banking is the easiest way of checking TDS payment status, one can only do so if your bank account is linked with your PAN. The person whose account is linked with Pan can check his status by obtaining a Bank statement.
Advantages of Online TDS Payment
- The main advantage is that you can pay for your TDS anytime and anywhere because TDS online facility is available 24*7*36.
- You are not required to submit physical documents or challan.
- Online payment brings transparency to the system by removing any space for malpractice like corruption.
- Immediately generate an acknowledgment slip of your payment.
- There is a facility to download the challan for future use.
The procedure to make TDS payments physically can prove quite draining and time-consuming for some of us, But thanks to digitalization, now we can make TDS payments online from our homes or offices. This process may be new to some of you, but if you learn the ropes of online payment, it will become the easiest method.
1. Is the TDS certificate mandatory?
Anyone who is deducting tax at the source is required to provide a TDS certificate for a specified amount.
2. What is the procedure for acquiring a TDS account number?
The income tax department is responsible for providing a TDS account number for every person who deducts TDS. It is essential to acquire TDS payment.
3. How do you make a challan with Nil TDS?
In the amount column, enter zero and leave the cheque/DD field blank.