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Tax Payments

Manual Tds

Manual TDS

Check how manual TDS payments work, how to make them and the various TDS categories.

TDS is mandated by the government. You can upload TDS data to RazorpayX Tax Payments and make payments. You can also set up an automated method to pay taxes. Know more about Automatic TDS payments.

Advantages🔗

Following are the advantages of using RazorpayX Tax Payments to pay your taxes manually:

  • Data such as TAN and address are automatically populated for you. Avoids data entry errors.
  • You can save your work and edit it at a later time.
  • You enter the data now and make TDS payments at a later date.
  • One-click payments. No need to enter your bank details for each TDS payment.
  • The TDS challans are saved and you can access it any time.
  • It saves your time and effort.

Set Up Manual Tax Payments🔗

To set up the tax payments, we will need a few details, such as your TAN number and business address.

To set up tax payments:

  1. Log into your RazorpayX Dashboard.
  2. Navigate to Menu → Tax Payments.
  3. Click Setup Tax Payments and enter the required details such as TAN number and business address and click Continue.

Change Details🔗

You can change your TAN and business address details from the RazorpayX Dashboard.

To change details:

  1. Log into your RazorpayX Dashboard.
  2. Navigate to Menu → My Account & Settings → Business Profile.
  3. Click EDIT DETAILS in the TAX DETAILS section to edit your TAN and business address details.

How it Works🔗

  1. You manually input the TDS details on RazorpayX Tax Payments.
  2. Enter payment details such as the RazorpayX account from which money will be deducted.
  3. You can either:
    • Save the payment and pay it at a later time.
    • Make the payment immediately.
  4. After you make the payment, it follows the Approval Workflow set on your RazorpayX account.
  5. Once the TDS is successfully paid, you can download the challan from the Dashboard.
  6. You can download the challan and file the TDS as per your convenience.

Mark As Paid🔗

There is a possibility that you paid TDS using some other method. In such cases, you can mark a TDS payment as paid from the RazorpayX Dashboard.

Handy Tips

  • You can only mark a TDS payment as paid after the 1st of the following month.
  • You need to pay if there is any Late Fees.

TDS Fields🔗

Following are the various fields you have to fill when uploading TDS data to the RazorpayX Tax Payment app:

Field

Description

Tax Applicable

  • Company Deductees (0020): When TDS is deducted against businesses - if the vendor is a business or a registered company

  • Non-Company Deductees (0021): When TDS is deducted against individuals, if the vendor is a contractor or an individual.

Tax Type (TDS/TCS)

  • (200) TDS/TCS Payable by Taxpayer: Selected if the TDS/ TCS is a regular transaction.

  • (400) TDS/TCS Regular Assessment: Selected if the payment is being made for a demand raised by the income tax authorities.

Tax Category

When TDS is deducted, it is deducted based on the selected TDS code. TDS Categories.

Assessment Year

Assessment year when the TDS should be considered for income tax returns.

Tax Amount

TDS to be paid to the government before the addition of late fees and penalties.

Interest

Interest amount to be paid if TDS is deducted, but not paid within the due date.

Surcharge

Surcharge to be paid by the business if TDS is not paid for the whole quarter. Surcharge depends on the turnover of the company.

Educational Cess

Educational cess is levied by the government on income tax.

Fee

As per section 234E, where a person fails to file the TDS/TCS return on or before the due date

Penalty

Penalty to be paid if the business does not deduct TDS on a payment.

Penalty Payment Code

  • 11C - All penalties under section 271(1)(c).

  • N11C - All penalties other than section 271(1)(c).

Others

Any other fee, penalties or amount to be paid.

Total Amount

Total amount to be paid to the government with late fees and penalties.

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