A specified form that gets used when you file for TDS and TCS (tax collected at the source) to the government. These TDS challans came into practice in 2004 to avoid human errors and bring on the digital transactions possible for tax deposit, collection, and TDS refund as well. Using a TDS Challan, a taxpayer can make aforementioned payments like salary, rent, commission, interest, etc., accountable for deduction of a specified amount before paying the payee. It is part of the Documents for TDS Returns that every taxpayer has to submit before availing of the returns. You can pay tds challan payment online through e-Payment of Taxes.
Types of TDS Challans
- Depositing income tax- TDS challan 280.
- TDS &TCS- TDS 281 challan.
- Depositing gift tax, wealth tax, security tax, etc.- TDS challan 282.
Our advisory extends to strategic planning and accounting services, enabling you to fill up the several types of TDS challans in matters relating to filing tax returns. Our professionals are aware of the tax laws they have to operate so that the taxpayers can save their invaluable time and money in their ventures and not worry about those taxing concerns anymore. We work out tax plans, especially for our clients, so that your investments, income earned, and risks taken don’t go waste. We work on the new rules and ensure your tax filing and TDS returns get collected. Our job is to improve your business so that it runs smoothly.
Online compliance of TDS Challan 281
There are specified timelines when the taxpayers have to deposit TDS challan 281
- Payments (excluding property purchase)- TDS challan on the 7th of every subsequent month
- Property purchase-TDS challan on 30th of every subsequent month
Issuing of TDS challan 281is on March-April 30th. Suppose the taxpayer delays in payment, 1.5% get charged every month.
Types of single copy challans introduced to east the process
- Single copy TDS challan no. ITNS 280 – income tax, wealth tax, corporation tax.
- Single copy TDS challan no. ITNS 281 – deposition of TDS from corporates and non-corporates.
- Single copy TDS challan no. ITNS 282 – includes payment for estate duty, expenditure tax, gift tax, and similar miscellaneous taxes.
- Single copy TDS Challan no. ITNS 283 – payments for Fringe Benefits tax and Banking Cash Transaction Tax.
- Single copy TDS Challan no. ITNS 286 – payments under declaration of income.
- Single copy TDS Challan no. ITNS 287 – includes payments under (PMGKY) Pradhan Mantri Garib Kalyan Yojana.
- After depositing their TDS challan, every individual gets a duly stamped Challan Identification Number (CIN) as an acknowledgment.
As tax experts, we look into various financial issues and know how to solve issues that need meticulous planning minutely. We work on details for a strategic plan for TDS returns filing. Knowing how to capitalize on your strength and work on easy and quick filing to get the refunds when you need them. We care to see the important deductions you can avail of and use the business’s applicable provisions. Our expertise includes financial statuses, profitability, and taxes of the businesses or services. We even provide professional services that include taxing and accounting, which include various business and service-based industries, Best TDS Return filing Services at Lex N Tax Associates.