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Challan can be a bill receipt, invoice or an official summons and TDS means Tax Deducted at Source, which is an official document. The Central Board of Indirect Taxes manages this directly. In this article, we will discuss more TDS challan.نظرة عامة على لوائح الفواتير الإلكترونية في المملكة المادة الثانية: الغاية والهدف المادة الثالثة: الأشخاص الخاضعون لهذه اللائحة المادة الرابعة: الأحكام المتعلقة بالفواتير والسندات الإلكترونية المادة الخامسة: المواصفات الفنية والقواعد الإجرائية المادة السادسة: الأحكام العامة المادة السابعة: الفروض والالتزام
CBDT issued a circular on 25th June 21 extending some timelines for AY 21-22
(i) The due date to file TDS return for Q4 of the FY 2020-21 is extended from 30th June 21 to 15th July 21.
(ii) The due date to furnish the TDS Certificate to employees in Form No. 16 is extended from 15th July 21 to 31st July 21.
In 2004, the manual process of collection of taxes was replaced by Online Tax Accounting System (OLTAS). It was introduced with an intention to minimize human intervention, thereby reducing errors and facilitating online transmission of details of tax collected, deposited, refunded etc. OLTAS issues a single copy of a Challan and enables taxpayers to track the status of their challans or e-challan deposited in banks online.
There are three types of Challans that are issued:
Challan ITNS 281 is issued, when the taxpayer deposits TDS and TCS. Therefore, it has to comply with the timelines laid out for deducting and depositing tax.
Due dates for payment of TDS
In case of delay in deposit of tax, an interest is levied at the rate of 1.5% per month or part of the month from the date of deduction.
There are two processes for filing Challan ITNS 281:
Go to the tin-nsdl website and select Challan No./ ITNS 281. At the time of payment of taxes the following details have to be filled in Challan ITNS 281.
Post-filling in all the details, click on submit to bank and you will be redirected to your bank’s portal to process the payment. Once the transaction is successfully processed, a challan counterfoil shall be displayed containing the CIN No., payment details, and bank name through which e-payment has been made.
For the offline process, the taxpayer can make the payment by personally visiting the bank and submitting a challan. A note has to be taken that the payment can be made via cheque or cash. On submission of the challan, bank will issue a counterfoil receipt back-stamped as a proof of submission.
Here is our detailed article on OLTAS challan status inquiry