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Tax Deducted at Source (TDS) in Tally.ERP 9 can handle statutory and business requirements in a
simplified manner. Various features of Tally.ERP 9 with relevant use cases which can benefit you are given below:
1. TDS on expenses (Journal /Purchase Voucher)
By this entry, you can account expenses and deduct tax at source to arrive at the net balance payable to a party.
2. Expenses partly subject to TDS (Journal /Purchase Voucher)
In the event, where a part of the expenditure is not subject to TDS and the balance amount is subject to TDS, it is crucial to record the accurate value of expenses for computation of TDS. Tally.ERP 9 provides the flexibility to enter information for the same expense ledger in the same voucher.
3. Accounting expenses and deducting TDS later (Journal /Purchase Voucher)
In some cases, you (the deductor) may follow the procedure of accounting only expenses on the receipt of bills and later deduct applicable TDS on all such accounted expenses in one voucher. Tally.ERP 9 provides the flexibility to account expenses and later deduct tax on such expenses.
4. Accounting multiple expenses and deducting TDS later (Journal /Purchase Voucher)
With this entry, you can account multiple expenses (in the same voucher) and deduct TDS later by recording a TDS deduction journal voucher.
5. TDS on advance payments
You can record a payment voucher to account advances and TDS on advances. The advance paid after deducting TDS can be adjusted against the bill received.
6. TDS on expenses at lower rate
Your assessing officer can issue a certificate for deduction of tax at lower rate than the relevant rate. In Tally.ERP 9, the user can record and compute TDS on transactions, on which lower rate of deduction is applicable.
7. TDS on expenses at zero rate
You can record and compute TDS on transactions, on which zero rate of deduction is applicable
8. Surcharge calculation on prior period expenses
In TDS, when the payment exceeds the surcharge exemption limit, surcharge is applicable on the entire amount right from the first transaction. However, if surcharge is not charged on transactions recorded until the deductee reaches the surcharge exemption limit, then surcharge is to be calculated on the entire amount. Tally.ERP 9 automatically calculates the surcharge on the prior transactions.
9. Reversal of expenses with TDS
In case you want to reverse transaction(s), the expenses and TDS deducted needs to be reversed. Tally.ERP 9 provides the flexibility to account expenses and later reverse the expenses and TDS, on cancelled transaction(s), if the cancellation is made before the payment of TDS to the Government.
10. Accounting changes in TDS percentage
Any changes in the TDS percentages or applicability of cess or surcharge for the Financial Year are updated in the deductee type statutory masters.
Example: For the Financial Year 2009-10 surcharge or cess is not applicable for TDS. For tax deduction only the specified TDS rates are considered. These changes are updated in the deductee type statutory masters
11. Accounting TDS on payments made to non–residents
TDS on payments made to non residents in Indian rupee can be accounted.
As per the requirement under Double Taxation Avoidance Agreement (DTAA), a flat deduction
of TDS without surcharge and education cess in case of payments to NRIs towards the services provided under section 195 is supported.
12. Accounting TDS on Expenses – with Inventory
TDS on expenses can be accounted with inventory details, if any, in purchase voucher (in invoice mode) and journal voucher.
Example: Expenses on purchase of cartons with company logo and other information as required, on which (including the VAT amount) TDS is applicable
13. TDS for Purchases in Item Invoice mode
In case you use item invoices for the purchases of services, TDS calculation is supported for such requirements.
14. TDS on Fixed Assets
In case of payments/advances for services that will be capitalised, the necessary TDS support is also supported.
15. Payment of TDS
TDS payment entry can be recorded using a TDS helper in payment voucher.