On average, businesses spend thousands of manual hours, calculating & paying TDS, Advance and Self Assessment Taxes.
The tedious process of tax payment is exacerbated by a difficult-to-navigate government website which results in manual tax payment being an extremely error-prone
Fintech founders in Delhi NCR! Hosting the Fintech Happy Hour presented by @falconfstweets next week & I hope to meet you there
📅 Thur, 11th May, 2023
🕕 6PM Onward
👥 Fintech founders, product builders, investors & senior execs of financial firms will be attending
Register 👇🏽
@os7borne@falconfstweets@os7borne deeply understands the Indian fintech ecosystem and writes about it in his weekly newsletter. We are excited to share that Sandbox has partnered to host the #Fintech Happy Hour of 2023 with Bangalore and upcoming India events. If you are in the city, do join.
Edition #73 of Fintech Inside is out!
Happy to host the first Fintech Happy Hour of 2023 in Bangalore on 27th April, 2023.
Excited to bring fintech founders, product builders, venture investors & senior executives under one roof!
Thanks to @falconfstweets and @sandbox_api!
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Wishing a happy and prosperous Republic Day to all! May this day bring us all together to celebrate the unity and diversity of our nation. #happyrepublicday#india#UnityInDiversity
On average, businesses spend thousands of manual hours, calculating & paying TDS, Advance and Self Assessment Taxes.
The tedious process of tax payment is exacerbated by a difficult-to-navigate government website which results in manual tax payment being an extremely error-prone
Benefits of Tax Payment APIs:
➡Automated reconciliation with Virtual Account APIs
➡Supports multiple payment methods like UPI, NEFT, RTGS, and IMPS
➡Avoid fat fingering of PAN, Challan, amounts such as taxes, cess, and interest penalties
➡Build Automated workflows
The #Sandbox API takes UPI ID as input and will verify the details like the registered name at the bank and whether the UPI exists in realtime
Read API Docs: https://t.co/iIZ26CizSV
Need help? Contact the team: https://t.co/lnUJE2wM5z
➡ In Q1 2022, #UPI clocked over 1400 Crores transactions in volume and over INR 26 Lakh Crores in terms of value. That's a whopping 99% increase as compared to Q1 2021 as per NPCI
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➡ With UPI transactions growing in double digits YoY, businesses will soon be required to perform instant UPI ID verification at the time of onboarding a new user/vendor/merchant
➡ Improve transaction success rate before making a payout to a UPI ID
The #Sandbox API takes UPI ID as input and will verify the details like the registered name at the bank and whether the UPI exists in realtime
Read API Docs: https://t.co/iIZ26CizSV
Need help? Contact the team: https://t.co/lnUJE2wM5z
➡️ As the number of transaction increase, the operation cost of complying with the IT Act can increase exponentially.
Automate end to end TDS compliance for your business using Sandbox APIs
API Docs: https://t.co/M4IlyG1HqA
Need help? Contact the team: https://t.co/pQSMfKmqOj
Since 1st October 2020, E-commerce Operators are required to deduct 1% TDS for facilitating the sale of goods or services u/s 194O of the Income Tax Act.
Additionally, the Finance Act of 2021 mandates E-commerce Operators to deduct higher TDS from specified persons u/s 206 AB
From 1st July Crypto exchanges & brokers must deduct TDS on sale of virtual digital assets u/s 194S of the Income Tax Act
Additionally, the Finance Act of 2021 mandates Crypto players to deduct higher TDS from specified persons u/s 206 AB
Read API Docs: https://t.co/GlQ3l4vmf2