Payment under DTVVS-2020- TDS related payment
This query is : Resolved
27 August 2021
Hi sir,
Please let me know which challan to be used, under which head and nature of payment for settling the TDS related dispute u/s 234E.
Thank you in advance
Please let me know which challan to be used, under which head and nature of payment for settling the TDS related dispute u/s 234E.
Thank you in advance
09 July 2024
To settle the TDS related dispute under Section 234E of the Income Tax Act, you would typically need to use Challan No. ITNS 281 for payment. Here are the details you need to fill out on the challan:
### Details for Challan ITNS 281:
- **Tax Applicable:** Income Tax on Companies (Corporation Tax) or Income Tax Other than Companies (for non-corporate deductors).
- **Type of Payment:** TDS/TCS payable by taxpayer.
- **Nature of Payment:**
- For Section 234E, select the option "400 - TDS/TCS Regular Assessment (Raised by IT Dept)".
- This nature of payment is used specifically for the payment related to interest charged under Section 234E for delay in filing TDS/TCS returns.
### Steps to Fill ITNS 281:
1. **Tax Deducted/Collected At Source (TDS/TCS):** Enter the total amount of TDS/TCS liability for which interest under Section 234E is being paid.
2. **Interest Calculation:** Interest under Section 234E is typically calculated at 1% per month or part of the month on the amount of TDS/TCS deductible from the date on which it was deductible to the date on which it is actually deducted. Ensure the correct interest amount is calculated before making the payment.
3. **Challan Details:** Enter the Assessment Year, PAN/TAN, Name, Address, and other required details correctly.
4. **Bank Account:** Choose the correct bank through which you want to make the payment.
### Important Notes:
- Ensure that all details on the challan are correctly filled out to avoid any delays or errors in processing the payment.
- After making the payment, keep the challan receipt safely as proof of payment.
- It's advisable to consult with a tax professional or accountant if you have any doubts or specific queries related to the payment of interest under Section 234E.
By using ITNS 281 and selecting the appropriate options, you can settle the TDS related dispute under Section 234E effectively as per the requirements of the Income Tax Department.
### Details for Challan ITNS 281:
- **Tax Applicable:** Income Tax on Companies (Corporation Tax) or Income Tax Other than Companies (for non-corporate deductors).
- **Type of Payment:** TDS/TCS payable by taxpayer.
- **Nature of Payment:**
- For Section 234E, select the option "400 - TDS/TCS Regular Assessment (Raised by IT Dept)".
- This nature of payment is used specifically for the payment related to interest charged under Section 234E for delay in filing TDS/TCS returns.
### Steps to Fill ITNS 281:
1. **Tax Deducted/Collected At Source (TDS/TCS):** Enter the total amount of TDS/TCS liability for which interest under Section 234E is being paid.
2. **Interest Calculation:** Interest under Section 234E is typically calculated at 1% per month or part of the month on the amount of TDS/TCS deductible from the date on which it was deductible to the date on which it is actually deducted. Ensure the correct interest amount is calculated before making the payment.
3. **Challan Details:** Enter the Assessment Year, PAN/TAN, Name, Address, and other required details correctly.
4. **Bank Account:** Choose the correct bank through which you want to make the payment.
### Important Notes:
- Ensure that all details on the challan are correctly filled out to avoid any delays or errors in processing the payment.
- After making the payment, keep the challan receipt safely as proof of payment.
- It's advisable to consult with a tax professional or accountant if you have any doubts or specific queries related to the payment of interest under Section 234E.
By using ITNS 281 and selecting the appropriate options, you can settle the TDS related dispute under Section 234E effectively as per the requirements of the Income Tax Department.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is any professional CA is here please reply
- Reopen of assessment proceeding
- Rental income gst and it purpose
- Experts need help
- EPF FULL & FINAL RULES IN 2026
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Putting a heading on received mail
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
