TDS/TCS payment challan requires TAN, payment code selection, amounts, and bank acknowledgement with BSR code and date. Challan 281 is the prescribed form for payment of TDS/TCS by company and non-company deductees; it requires quoting the Tax Deduction Account Number (TAN), selecting the deductee category and payment code, and entering amounts for tax, surcharge, cess, interest and penalty. The bank must record its 7 digit BSR code, deposit date and challan serial number and affix a seal; taxpayers must use separate challans by payment nature and ensure accurate TAN to avoid a penalty.