[Video ] HOW TO PAY TDS OF CONTRACTOR NEW SECTION CODE NEW INCOME TAX RULES 2026 latest update
This video provides a detailed, step-by-step guide by CA Satbir Singh on how to pay TDS (Tax Deducted at Source) for contractors online under the New Income Tax Rules of 2026. It specifically covers the transition to the 2026 rules, highlighting the new section codes and the online payment process through the Income Tax portal.
1. Summary of the Video
The video explains the updated procedure for depositing TDS on payments made to contractors starting from April 1, 2026 (Tax Year 2026-27). Key takeaways include:
Login Requirements: Taxpayers must login to the
incometax.gov.inportal using their TAN (Tax Deduction and Collection Account Number).Tax Year Selection: For payments made between April 1, 2026, and March 31, 2027, the Tax Year 2026-27 must be selected.
New Section Codes: * Use code 1023 if the deductee is an Individual or HUF.
Use code 1024 if the deductee is a Company or Partnership Firm.
Payment Categorization: It is crucial to create separate challans for Corporate (Company) and Non-Corporate deductees to avoid defaults during TDS return filing.
Challan Management: Users can add up to 20 different deductee codes in a single challan.
Payment Methods: The guide demonstrates payment via Net Banking, RTGS/NEFT, and UPI, followed by instructions on how to download the payment receipt from the “Payment History” section.
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Section Codes for TDS Return Income Tax Form 140 Income Tax Rules 2026
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