C.A.Final (New) ICWAI FINAL (New)
11269 Points
Joined November 2008
Changes in Challan Payment
1. Challan Format:
a. New TDS Challan, Form 17 is introduced.
b. Challan is section Independent. Deductor can prepare a single challan at the end of the month for all his TDS deductions (Including Salaries and Non Salaries).
c. This additionally Contains, information of the Account No [or Card No] of the Deductor.
d. The earlier fields Surcharge and Cess break-ups are not necessary.
e. Information of Deductions paid under that challan has to be provided. This should contain PAN, NAME of the deductee and Total TDS.
2. Payment:
a. Electronic Payment [e-Payment] of TDS made mandatory to all. No TDS/TCS Payments would be accepted directly at Bank Branches.
b. The system for acceptance of e-Payment would be ready by end of April in accordance to Form 17.
c. An entry form would be provided similar to Form 17 format.
d. Credit Card/Debit Card acceptance is likely to happen.
e. The old system of e-Payment may remain for challan payments of earlier years.
3. Acknowledgement:
a. The Deductee records under that challan have to be entered online [if less than 10] or have to be uploaded through a file.
b. On successful payment, an acknowledgement would be generated in Form 17 format, which validates [Yes/No] for each PAN of the deductee and generates a Unique Transaction Number [UTN] for each deductee record.
4. Due Date:
a. Challan Payment Due dates remain almost the same.
b. Joint Commissioner, on prior request through AO, can approve for Quarterly payment of TDS under certain sections.