{"id":5314,"date":"2020-12-22T18:46:42","date_gmt":"2020-12-22T13:16:42","guid":{"rendered":"https:\/\/razorpay.com\/blog\/?p=5314"},"modified":"2022-12-22T18:49:22","modified_gmt":"2022-12-22T13:19:22","slug":"tds-payments-for-indian-businesses-automate-tax-payments","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/business-banking\/tds-payments-for-indian-businesses-automate-tax-payments\/","title":{"rendered":"Introducing Frictionless TDS Payments for Indian Businesses"},"content":{"rendered":"

Every month, businesses pay TDS to the government under different categories for vendor payments, salary disbursals, payments to contractors and more.\u00a0<\/span><\/p>\n

On average, businesses spend hundreds of hours on TDS payments every year.<\/span><\/p>\n

That stops today.\u00a0<\/strong><\/p>\n

With RazorpayX becoming the go-to business banking solution<\/a> for 10,000+ businesses<\/span>, we had a front seat view to the problems faced while making TDS and other tax payments on the government portal. So, our next goal was to simplify this long, tedious process.\u00a0<\/span><\/p>\n

Today, we\u2019re thrilled to introduce an end-to-end automated tax payment solution<\/a> for Indian businesses that empower them to pay taxes in less than a minute.<\/span><\/p>\n

\nhttps:\/\/razorpay.com\/blog-content\/uploads\/2020\/12\/Tax-payments-1st-video.mp4<\/a><\/video><\/div>\n

TDS Payments before RazorpayX\u00a0<\/b><\/h2>\n

According to the Income Tax Act, TDS or tax deducted at source varies depending on the type of service availed by the business. These TDS rates<\/a> are pre-decided by the Income Tax Department.\u00a0<\/span><\/p>\n

If you\u2019re a small business owner managing finances without a finance team, you\u2019d be familiar spending hours calculating TDS manually and paying it on the government portal. If not, chances are you\u2019d hire a chartered accountant to do the job for you, which again delays the process as you\u2019d have to approve every payment.\u00a0<\/span><\/p>\n

To reiterate, here\u2019s why the traditional process of making tax payments takes businesses hundreds of hours every year.\u00a0<\/strong><\/em><\/p>\n

Step 1:<\/strong> Login to NSDL\u2019s website\u00a0<\/span><\/p>\n

Step 2:<\/strong> Select the relevant challan i.e. ITNS 281\u00a0<\/span><\/p>\n

Step 3: <\/strong>Enter TAN (Tax Deduction and Collection Account Number), whichever applicable along with the <\/span>assessment year<\/span><\/p>\n

Step 4:<\/strong> Add other challan details, name and address of TAN. Select the bank through which payment is to be made<\/span><\/p>\n

Step 5:<\/strong> Once you confirm the challan details, you\u2019ll be directed to the banks net banking portal<\/span><\/p>\n

Step 6:<\/strong> Enter user ID\/ password to login to your netbanking account. Enter the required payment details<\/span><\/p>\n

Step 7:<\/strong> After a successful payment, a challan counterfoil containing CIN & payment details will be generated<\/span><\/p>\n

Step 8:<\/strong> The counterfoil is proof of payment. You\u2019ll have to download and store this manually for every\u00a0 TDS payment. These are generally 5-10 for SME and >15 for en enterprise<\/span><\/p>\n

Let\u2019s face it; the above tedious process coupled with a difficult to navigate UI of a government website is not what businesses in a digital-first world should face.\u00a0\u00a0<\/span><\/p>\n

TDS Payments after RazorpayX<\/b><\/h2>\n

Unlike paying taxes on the government portal, here\u2019s how you can do tax payments with RazorpayX hassle-free, in just 30 seconds.\u00a0<\/span><\/p>\n

https:\/\/razorpay.com\/blog-content\/uploads\/2020\/12\/What-are-Tax-Payments-Blog-gif.mp4<\/a><\/video><\/div>\n

First, set up Tax Payments on your RazorpayX dashboard by adding your TAN & address. Once you do that, you can initiate a tax payment <\/span>with our <\/span>auto-populated tax forms ten times faster the traditional way.\u00a0<\/span><\/p>\n

Step 1:<\/strong> Head over to the dashboard, click on \u2018TDS payment, add TDS details like tax category, tax type and assessment year<\/span><\/p>\n

Step 2:<\/strong> Next, add payment details like tax amount, surcharge, penalty, etc.\u00a0<\/span><\/p>\n

Step 3:<\/strong> Now, you can choose to either pay the tax instantly from your bank account or save\/schedule the payout for later<\/span><\/p>\n

And it\u2019s done!<\/span><\/p>\n

Your challan will be<\/span> added directly to your dashboard for easy access anytime – no need to save it manually.\u00a0<\/span><\/p>\n

Pay TDS Now!<\/a><\/div>\n

Automate tax payments & focus on business growth\u00a0<\/b><\/h2>\n

Be it a small business or a large enterprise, even an hour saved by automating time-intensive tasks matters a lot for business growth.\u00a0<\/span><\/p>\n