TDS is a tax deducted at source. This means that it is deducted from your salary before you get it. The same applies to rent, interest and other payments made by you. You should ensure that the TDS amount has been withdrawn from your bank account before the due date of filing returns. Failure to do so may result in penalties being imposed on both parties involved – the payer and recipient.
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Introduction
Tax deduction at source (TDS) is a statutory obligation on the part of an employer or other payer to deduct tax from the payments made to its employees and business associates, who are liable to pay income tax.
As per section 236(1) of Income Tax Act, 1961 if any person makes any payment in respect of any sum taxable under this Act and if such payment is made by way of cheque or draft or by electronic clearing system through account payee cheque/draft option then TDS will be deducted at source by deducting 1% on every transaction done online.
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What is TDS?
TDS is a tax deducted at source. It is deducted by the payer from the amount paid to the payee. TDS is a way of paying taxes to the government and it’s done by deducting 10% of your taxable income, which then goes into your bank account or post office savings account, depending on how you want it deposited.
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If you are an individual or a salaried individual who earns more than Rs 5 lakh per year, then you need to file an income tax return every year (except for minors). If you fail to do so and have not been filing returns for past three years consecutively now, then there are chances that one day when someone checks your details with their database then they will find out about this anomaly in their system after which they would send out mailers asking questions about why haven’t I been filing returns for last few years etc etc…
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How to pay tds to govt online?
- You can conveniently pay TDS online through credit card, debit card or net banking.
- Online payment of TDS is done through the Central Excise and Service Tax portal (cess.gov.in).
The above methods are considered safe and secure as they do not involve sharing of any confidential information with third parties.
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Paying TDS can be done in three ways – through a bank account, debit card or credit card.
- Through a bank account: You can pay your tax dues through an online or offline bank account. The process is simple and hassle-free; all you need to do is provide your details such as name, PAN number and IFSC code of the bank account from where you want to deposit money.
- Using debit card: In this case, you will have to enter the amount along with its currency in which it has been paid (INR), along with other details like name of payee and date on which payment was made (DDMMYY). This method may be suitable for small businesses that deal with large sums every month because there is no transaction fee associated with this option unlike credit cards where there are extra charges levied by issuing banks for each transaction done through them.
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Conclusion
We hope this article helped you understand how to pay tds on property online. If you have any questions, please let us know in the comments below!
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