New TDS payment process.pdf
Tax Deducted at Source or TDS is the process wherein tax deduction takes place at the time of payment or when the payee’s account is credited with the money. TDS return is a statement submitted to the Income Tax Department quarterly. Every deductor should mandatorily file the TDS return on time. To file a TDS return, one must be thorough with the application procedure and the eligibility criteria. We present this article on how to file a TDS return to go over each segment thoroughly. Steps to follow to file TDS returns Deductors must use form 27A to file returns along with quarterly statements. This form summarises the quarterly statements and contains the amount paid and the TDS. Take a look at the process of how to file a TDS return. A control chart is present on the form. Fill up all the columns in that chart. Carefully fill the sections of the amount paid and the Tax Deducted at Source by tallying it with respective forms. The assessee must enter their Tax Deduction Account Number in this form for accurate verification. It is also crucial to mention the details of a TDS deposit while filing the return. As per the basic e-TDS return form format, one must enter the 7-digit Bank Branch Code or BSR code. The Reserve Bank of India gives this code to banks. To file a TDS return online, assessees should follow a certain format. This is achievable using a software named Return Prepare Utility (e-TDS RPU) from the NSDL (National Securities Depositories Ltd). It is important to note that the file must come with a ‘txt’ filename extension. Now the deductor has to sign the form digitally and submit the same in the NSDL Tax Information Network portal. To know how to submit a TDS return online, one must be accustomed to digital signatures. After submission, an individual will receive an acknowledgement receipt containing a token number. In case of rejection of returns, the deductor will receive a non-acceptance memo stating the reasons for rejection. Note: If an assessee wishes to file a TDS return in an offline mode, he needs to visit the nearby facilitation centre under NSDL.
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New TDS payment process.pdf
- 1. New Payment Process 194-IA TDS on Sale of Property Income Tax Act, 1961 www.prestigeconstructions.com
- 2. Log into the website www.incometax.gov.in
- 3. Click on Login
- 4. Enter your PAN
- 5. Tick on this to confirm Enter password Click continue
- 6. Home page is displayed
- 7. Click on e-file The following drop down option shall appear
- 8. Select e-pay taxes
- 9. Select New Payment
- 10. Scroll down to 26QB challan Click proceed
- 11. The following screen shall appear
- 12. Select ‘Resident’ Enter your ‘PAN’ Auto fill columns. Kindly verify the content
- 13. Auto fill Columns. Kindly verify the content
- 14. Select ‘Yes’ in case of co-owners else ‘No’ Click continue
- 15. Enter ‘PAN’ of the ‘Seller Re-Enter ‘PAN’ of the ‘Seller Auto fill columns. Kindly verify the content
- 16. Provide complete address of the ‘Seller with ‘mobile number’ and ‘e-mail ID’
- 17. Select ‘No’ Click continue
- 18. Select appropriate option Provide complete address of the ‘property’ with correct PIN code
- 19. Provide ‘Agreement’ date. If agreement is not yet executed, kindly provide date of signing ‘Booking Form’ Enter Sale Consideration. It includes consideration agreed including for additions but, excludes Franking Charges, Sinking Fund and GST Enter ‘Date’ on receipt issued by ‘Prestige’. Date of deduction = Date of payment/ credit mentioned in earlier column Kindly refer next slide for possible combination of details to be entered
- 20. Sl. No. Total value of considerati on Payment Type Whether it is last instalme nt Whether stamp duty is higher than sale considera tion Total amount paid/ credited in previous installments, if any Amount paid/ credited currently Total Stamp duty value of the property Incidence 1 2,50,00,000 Instalment Yes No 2,30,00,000 20,00,000 2,50,00,000 Incidence 2 2,50,00,000 Instalment No - 1,50,00,000 20,00,000 - Incidence 3 2,50,00,000 Lump sum - No - 2,50,00,000 2,50,00,000
- 21. Auto fill columns. Kindly verify the content
- 22. Click continue
- 23. Various options to make TDS payment
- 28. Click continue Select your banker
- 29. Verify the content once
- 30. Click ‘pay now’
- 31. Click submit and it will root through your banker website
- 32. In case of any queries/questions, please write to/ call your CRM team member (working hours 9:30 am to 6 pm) (our office is closed on every 2nd and 4th Saturday) www.prestigeconstructions.com 32