You can use the RazorpayX Tax Payment App to make tax payments of the following categories:
- Tax Deducted at Source (TDS): As per the Income Tax Act, any company or person making a payment is required to deduct tax at the source if the payment exceeds certain threshold limits.
- Advance Tax: Advance tax is the amount of income tax that is paid much in advance rather than a lump-sum payment at the year-end.
There are 2 ways you can make TDS payments:
When you upload an invoice to RazorpayX Vendor Payment, the TDS component is auto-calculated according to the TDS rate selected for the vendor. This TDS amount is automatically deducted from your account balance and deposited with the government every month. You can download the challan and file the TDS. Know more about automatic TDS payments.
You can manually enter the TDS details on RazorpayX Tax Payments and make the payment. After the payment is made, the amount is deposited as taxes. You can download the challan and file the TDS. Know more about manual TDS payments.