The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government.
How to pay Tax Deducted/Collected at source?
Tax deducted or collected at source shall be deposited to the credit of the Central Government by following modes:
- 1) Electronic mode: E-Payment is mandatory for
- a) All corporate assesses; and
- b) All assesses (other than company) to whom provisions of section 44AB of the Income Tax Act, 1961 are applicable.
- 2) Physical Mode: By furnishing the Challan 281 in the authorized bank branch
