Indian Bank is a government authorised bank. It was established in 1907 and is currently the seventh largest bank in India after it’s merger with Allahabad Bank. Indian Bank headquarters is in Chennai. The Bank is certified worldwide. The bank started with a vision to provide standard banking services and ensures contentment to users. Along with other quality services that Indian banks offer, paying TDS is one of them.
What is TDS (Tax Deducted at Source)?
As the name suggests, it aims to collect tax from all sources of income. This means, a person who is supposed to make a payment to another person should deduct the tax at source. The person who is deducting the tax has to issue a TDS certificate for the person whose tax is being deducted. TDS is an advance tax deducted before handing the source of income. The tax should be deducted at relevant rates according to the Income Act. The taxes deducted on source should be deposited to the government by 7 of every month.
TDS is deducted on the following types of payments :
- Interest payments by bank
- Commision payments
- Rent payments
- Professional fees
- Consultation fees
How to make TDS payment?
Indian Bank provides one stop banking services for its customers. From giving out loans to allowing customers to pay TDS from their account, Indian Bank does it all for you. The TDS payment can be made either in an online method or offline method.
1. Income tax department :
- Open the ‘Tax Information Network’ website online.
- Select ‘CHALLAN NO./ITNS 281’ under TDS/TCS column.
- Fill the details required
- Under the section ‘Tax Applicable’ select ‘Company Deductees’ if you are going to deduct a TDS for a payment to a company, in other cases click on ‘Non-Company Deductees’.
- Enter the Assessment year.
- Fill in your TAN.
- Enter your ‘Pin Code’ and choose the ‘State’
- select if the TDS deducted payment is made by you or it is a regular TDS payment
- Select the mode of payment
- Click the ‘Submit’ button.
- You’ll be redirected to your bank account page
- Log into the website with your bank user ID and Password
- Make the payment
After payment you’ll receive a receipt about the same, download it and keep for further use
2. How to make TDS payment from Indian Bank online:
- visit the official site of Indian Bank
- Check the other online payments
- Select Tax payment
- Select TDS payment
- Fill in your details
- Verify your details
- Fill your card details
- Confirm your payment
You’ll receive a receipt about the same
- Visit the nearest Indian Bank branch
- Go to the concerned bank counter and enquire about the TDS payment
- Fill the application form you’re provided with
- Attest your documents properly
- Submit the application
The bank will shortly inform you about your TDS payment
Documents required for TDS payment
- PAN card of the person who is deducting tax and the person whose tax is Being deducted.
- Amount of tax that is to be paid to the government
- TDS challan information
- Type of payment for which tax is being deducted
Benefits of TDS payment :
- TDS payment helps the government in periodic collection of taxes.
- Taxes always ensure a constant source of income for the government.
- With TDS payment, you can pay it monthly and the burden of a sudden lump sum tax payment is reduced
- Indian Bank makes it paperless, easy, time saving and an efficient method to pay your taxes.
- Tax payment makes you a responsible citizen.