Every business has to pay several types of taxes (direct and indirect) to the government every month. The most common tax payments are tax deducted at source (TDS), advance tax, and goods and services tax (GST).
You can use to automate direct tax payments via a user-friendly interface. Explore more about tax payments with the following video.
- You can get started with tax payments by adding your
- TAN Number
- Business Address
- Once you have calculated your taxes, navigate to the . Here, navigate to Menu → Tax Payments.
- Finalise the filing details on the tax payment creation window and add the payment details, such as the account you want to debit the payable amount from.
- You can make the payment immediately or save the payment and pay at a later date.
With RazorpayX Tax Payment App, you can make tax payments of the following categories:
- : 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 is the amount of income tax that is paid much in advance rather than a lump-sum payment at the year-end.
- : Is an indirect tax that merchants must pay to the Government. Firms can arrive at the amount to be paid using a conventional formula, and RazorpayX can scan and calculate that for you.
When you upload an invoice to , 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 .
You can add your team members to access the Tax Payments app to create and make payments as necessary, or allow them to only access the reports. With , you can create and set limitations for the RazorpayX Dashboard as per your business requirements.