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.
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