Did you find this article helpful? Rate it. Submit Feedback Challan No. TDS or Tax Deducted at Source is a mechanism introduced by the Government in which the person deductor before making the payment of specified nature such as salary, rent, etc.
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Last Updated at: February 07, What are the three types of challans? How to pay TDS online with e-payment tax What is the process for offline challan submission?
The practice of collecting tax from people has long been in existence. The tax collected by the government is used for the development of the nation. The earlier process of tax collection was manual and consumed a lot of time. However, the process changed with time, and we now have an online process for TDS collection, which is faster and efficient.
It can be in the form of advance tax, regular assessment, tax on the distributed product, or income. One can pay this tax online or through a demand draft or cheque. Challan No. ITNS Challan It is applicable in case of payment of wealth tax, gift tax, estate duty, and other direct taxes. TDS was introduced by the Government in which the person who is making the payment of a certain nature to the payee will deduct tax at a certain percentage.
This amount is deposited to the Income Tax Department. TCS or Tax Collected at Source is the tax collected by the seller from the buyer during the purchase of goods. In the case of a company, the option has to be ticked. You must know here that separate challans need to be used for different types of deductees. Assessment year — It is the year in which the tax is paid.
It is the year next to the financial year. Once you have logged in, you will see the SERVICE tab, go here followed by selecting the method of payment, since you will be making the payment online, you must select e-payment. Step-2 Now you need to choose the relevant challan,. Step-3 Now you would be required to enter the PAN and TAN number and other compulsory challan details like address of the taxpayer, bank from which the payment will be made, etc.
Step-4 Once you have filled all the information, a confirmation screen will pop up. Step-5 After confirming, you will be directed to the net-banking site of the bank. Here you will have to continue with making the payment. Step-6 Finally, after the successful payment of ITNS Challan, a challan counterfoil having CIN will be displayed on the screen along with payment details, bank name, etc. This is proof that you have successfully made the payment.
However, keep a screenshot of the same with you. Process for Offline Challan Submission Well, if you are not well-versed with the online method of challan submission, you can do so offline. All you need to do is download the excel format of the TDS challan and fill the necessary details. Take a printout of this challan and submit it to the bank along with the amount. After payment, the bank will give you a receipt, which is proof of making the payment.
With this simple method, you can easily make the submission of challan and payment. Moreover, make sure that you keep a copy of the receipt with you as proof and for future reference. You also get the facility to check the TDS Payment challan status.
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