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Be Penalty-free And Pay TDS On-Time, Automatic
Wegofin takes the complexity out of TDS payments, making it a breeze for both taxpayers and businesses.
First things first, select your TDS category, tax type, and assessment year.
01
Provide your TAN and address for verification.
02
Enter your contact and amount details including penalties data.
03
Click "Pay" to complete the transaction and receive your challan via email.
04
What is TDS
Like paying taxes on the go, TDS in India involves deducting a portion of payments to contractors, professionals, or employees upfront so that the government gets its share and alleviates 11th-hour tax stress.
When Should TDS be Deposited
The TDS deposit deadline varies based on transaction nature and Indian tax laws. Usually, it should be deposited within a specified period from deduction, which may be monthly, quarterly, or annually.
Payments To Contractors (TDS Under Section 194C)
TDS is added to payments made to freelancers, contractors, or subcontractors who live in India. It applies to services like:
- Advertising services.
- Catering services.
- Carriage of goods & passengers by a mode other than railways.
- Broadcasting and telecasting services.
- Supply of labour for works contract.
Professional Fees (TDS Under Section 194J)
Businesses in India must withhold TDS when they pay their workers who live in the country, like lawyers, chartered accountants, writers, designers, consultants, and others.
- Costs for technical services, such as consulting fees.
- Professional fees.
- Director's fees besides salary payments.
- Exemptions and lower TDS rates are available.
Professional payments of less than Rs. 30,000 are not subject to TDS, but director's fees are, and there is no such limit.
Rent Payments (TDS Under Section 194I)
Section 1941 covers payments made by small businesses and startups to rent things they need for day-to-day activities, such as:
- Building (inclusive of factory buildings).
- Land appurtenant to any building (inclusive of factory buildings).
- A plant like an industrial manufacturing plant.
- Equipment like tools, computer systems, networks, other infrastructure required for running a business.
- Machinery.
- Any furniture or fittings.
Renters of furniture and buildings face a 10% TDS, whereas plant and machinery renters have a 2% deduction.
E-commerce (TDS Under Section 194O)
Section 194O, which was added to the Union Budget 2020, says that every e-commerce operator must take 1% TDS (or 0.75 % for FY 2020-21, which is good until March 31, 2021) of the total amount of sales made by the e-commerce member.
If an individual or HUF who lives in India does e-commerce and makes more than Rs. 5,000,000 in sales during the financial year, 1% of that amount will be taken out as TDS.
Pay Taxes in Just 30 sec
File your taxes and settle tax obligations in a few taps.
Store challans on a single dashboard
Manage and access all your challans from a unified dashboard.
Partner up with Your Accountant
Collaborate with your accountant for good financial management.
Automatic TDS payments
Ensure timely TDS payments by automating repetitive tasks.
Pay TDS via API
Harness the power of API integration for hassle-free TDS payments.
Timely GST Payments
Pay GSTs by scheduling and automating for a stress-free tax journey.
Non-Deductions
Section 201(1A) of the Income Tax Act enforces a monthly interest charge of 1.5% for both failure to deduct (from deduction date to deduction date) and delayed deposit (from deduction date to payment date) of TDS.
Non-Filling
TDS returns, which outline tax deductions at the source, are submitted quarterly by the deductor subsequent to the TDS deposit. The filing deadlines for these returns are as follows.
- Quarter
- April to June (Q1)
- October to December (Q3)
- January to March (Q4)
- June to September (Q2)
- Due Date
- 31st July of the same FY
- 31st Janurary of the same FY
- 31st May of the same FY
- 31st October of the same FY
Self Assessment Tax
Taxpayers will figure out how much tax they owe by looking at their income, deductions, and exemptions. Wegofin helps you file your tax return, paying any remaining TDS or advance tax you owe on your income.
Regular Assessment Tax
The Income Tax Department calculates this tax when they review the taxpayer's income for the year. If there's any tax owed, the assessing officer sends an income tax demand, prompting the taxpayer to pay the owed taxes.
What is TAN
Companies that deduct TDS must obtain a 10-digit alphanumeric TAN (Tax Deduction and Collection Account Number) from the Income Tax Department. Following this, they need to register as a deductor on the TRACES website.
TDS for company deductee
(0020) Company deductee refers to TDS deduction when making payments to a company or business entity, such as an Individual Sole Proprietor, Partnership Firm, or HUF.
TDS non-company deductee
(0021) TDS deducted from payments to individuals who are not companies.
Got Questions? Find Answers Here
TDS stands for Tax Deducted at Source, deducted to fulfill tax obligations on various payments, ensuring compliance with tax laws.
Yes, payment gateways provide detailed transaction histories, enabling businesses to monitor and reconcile TDS deductions effectively.
Businesses when using a payment gateway for TDS payments can benefit from convenient online payments, automated calculations, and timely processing to avoid penalties. Transaction tracking and secure encryption bolster security, while integration with accounting systems simplifies record-keeping and reporting. Cost-effectiveness arises from reduced administrative overheads and potential penalties.
Simply, payment gateways offer an accurate, compliant-free, and timeliness solution for businesses to manage TDS payments.
The benefits of using Wegofin for TDS payments include:
1. Efficiency: Wegofin simplifies your TDS payments with hassle-free payments through its user-friendly platform.
2. Accuracy: Wegofin's automated calculation features ensure precise TDS deductions to avoid errors and penalties.
3. Punctuality: Wegofin facilitates timely TDS payments to meet deadlines and avoid late payment penalties.
4. Convenience: Wegofin allows for online TDS payments so there is no need for manual paperwork and physical visits to banks.
5. Integration: Wegofin fixes well with all your accounting systems and helps you in record-keeping and financial management.
6. Can businesses track TDS deductions?
Yes, businesses can track TDS deductions from Wegofin TDS Payments and maintain their financial accuracy and compliance with tax regulations.
What is TDS, and why is it deducted from payments?
TDS stands for Tax Deducted at Source, deducted to fulfill tax obligations on various payments, ensuring compliance with tax laws.
Can businesses track TDS deductions made through a payment gateway?
Yes, payment gateways provide detailed transaction histories, enabling businesses to monitor and reconcile TDS deductions effectively.
What benefits do businesses gain from using a payment gateway for TDS payments?
Businesses when using a payment gateway for TDS payments can benefit from convenient online payments, automated calculations, and timely processing to avoid penalties. Transaction tracking and secure encryption bolster security, while integration with accounting systems simplifies record-keeping and reporting. Cost-effectiveness arises from reduced administrative overheads and potential penalties.
Simply, payment gateways offer an accurate, compliant-free, and timeliness solution for businesses to manage TDS payments.
What are the benefits of using Wegofin TDS payments?
The benefits of using Wegofin for TDS payments include:
1. Efficiency: Wegofin simplifies your TDS payments with hassle-free payments through its user-friendly platform.
2. Accuracy: Wegofin's automated calculation features ensure precise TDS deductions to avoid errors and penalties.
3. Punctuality: Wegofin facilitates timely TDS payments to meet deadlines and avoid late payment penalties.
4. Convenience: Wegofin allows for online TDS payments so there is no need for manual paperwork and physical visits to banks.
5. Integration: Wegofin fixes well with all your accounting systems and helps you in record-keeping and financial management.
6. Can businesses track TDS deductions?
Yes, businesses can track TDS deductions from Wegofin TDS Payments and maintain their financial accuracy and compliance with tax regulations.