Hello, We are a small startup and we have hired staff on a contractual basis so we are deducting TDS at 10% as professional fees. We now have to deposit the TDS we have deducted and we are not sure which challan or form to use to deposit the TDS, request people with the knowledge to guide us on which challan or form we should use to deposit the TDS - is it CHALLAN NO./ITNS 281 or is it Form 26QD or some other challan? The monthly salary is approximately Rs 40000 and TDS is Rs 4000 per month.
Also if the answer is challan 281 then what is the code we need to select under nature of payment - is it 94J?
and what option should we select for Tax Applicable - is it (0020) Company Deductees or (0021) Non-Company Deductees?
for Type of Payment*do we choose (200) TDS/TCS Payable by Taxpayer or (400) TDS/TCS Regular Assessment?
Finally, what is the due date to deposit the tax - we did TDS for Jan's salary on Feb 1 when the Jan salary was paid to the person? - so is the due date to deposit TDS Feb 7 or Mar 7? Is there anything else we should know or be aware of? Thank you.
Also if the answer is challan 281 then what is the code we need to select under nature of payment - is it 94J?
and what option should we select for Tax Applicable - is it (0020) Company Deductees or (0021) Non-Company Deductees?
for Type of Payment*do we choose (200) TDS/TCS Payable by Taxpayer or (400) TDS/TCS Regular Assessment?
Finally, what is the due date to deposit the tax - we did TDS for Jan's salary on Feb 1 when the Jan salary was paid to the person? - so is the due date to deposit TDS Feb 7 or Mar 7? Is there anything else we should know or be aware of? Thank you.