TDS/TCS Tax Challan Form 281 PDF

PDF Name	TDS/TCS Tax Challan Form 281
No. of Pages	3
PDF Size	0.55 MB
Language	English
Tags	Income Tax Forms 2020-21
PDF Category	Government
Source / Credits	Multiple Sources
Uploaded By	Pradeep

TDS/TCS Tax Challan Form 281 - Summary

Download the TDS/TCS Tax Challan Form 281 in PDF format here. Understanding TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) is essential for everyone involved in financial transactions in India. TDS is a system set by the Government where the person making a payment (deductor) must deduct tax at a set percentage before making a payment (such as salary, rent, etc.) to the person receiving the payment (deductee) and then deposit it with the Income Tax Department.

TCS, on the other hand, refers to the tax that a seller collects from the buyer at the time of selling certain specified goods. This Tax Challan is necessary for both corporate and non-corporate entities to properly deposit TDS and TCS.💰

Why Use TDS/TCS Tax Challan Form 281?

This form is crucial for individuals and businesses because it helps in making sure that the taxes are paid correctly and on time. Failure to do so can lead to penalties and legal issues. Therefore, using the TDS/TCS Tax Challan Form 281 is a responsible step for all taxpayers.

TDS/TCS Tax Challan Form 281 Download

Here are the three types of challans introduced by the Income Tax Department:

Challan No. ITNS 280 – This form is for paying Income Tax, which can include Self-Assessment Tax, Advance Tax, Tax on Regular Assessment, Tax on Distributed Profits, or other income types. Payments can be made online or through cheque, DD, etc., at various bank branches. Regardless of how you pay, Challan ITNS 280 must be used.
Challan No. ITNS 281 – This Challan is specifically for depositing Tax Deducted at Source (TDS) or Tax Collected at Source (TCS).
Challan No. ITNS 282 – This form is to be used for payments related to Gift Tax, Wealth Tax, Expenditure Tax, Estate Duty, Securities Transaction Tax, and other Direct Taxes.

Due date for payment in case of government assessee:

Tax Deposited without challan – Same day
Tax deposited with challan – 7^th of the next month. For example, if TDS is to be deposited for May 2023, the due date would be June 7, 2023.

Download the TDS/TCS Tax Challan Form 281 in PDF format using the link given below.

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