Getting paid as a combust deduct TDS (tax deducted at source) before making contractor payments, salary payouts, and professional payments. Department mandates TDS to be collected at specified rates every.
Make your TDS payments on time by knowing everything you need to know about the TDS rates, due dates, and late fees.
How do you define TDS
The Income Tax Department collects taxes directly through TDS (tax deducted at source). In order to make full payments to contractors, professionals, or employees, businesses and individuals must deduct a certain percentage as TDS.
The following example illustrates how to understand a TDS
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An example of how to understand a tax deduction (Meenakshi) makes a rent payment of Rs 200,000/- to a builder.
Now, Meenakshi Pvt. Ltd. is required to deduct & deposit TDS of Rs 20,000- (10%) to the government and make a net payment of Rs 1,80,000/- to the builder.
What is the process of depositing TDS?
The Central Income Tax Department requires that each individual or business deposit TDS through TDS Challan 281.
Online (e-TDS) and offline (cash) are the two ways TDS can be deposited.
Offline TDS payment
Tax deductors can deposit TDS by visiting an authorised bank branch and submitting successfully, the bank will issue a stamped receipt or counterfoil as proof of TDS payment.
Tax deductors can deposit TDS by visiting an authorised bank branch and submitting government portal by fo
Step 1: Visit the NSDL website
Step 2: Click on ‘Services’ and select online payments under ‘e-payment: Pay Taxes Online’.
Step 3: Choose the relevant challan, i.e. ITNS 281
Step 4: Complete all the details on the challan:
- The company deduction selection should be 0020, and for non-company deductions, it should be 0021
- Taxpayers are given the option of paying TDS themselves or based on an assessment from the income tax department the former, select “TDS/TCS payable by the taxpayer.” Otherwise, select “TDS/TCS Regular assessment”
- You can choose whether the taxpayer is responsible for making the TDS payment on his own or if the assessment comes
- Choose whether the TDS is to be paid by the taxpayer himself or by
- Decide whether the TDS payment is to be made by the taxpayer or according toAnd enter the captcha code and click ‘Next’
- You can choose whether the taxpayer is responsible for making the TDS payment on his own or if the assessment comes
Step5: Taxpayers may either make the TDS payment themselves or based on an assessment byTDS payment online by logging into your net banking
Step 6: The deductor receives the Challan Identification Number (CIN) upon successful payment, which should be downloaded and stored manually in order to prove payment of TDS.
Online TDS payments with RazorpayX
Business of all sizes spend hundreds of hours per year making TDS payments using the traditional processes mentioned above, both online and offline.
Get RazorpayX and automate your TDS payments
- Ensure that the tax payment details are added to your CA’s account and the funds are approved seamlessly
- By using prefilled tax forms, you can save time and effort
- The dashboard provides access to all challans, the post-payment process, and the storage of all challans
- With customized user experience, you can get quick processing.
What are the due dates for making TDS payments?
If you don’t want to sign up for RazorpayX, you can still experience the ease of paying TDS without doing so.uent month to avoid a
If you don’t want to sign up for RazorpayX, you can still experience the ease of paying TDS without doing so.
It’s easy to pay TDS with RazorpayX even if you’re not a member. to accommodate the closing of the financial year.
| Month | TDS payment date |
| April | 7th May |
| May | 7th June |
| June | 7th July |
| July | 7th August |
| August | 7th September |
| September | 7th October |
| October | 7th November |
| November | 7th December |
| December | 7th January |
| January | 7th February |
| February | 7th March |
| March | 30th April |
If you don’t want to sign up for RazorpayX, you can still experience the ease of paying TDS without doing so. multiple payment options including credit card & UPI.
What are the penalties for late and non-deduction of TDS payments
For non-deduction of TDS
If you don’t want to sign up for RazorpayX, you can still experience the ease of paying TDS without doing so. for non-deduction of TDS from the date TDS was supposed to be deducted to the actual d
For non-payment of TDS after the deduction
If you don’t want to sign up for RazorpayX, you can still experience the ease of paying TDS without doing so.eduction to the pay
TDS Rate Chart
What is a TDS Return?
You can still pay TDS without signing up for RazorpayX if you don’t want to.quarter.the deductors (businesses or individuals) to file the TDS return with the income tax department, quarterly.
If you don’t want to sign up for RazorpayX, you can still experience the ease of paying TDS without doing so.
| Quarter | Due date |
| April-June | 31st July |
| July-September | 31st October |
| October-December | 31st January |
| January- March | 31st May |
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