TDS is the abbreviation for Tax Deducted at Source, managed by the Central Board of Indirect Taxes. TDS Challan is the key tax document required to deposit the TDS amount deducted with the Income Tax Department. Based on the type of TDS payment, you can use TDS Challan 280, TDS Challan 281 or 282 to pay your tax dues online and offline. Let’s check what is TDS challan, different types of TDS challan and how to check TDS challan status.
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a) TDS Challan is a form used for depositing Tax Deducted Source (TDS) and Tax Collected at Source (TCS) to the Government.
b) TDS Challan was introduced in 2004 to minimize human error and facilitate online transaction of tax deposit, collection, and tds refund.
c) Under Challan for TDS, an individual or payer responsible for making specified payments like salary, interest, rent, commission, and similar others is accountable to deduct a stipulated percentage of amount before paying it to its payee or employee.
d) Every individual, who makes TDS payment challan 281, is also accountable for depositing TDS challan amount to the Income Tax Department.
The issued copy of Challan for TDS makes it easy for an individual taxpayer to track the status of their e-challan that is to be deposited in the banks. There are 3 different types of challan for TDS issued to a taxpayer.
TDS 281 Challan is issued when a taxpayer deposits TDS and TCS, for which they must comply with the timelines specified for depositing tax.
Due date for depositing TDS 281 Challan:
Three new single copy TDS challan was introduced in 2004 for easing the process are:
Also Read: TDS Rates
CIN Based TDS Challan Status Enquiry
When you open CIN based TDS Challan status enquiry page, you must enter details from the counterfoil returned upon payment towards Challan 281 online. CIN stamp contains details of BSR code for your collecting branch, challan 281 tender date, TDS challan serial number and the amount paid towards TDS challan.
You can view the following details:
TAN Based TDS Challan Status Enquiry
TDS Challan 281 Online Max Life Insurance When you open TAN based TDS Challan status enquiry page, you must fill the required details to know the details
Age – 40 years
Total income – Rs.5lakh
Net Taxable Income – Rs. 2.5 lakh (Tax exemption up to Rs. 2.5 lakh on total income)
You must pay 5% of Rs. 2.5 lakh under TDS Challan
Note – TDS is deducted every month from your salary. Your expected TDS liability for a year is divided by 12, which is collected each month.
Yes. You must submit your paid rent proof or evidence to claim HRA deductions for TDS challan.
As per the Income Tax Act 1961 of India, you can claim up to Rs 1.5 lakhs under Section 80C for challan for TDS.
You can only ask for TDS challan exemption if your total income falls below Rs 2.5 lakhs or is negligible. For this, you must submit declaration form 15H and 15G
For a salaried individual, you can ask your employer to provide you with TDS Challan certificate. In other scenarios, you can visit website of the Income Tax department. Click on ‘View Your Tax Credit’, check Form 26AS. It will tell you all the details.
If your employer does not pay challan for TDS, you will not have to pay any penalties as an employee. It is entirely the responsibility of your employer or payer to pay challan for TDS on time. However, you pay your tax liabilities while filing annual returns. If your employer fails to pay challan for TDS, you will still be eligible for paying taxes.
Also Read: TDS Return
Now that you have an understanding of ‘what is a TDS Challan?’ and its inherent processes, you must pay challan for TDS on time.
ARN No: June23/Bg/21AE
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