#epaymentsystem

This words you always hear from the teacher before taking the exam. 😔

‎‎Every time the teacher says that before exam, alam mong kakabahan ka na. 😰

‎Pero let's be real, lagi ka namang nagbabayad ng Settlement of Account (SOA) pero it's always mahaba ang pila kahit maaga ka nang pumasok, And others are nervously checking if they brought enough for their payments. The line moves slowly — receipts being written, and time ticking away. ⏰🥶

‎Meanwhile, in the registrar office, papers pile up like an endless tower. One misplaced transaction, and the whole process stops. It’s not anyone’s fault — it’s just how things have always been done. 😞

‎Pero mapapa-what if ka nalang like “What if paying SOA didn’t need paper, lines, or waiting?” 🤔

‎So that's why we need to change this routine every morning. 😏

‎Instead of going to school early or lining up just to pay your SOA even if it means male-late ka. 😖

‎So we come up with the idea of developing the. . .  😎

QR Based E-Payment and Transaction this designed to make the payment time efficient to the students and teachers, replacing the traditional one which is the SOA method. It's purpose is to organized the account of the students and hindi na kakabahan na mawala ang SOA nila. This system uses a card to scan and to check your account, leading to a better environment. 

‎With QR Based E-Payment and Transaction, every payment is in one place. 😍

‎Our system can do fast transaction like:

Paying your bills in school. 💵💲

Payment sa mga events sa school na akala mo makakasama ka pero need mo pa rin magbayad kasi mandatory 😆

‎Kaya sa system namin lahat mabilis 🏃⚡

‎Looks cool, right? 😎

‎Well, that's just a quick sample of what might our system look like once it's fully developed.  💡

‎But. . . The real purpose of our QR Based E-Payment and Transaction is to make everything fast when it comes to payment. 🏃💨

References:

Al Shetwi, M., & Gherbi, A. (2023). The impact of accounting digital transformation on financial transparency: Mediating role of good governance. Journal of Risk and Financial Management, 18(5), 272. Macrothink Institute.

Budiasih, Y. (2024). The influence of digital technology on financial management [“Pengaruh Digital Technology terhadap Financial Management”]. Accounting Studies and Tax Journal (COUNT), 1(1), 81–89. MDPI. https://doi.org/10.62207/wb6d3c96

Cabanillas, F. L., Luna, I. R., & Rios, F. J. M. (2015). User acceptance of mobile payment systems: An analysis of the effect of security and trust. Telematics and Informatics, 33(2), 370–385. https://doi.org/10.1016/j.tele.2015.09.002

Chen, L., Zhang, W., & Tan, M. (2019). The impact of digital technologies on accounting efficiency. Journal of Accounting and Technology, 34(2), 112–128.

Deloitte. (2020). Digital transformation in finance and accounting: The role of automation. Deloitte Insights, 18(3), 65–78.

Espeleta, R. M. (2022). Utilization of standard electronic payment system among private higher education institutions in the Province of Albay. JPAIR Multidisciplinary Research, 50(1), 140–158.

Gonio, S., Hanoyan, M., Legarda, R., et al. (2024). A systematic review on financial resource management in education [Philippines].

Hernandez, C. J. (2019). Challenges in adopting digital accounting systems in traditional firms. International Journal of Accounting Innovations, 27(1), 91–104.

Johnson, M., & Rowe, S. (2020). Enhancing business operations through digital accounting integration. Journal of Business Systems and Technology, 31(4), 215–229.

Ly, P. T. M., & Hoang, T. T. (2015). The role of trust in e-government adoption: A systematic literature review and future research agenda. Technology Analysis & Strategic Management, 27(10), 1163–1176.

Nguyen, H. T., & Ngo, T. L. (2021). The role of mobile applications in modern accounting practices. Asian Journal of Business and Accounting, 14(2), 89–105.

Pan, G., & Lee, B. (2020). Leveraging digital technology to transform accounting function: Case study of a SME. International Journal of Accounting and Financial Reporting, 10(2), 36–52.

PricewaterhouseCoopers (PwC). (2022). Cybersecurity and trust in the digital accounting landscape. PwC Financial Services Report, 29(1), 33–47.

Smith, A., & Kumar, R. (2020). The shift to digital: Automation and the future of accounting. Accounting Today Research Review, 22(2), 101–119.

Tapscott, D., & Tapscott, A. (2018). Blockchain revolution: How the technology behind Bitcoin is changing money, business, and the world. Journal of Financial Innovation, 10(1), 44–61.

It is the responsibility of the deductor of tax at source to remit the necessary TDS payments. In this article, we will discuss the concept of TDS payment. Here is the list of the authorized banks for TDS payment:   Allahabad Bank Andhra Bank Axis Bank Bank of Baroda Bank of India Bank of Maharashtra Canara Bank Central Bank of India Corporation Bank Dena Bank HDFC Bank ICICI Bank IDBI Bank Indian Bank Indian Overseas Bank Jammu & Kashmir Bank Oriental Bank of Commerce Punjab and Sind Bank Punjab National Bank State Bank of India Syndicate Bank UCO Bank Union Bank of India United Bank of India Vijaya Bank

Due Date for TDS payment

Following are the due dates for two types of categories: Government Assessee Other Assessee For Government Assessee Those who are connected with the government will be required to remit their payments within the dates specified below: Tax remittance without challan—the day of deduction Tax remittance with challan— 7th of the succeeding month Perquisites tax remitted by the employer— 7th of the succeeding month For other Assessee Those who are not part of the Government, the due dates for the remittance are given below: Deductible tax in March—30th April of the succeeding year Deductible tax in other months and deposits of tax by the employer—7th of the succeeding month

The Option of Quarterly Payment

With the consent of the Joint Commissioner, the Assessing Officer can permit the taxpayer to make quarterly payments. In this case, the due date of payment will be as specified below: Quarterly TDS which concludes on the 30th of June – 7th July Quarterly TDS which concludes on the 30th of September – 7th October Quarterly TDS which concludes on the 31st of December – 7th January Quarterly TDS which concludes on the 31st  of March – 30th April

Procedure for E-Payment of TDS

Following are the steps through which a deductor of TDS can remit the TDS payments: Step 1. Go to the online website of TIN NSDL.

Step 2. Click on "Services". Then select "e-payment-pay tax online" option from the drop-down menu.

Step 3. Now, select the first the challan number (ITNS 281) for the payment of TDS.

Step 3. Enter the valid TAN number.

Step 4. Provide all the details pertaining to accounting head under which the payment is to be made, name and address of TAN, etc.

Step 5. Enter the Captcha code and click on proceed, after which the confirmation will be displayed on the screen. Step 6. Now, all you need to confirm the details included in the challan, after which you will be redirected to the net banking page of the particular bank. Step 7. At the last, after the successful remittance of the payment, a challan counterfoil would be displayed. It is documentary evidence of the remittance of payment.

What are the Consequences of Delayed TDS Payment?