Friday, August 4, 2017

online payment of tds on property

TDS Payment on Rent of Property for Individual or HUF 

Income tax dept allows you to make TDS on Rent of Property Payments Through Online. 

ADVANTAGES OF E-PAYMENT
  1. No need to fill forms and cheques.
  2. Cheques, cash deposit is not required. so you can reduce your long process transactions and save your valuable time.
  3. Went to bank and waiting for acknowlegment
  4. Cheques payment takes more time than online payment. so there may be chances to penalty for late payments. So you can reduce penalty and Interests for online payment.
  5. You can complete payment with in 5-10 mins.
  6. You can make payment at any time (24X7).


STEP-1:

Click on  "Form 26QC"


Skip Tax Applicable and  Financial Year sections (Because These are automatic displayed)

STEP-2:
Select Resident/Non-Resident 
Eg: If Landlord/Lessor/Payee is resident select "Resident" else select "Non-Resident" 

> Enter and re-enter Individual or HUF  PAN number of Tenant/ Lessee/ Payer
[Tenant/Lessee/Payer address will be auto populated. If details not displayed, enter details by yourself]

Whether more than one Tenant/Lessee/Payer: Select 'Yes' if there are more than one Tenant of property, else select 'No'

> Enter and re-enter PAN Number of Landlord/ Lessor/ Payee
[Landlord/Lessor/Payee address will be auto populated. If details not displayed, enter details by yourself]

Whether more than one Landlord/Lessor/Payee: Select 'Yes' if there are more than one Landlord of property, else select 'No'


STEP-3:


> Enter category and address of Property Letout.
Date of Payment/Credit: Select date on which Rent paid to Lanlord
> Total Amount Paid/Credited: Re-enter amount payable to the Lanlord
> Basic Tax (TDS Amount to be paid) : Enter TDS Amount to be deposited at the respective Bank. Amount should be entered in the field 'Basic Tax' (Income Tax) on the Bank's web-portal as TDS certificate (Form 16C) will be based on 'Basic Tax' (Income Tax) only.
> Date of Tax Deduction: Date on which the Tax is deducted

and enter required fields then click on Proceed button and pay the TDS amount. 

Please feel free to relay your comments, suggestions, questions or corrections.

Important Points:

  • Fields marked with * are mandatory.
  • Do now not enter double charges ("") in any of the fields.
  • etax payment immediately will direct the taxpayer to the Net Banking /Debit Card login page.
  • In case the taxpayer wish to opt for etax payment on subsequent date, ACK No. will get generated and the same has to be retained by taxpayer and presented to any of the authorized Bank for further payment.
  • Provision to enter Tax amount (i.e. Basic Tax, Interest and Fee) is given in the Bank's website.
  • Period of Tenancy will be the period (i.e. months) for which tenant is paying the rent.
  • Total value of Rent Payable is equal to the no. of month for which rent is payable * value of rent per month.
  • Amount Paid/Credited is the actual amount of the rent payable to the Landlord/Lessor/Payee for which he/she is filing Form 26QC
  • If Date of deduction is greater than Date of Payment/Credit, the same may result in Demand Notice for late deduction.
  • If Date of deduction is less than Date of Payment/Credit, the same may result in Demand Notice for late deduction.
  • If Date of furnishing Form 26QC is beyond prescribed due date, the same may attract late filing fee u/s 234E.
Best Regards
G.Srinivas

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