Ever since the tax filing process has been digitised, it has made it easier for taxpayers and income tax officials. But generally, the TDS is deducted at the source at the proper rate and deposited with the government. The collection of online TDS payments can be done since it is a stable revenue source, paired with simple tax return filing and collecting the taxes in time. Making TDS payment online is compulsory for all corporate individuals and those to whom the Income Tax Act 1961 is pertinent. Moreover, the process of TDS payment has become much simpler and easier.
Steps to make TDS Payment Online
Step 1: First, you need to log in to the portal of TIN NSDL.
Step 2: In the provided options, you would have to select the appropriate challan, the ITNS 281.
Step 3: In the manner provided below, you would have to fill in your challan details –
- Type of payment:
- If the TCS/TDS were paid by the taxpayer alone, they would have to select “(200) TCS/TDS Payable by Taxpayer.”
- As per the demand by the income tax department, the taxpayer will make a TDS payment through the regular assessment. They must select “(400) TCS/TDS Regular Assessment.”
- For the deductee:
- If the deductee is an individual other than a company, then “(0021) Non-Company Deductees” has to be selected.
- If the deductee is a company, then “(0020) Company Deductee” has to be selected.
- Payment mode: If you are a taxpayer, you can either select your Debit Card or Net Banking.
- Enter the details of the TAN.
- Now, you can put the relevant assessment year, which will be the year after the fiscal year.
- You must carefully fill in personal details such as email address, mobile number, and address. After this, the deductee should enter the captcha code and click the button to proceed.
Step 4: After carefully checking everything, you need to confirm the challan details of the online TDS payment that had been put in previously.
Step 5: Once the portal redirects you to your bank’s net banking page, you can make the online TDS payment. But first, you would need to enter your user ID and password on the net banking page to make the payment. Once the payment is made, the dashboard displays a counterfoil of challan which carries your Challan Identification Number (CIN). This challan counterfoil would also consist of the payment details, the bank name, the Bank Branch Code, the tender date, etc.
In this step, you need to know that the bank branch collecting the payment will transfer the details to the Tax Information Network (TIN) through Online Tax Accounting System (OLTAS). The income tax department launched this initiative to target records and tax payment information paid through the banks.
Step 6:
You can verify the challan on the website of NSDL TIN after seven days of the payment being made. You can track your challan in two ways: a TAN-based view and a CIN-based view. Depending on the method applied, the information you receive will be different.
About CERSAI
As per the directive stated by the government, all financiers (financial institutions, banking firms, etc.) are required to register all information with CERSAI relevant to the produced concrete guarantees. The registration will be completed after the security interest’s realisation within 30 days.
In 2016, the government expanded CERSAI’s scope. The CERSAI is now obligated by this amendment to begin registering security interests on physical and intangible assets such as book debt, mortgagee, and accounts receivable. The CERSAI is required to register all mortgage products utilised in India.
Conclusion
The purpose of providing the facility for online TDS payments is to ascertain that taxpayers can make TDS payments from anywhere at any time. This method makes the administration process of TDS both transparent and simple. The high digitisation has contributed towards having an accurate, stable and secured TDS system. However, with the rapid technological enhancements, it also provides a likelihood of becoming better in the future.
