The deduction of tax at source is necessary as it is responsible for remitting the unavoidable TDS payment to the government either on or before the specified due date which is computed according to the provisions mentioned in the Income Tax Act. In this blog, we will learn about the concept of making e-payments of TDS(Tax Deducted at Source).

Due Date for payment of TDS

The due dates for the payment of TDS can be different based upon your connection to the government as follows:

For a Government Assessee: Those assessees who are connected to the government in some way will have to make their payments within the dates given below:

• Submitting the tax without the challan- the deduction day
• Submitting the tax with challan-7th of the month in succession
• Tax on the perquisites that are remitted by the employer- 7th of the month in succession.

For Other Assessee: Those assessees who are not connected to the government or are not a part of the government, for them the due dates are listed below for submission:

• For the tax that is liable for deduction in the month of March-the payment of tax should be done within 30th of the month in succession.
• For the tax that is liable for deduction in any other month and the deposition of tax has been made by the employer- then the amount needs to be remitted by the 7th of the month in succession.

The Quarterly Payment Option

If the Assessing Officer has the consent of the Joint Commissioner, then he can allow the taxpayer to opt for quarterly payments. In such a case, the due date for the payment of tax will be as given below:

• TDS for the quarter which ends on June 30 - July 7.
• TDS for the quarter which ends on September 30 - October 7.
• TDS for the quarter which ends on December 31 - January 7.
• TDS for the quarter which ends on March 31 - April 30.

E-payment of TDS

The deductor of TDS can make the E-payment of TDS by following the given steps:

1. Visit TIN NSDL,which is the official website.
2. Select the Challan Number (ITNS 281) for the e-payment of TDS.
3. Enter a TAN Number that is valid.
4. Enter all the information related to the accounting head under which the e-payment needs to be made, address of TAN and name and other details.
5. Once you have submitted the entered data, a confirmation page will appear on the screen.
6. Confirm all the details which are present in the challan. Once the details have been confirmed, you will be redirected to a new page for net banking of the concerned bank.
7. Once the submission of the e-payment has been successful, a challan counterfoil will appear on the screen. This challan counterfoil is like documentary evidence of the success of the payment.

Outcomes of a Delayed Payment of TDS

In case the taxpayer has not submitted the TDS payment after the expiration of the specified date, then the taxpayer will have to face an interest at the rate of 1.5% for each month or for every part of the month during the period of delay. According to the guidelines of the Income Tax Act, this rate of interest will be computed on the basis of the date of tax deduction and not from the date that has been specified for the payment.

Conclusion

In this blog, we came across the e-payment of TDS and due dates for making an e-payment of TDS for a government assessee and for other assessees. We also came across the option of quarterly e-payment of TDS for the taxpayers and the Process of making an e-payment of TDS and the consequences for making a delayed e-payment of TDS.