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The TDS payment advice filing and Form 16 and Form 16A issuance process involves deducting taxes at source, submitting payment advice, and providing certificates to deductees.
Deduct TDS:
– Deduct taxes at applicable rates while making payments like salaries, interest, rent, commission, etc.
Generate TDS Payment Advice:
– Prepare payment advice with details of TDS deducted, including:
– Deductee details
– PAN
– Amount
– Nature of payment
– Tax deducted
Use Appropriate Challan:
– Pay TDS amount using relevant challan for TDS payments
– Commonly used challans: ITNS 281 (non-salary TDS) and ITNS 281 (salary TDS)
File TDS Return:
– After payment, file TDS return using:
– Form 24Q (salary)
– Form 26Q (non-salary)
