- 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.
- 1-click payments. No need to enter your bank details for each TDS payment.
- TDS challans are saved and can be accessed by you at any time.
- Saves you time and effort.
RazorpayX - Manual Tax Payments
TDS is mandated by the government. You can upload TDS data to the RazorpayX Tax Payment app and make payments using the app. The app provides you a user-friendly interface to make payments quickly and easily.
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:
- Log into your Dashboard.
- Navigate to Menu → Tax Payments.
- Click Setup Tax Payments and enter the required details such as TAN number and business address and click Continue.
You can change your TAN and business address details from the RazorpayX Dashboard. To do this:
- Log into your Dashboard.
- Navigate to Menu → My Account & Settings → Business Profile.
- Click EDIT DETAILS in the TAX DETAILS section to edit your TAN and business address details.
- You manually input the TDS details on the RazorpayX Tax Payment app.
- You enter payment details such as the RazorpayX account from which money will be deducted.
- You can either:
- Save the payment and pay it at a later time.
- Make the payment immediately.
- Once you make the payment, it follows the approval workflow set on your RazorpayX account.
- Once the TDS is successfully paid, the challan is available for download on the Dashboard.
- You can download the challan and file the TDS as per your convenience.
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.
- You can only mark a TDS payment as paid after the 1st of the following month.
- Late fees, if any, will have to be paid by you.
Listed below are the various fields you have to fill when uploading TDS data to the RazorpayX Tax Payment app.
● Company Deductees (0020): When TDS is deducted against businesses - if the vendor is a business or a registered company
Tax Type (TDS/TCS)
● (200) TDS/TCS Payable by Taxpayer: Selected if the TDS/ TCS is a regular transaction.
When TDS is deducted, it is deducted based on the selected TDS code. TDS Categories.
Assessment year when the TDS should be considered for income tax returns.
TDS to be paid to the government before the addition of late fees and penalties.
Interest amount to be paid if TDS is deducted, but not paid within the due date.
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 is levied by the government on income tax.
As per section 234E, where a person fails to file the TDS/TCS return on or before the due date
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).
Any other fee, penalties or amount to be paid.
Total amount to be paid to the government with late fees and penalties.
Listed below are the various TDS categories and rates available to you.
Lowered TDS Rate:
As per government norms, TDS rates have been reduced by 25% till the end of FY21. This is the lowered rate in below table.
194C Contractor - HUF/Individuals
194C Contractor - Others
194H Commission or brokerage
194I Rent on Plant and Machinery
194I Rent on Land or building or furniture or fitting
194J Fee for professional services
The TDS rates are subject to change as per government guidelines. Refer to the income tax website for the latest TDS updates.
You can find a list of frequently asked questions (FAQs) about Tax Payments on our Knowledgebase.