You can make TDS payments easily by following these simple steps
Pay TDS nowSelect your TDS category, tax type, and assessment year
Next, go ahead and enter your TAN and address
Enter contact details & amount details: surcharge, penalty
Click Pay to finish. You’ll receive the challan via email provided.
Save time and effort using pre-filled tax forms
Automatically store & access all challans from one dashboard
Collaborate with your CA and approve the payments seamlessly
Automatically pay taxes when you pay vendor invoices
Automate TDS deduction & payments through API
Make GST payments and track input tax credit of your vendors
TDS (Tax deducted at source)is a type of direct tax applicable in India. Every business or individual is required to deduct a certain percentage as TDS before making the full payment to contractors, professionals or employees.
TDS should be collected and deposited to the government by 7th of the subsequent month. However, the tax deducted in March should be deposited by 30th April.
Businesses usually hire contractors for performing certain jobs rather than offering permanent roles. Here is the list of services whereTDS on contractor paymentsis applicable if contractors or subcontractors are Indian residents :
Exceptions for TDS on contractor payments under section 194C
Businesses need to deduct tax at source for payments made to resident professionals like lawyers, CAs, writers, designers and consultants among others.
Following payments are covered under section 194J :
Small businesses and startups rent certain assets for their day-to-day operations. Section 194I is applicable on any amount paid for lease, sublease, tenancy, or agreement for using the following assets :
Section 194Oannounced in the Union Budget 2020 dictates every e-commerce operator to deduct 1 % TDS (0.75% for FY 2020-21 applicable till March 31, 2021) of the gross amount of sales of the e-commerce participant.
According to the section 201(1A) of the Income Tax Act, an interest @1.5% per month will apply for non-deduction of TDS from the date on which tax was deductible to the date on which tax is deducted.
In case of late TDS deposition, the same interest of 1.5% will apply from the date of deduction to the payment date.
A statement of TDS return has to be filed quarterly by the deductor once the TDS is deposited. The due date for filing TDS returns are as follows:
Every business deducting TDS needs to obtainTAN (Tax Deduction and Collection Account Number),a 10-digit alphanumeric number from the Income Tax Department and then register themselves as a deductor on the TRACES website.
Self-assessment tax is calculated by the taxpayer themselves, by calculating income, deductions and exemptions. The taxpayer can file the income tax return if any TDS or advance tax is to be paid on their taxable income.
Regular assessment tax is calculated by the Income Tax Department during the assessment of taxpayer’s income in a financial year. If any tax is to be paid, the assessing officer raises an income tax demand, which the taxpayer must respond to and accordingly pay the taxes.
TDS Challan 281 must be deposited by corporates and non-corporate businesses while paying TDS and TCS (Tax Collected at Source).
While paying TDS, you need to select either of the two -
(0020) Company deductee -if TDS is deducted against payment to a company or a business (i.e. Individual Sole Proprietor, Partnership Firm, HUF)
(0021) Non-company deductee -if TDS is deducted against payment to an individual
Let’s say a Private Ltd. Company (Sapna) makes a vendor payment of Rs 100,000/- as office rent to a builder.
Now, Sapna Pvt. Ltd. is required to deduct & deposit TDS of Rs 10,000/- (10%) via TDS Challan 281 and make a net payment of Rs 90,000/- to the builder.
Paying TDS through RazorpayX TDS Payment Tool is super easy and fast. It is a big time-saver for finance and accounting professionals who make TDS payments for their clients on a monthly basis.
Today we have paid TDS through RazorpayX and it was really smooth and very fast without visiting Tax payment site. It was really quick and simple.
Very happy with the way TDS payment is calculated and being done on RazorpayX. Very Simple and Fast. Best part is I can save it in the portal itself for client to pay. Saves time from downloading, sending the challan through email and instructing on how to pay. We both can work on same platform.
RazorpayX TDS Payment Tool is an application that enables businesses to pay TDS online, across different categories seamlessly.
No, you need to enter TAN and address only when you are paying TDS for the first time. For subsequent payments, the details will be prefilled if you’re using the same device and browser.
Tax applicable should be selected based on the type of vendors/ beneficiaries of the payments you have made. If the beneficiaries/vendors are companies, you need to select Company Deductees (0020) otherwise, you can select Non Company Deductees (0021). You can assign Tax Payment from one major head to another major head during quarterly tax filing as well.
Yes, all you need to do is select the relevant details on the RazorpayX TDS Payment Tool, & pay through the Razorpay payment gateway in the next step. You can choose your preferred mode of payment here and pay the TDS.
Once the payment is successful, the challan will be sent directly to your email address. You can download and store the challan from there for future reference.
RazorpayX TDS Payment Tool is an application that enables businesses to pay TDS online, across different categories seamlessly.
No, you need to enter TAN and address only when you are paying TDS for the first time. For subsequent payments, the details will be prefilled if you’re using the same device and browser.
Tax applicable should be selected based on the type of vendors/ beneficiaries of the payments you have made. If the beneficiaries/vendors are companies, you need to select Company Deductees (0020) otherwise, you can select Non Company Deductees (0021). You can assign Tax Payment from one major head to another major head during quarterly tax filing as well.
Yes, all you need to do is select the relevant details on the RazorpayX TDS Payment Tool, & pay through the Razorpay payment gateway in the next step. You can choose your preferred mode of payment here and pay the TDS.
Once the payment is successful, the challan will be sent directly to your email address. You can download and store the challan from there for future reference.
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