Tax Deducted at Source (TDS) is a way by which the Government of India collects income tax. Income tax collection by TDS ensures the Government receives income tax at the time of a transaction which minimizes the tax default risk and ensures timely collection of tax. It is a system where income tax is deducted when making some payments for rent, interest, commission etc.
The person who makes the payment is responsible for deducting the TDS and then paying the remaining balance to the person who is to receive such a payment.
The deducted amount must be deposited to the government within the due dates.
Steps to make online TDS payment:
- Go to the TIN NSDL TDS payment website, https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
- Choose the TDS challan payment number (ITNS 281) for the online payment of TDS.
- Now enter your valid TAN number.
- Enter the TDS payment details like name, the address of TAN, etc.
- After you submit the data, you will be able to see a confirmation message on the screen.
- After this, you will have to confirm the details of the challan on the confirmation page. After you confirm, you will be redirected to the net banking page.
- At this stage, you will have to make a payment. After you make the payment, a challan counterfoil would be displayed, which is proof of the payment.
If you are looking for a loan for your shop or office, visit Gromor. Gromor provides unsecured business loans for small businesses at attractive interest rates for up to 10 lakhs.