This article will help you to know the application of Challan ITNS 281. Through this article, you will come to know who is liable to pay this challan, which necessary information are required and what things one should keep in mind while filling and submitting this challan ITNS281.
What is Challan ITNS 281?
Challan ITNS 281 is used to pay taxes on TDS (Tax Deducted at Source) and taxes on TCS (Tax Collected at Source). This challan is used by companies as well as by non-companies to deposit taxes of TDS on the salaries of their employees. This challan is also used for taxes on TDS on the interest paid to individual fixed deposit holders other than corporate.
What details are needed to fill Challan Form ITNS281
To fill this challan, you need to provide your TAN (Tax Deduction Account Number). This is critical, and you must provide correct TAN no. As there is a penalty of Rs. 10,000/- as per section 272BB of I.T. Act, 1961. Other than this you have to mention your name, contact no., Residential address. If you are paying through cheques than the name of the bank and branch has to be filled.
The first thing which is vital for anyone is to know who is supposed to pay challan ITNS281 and which category applies to him and accordingly put a tick mark on a code mentioned in challan form.
To pay taxes on TDS on salaries of employees, tick the box 0021 non-companies on Challan ITNS 281. This is because TDS belongs to individuals who are non-companies. In a case of nature of payment code 92B has to be selected. You can find the codes for nature of payment on the back side of the challan form.
In a case of interest paid to individual fixed deposit holder, we need to separate the interest which is paid or liable to pay to the corporates /companies and non-companies. In a case of taxes on TDS about companies tick the “box 0020 companies” in the challan form ITNS281.
Whereas for the payments of TDS about non-companies you need to fill separate challan ITNS280 and choose the code 0021 non-companies by ticking the box. In a case of Nature of Payment, the code will be 94A.
You need to ensure that the bank branch provides you separate acknowledgment for separate CIN (Challan Identification Number) three different challans submitted by you. The statement must contain seven digits BSR code of the bank, date of cheque deposited and challan serial number.
Where to submit Challan ITNS281?
You can make your E-payments towards Challan ITNS 281online by using net banking. You can also provide this challan at any local branch of an authorized bank.
How to download Challan ITNS281
You can download challan ITNS281 in the format of fillable PDF. You can just click on the button provided below to download challan ITNS281.