X

Tax Payments

Advance

Advance Tax Payments

Explore the tax schedule and process to set up and make advance tax payments in RazorpayX.

Advance tax is the amount of income tax that is paid much in advance rather than a lump-sum payment at the year-end. Also known as earn tax, advance tax is to be paid in installments as per the due dates decided by the income tax department.

Both individuals as well as businesses are liable to pay advance tax if their tax liability is greater than or equal to INR 10,000 post TDS payment in a fiscal year.

How it Works

Watch this short video on using

RazorpayX Dashboard

to make Advance Tax payments.

To get started with Advance Tax payments, you must:

  1. Naviagte to Menu → Tax Payments on the Dashboard.
  2. Go to Advance Tax → Get Started.
  3. Here, you must verify the pre-populated PAN and business location details.

Watch Out!

  • We have moved to TIN 2.0, in effect from 1st November, 2022.
  • Challans are not available on the RazorpayX Dashboard. To download challans, visit

    https://www.incometax.gov.in/iec/foportal/

    and log in to your account.
    1. Go to e-File → E-Pay Tax → Payment History.
    2. Under the Actions tab, click on the 3 dot menu for the challan you want, and click Download.
  • If you do not have an existing account, follow

    these steps

    to register.

Advance Tax Actions in RazorpayX

With RazorpayX Tax Payments, you can perform the following actions.

Set Up Advance Tax

To set up Advance Tax:

  1. Log in to your

    RazorpayX Dashboard

    .
  2. Navigate to Menu → Tax Payments.
  3. Tab across to Advance Tax.

When using the Advance Tax feature for the first time, you must setup advance tax by confirming your PAN details and business address, both of which are automatically populated using your KYC details.

This is a one-time process only. Here is a sample Setup Advance Tax screen:

Setup Advance Tax after providing necessary details.

Create Advance Tax Payout

To create a payout for Advance Tax:

  1. In the Advance Tax Payment window, click + Advance Tax.
  2. Confirm details for tax filing in the Adding Filing Details window as shown below:
    Create Advance Tax Payment pop-up screen.
  3. Click Next.
  4. Add tax amount to be paid. You can enter break-up of the tax amount by using the Show all fields drop-down menu.
  5. Click Save Payment to save the payment, or click Pay Now to proceed to make the payment.
    Add Tax Payment Details window.
  6. If you select Save Payment then, enter OTP to verify and click CREATE PAYOUT to save the payout. The payout is created and is listed in the Advance Tax screen as shown below:
    Advance Tax Listing
  7. If you select Pay Now, then enter OTP to verify and confirm the payment in case of making the payment.

Tax Schedule

The table below gives you the advance tax schedule mandated by the Government of India.

Tax InstallmentDue DateAmount of Tax Payable
1Either on or before 15th of JuneAt least 15% of the advance tax liability
2Either on or before 15th of SeptemberAt least 45% of the advance tax liability
3Either on or before 15th of DecemberAt least 75% of the advance tax liability
4Either on or before 15th of March100% of tax liability

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