API ReferenceIntegrationsKnowledge Base

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.

Advantages🔗

  • 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.

Set up Automatic 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 Dashboard.
  2. Navigate to MenuTax 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 do this:

  1. Log into your Dashboard.
  2. Navigate to MenuMy Account & SettingsBusiness 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 the RazorpayX Tax Payment app.
  2. You 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. Once you make the payment, it follows the approval workflow set on your RazorpayX account.
  5. Once the TDS is successfully paid, the challan is available for download on 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.

Note:

  • 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.

TDS Fields🔗

Listed below 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.

TDS Categories🔗

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.

Category

Original Rate

Lowered Rate

194A Interest

10%

7.5%

194C Contractor - HUF/Individuals

1%

0.75%

194C Contractor - Others

2%

1.5%

194H Commission or brokerage

5%

3.75%

194I Rent on Plant and Machinery

2%

1.5%

194I Rent on Land or building or furniture or fitting

10%

7.5%

194J Fee for professional services

10%

7.5%

No TDS

0%

0%

Note:
The TDS rates are subject to change as per government guidelines. Refer to the income tax website for the latest TDS updates.

FAQs🔗

You can find a list of frequently asked questions (FAQs) about Tax Payments on our Knowledgebase.

×