Sunday 6 September 2015

T.D.S. (TAX DEDUCTED AT SOURCES)

T.D.S. (TAX DEDUCTED AT SOURCES)

T.D.S. is one of the mode of collected deduct tax. T.D.S. is deposited in treasury bank on behalf of Income Tax Department.

Buyers (corporate and non- corporate) make payment under various heads such as salary, rent, interest on securities, dividends, insurance, commission, brokerage, commission on lottery ticket, professional fees etc.
The deductive tax collected from 16/16A and 16AA is certified for the deduction of tax from the deducter.

The person whose income is Rs. 2,00,000 or more than Rs. 2,00,000 T.D.S. will be deducted 20% and whose income is less than Rs. 2,00,000 T.D.S. will not be deducted.

Deductee: - Deductee is the person who pays T.D.S.

Deducter: - Deducter is the person who deducts T.D.S.

Tan: - (Tax Deduction Account Number) is issued by the Income Tax Department through all person deductive tax at source.

Example:-

ABC Company paid salary to Raman Rs. 50,000 with deduction of T.D.S.

To maintain:-

Create a company and then activate T.D.S. as follow:-


To Activate T.D.S.: - G.O.T. (Gateway of Tally)--> Press F11 (Company Features)--> Press F3 (Statutory & Taxation).




And then create ledger:

Path for ledger creation: - G.O.T. (Gateway of Tally)--> Accounts Info--> Ledger--> Create (Single).




Now do voucher entry:

Path for voucher creation: - G.O.T. (Gateway of Tally)--> Inventory Voucher--> Press F7 (Journal Voucher).






After that, press “Alt + S” to deduct T.D.S.


Press F5 to open Payment Voucher.

Press F12 for configuration.



Again press F12 for configuration.



T.D.S. has been paid.



9 comments:

  1. This is great blog keep it up. Thanks for sharing.....

    Tally Services

    ReplyDelete
  2. very helpful blog thanks for giving you information and increase knowledge
    What is Tds

    ReplyDelete
  3. This comment has been removed by the author.

    ReplyDelete
  4. thank you for sharing your idea its very helpfull
    http://bit.ly/2FAqAvU

    ReplyDelete
  5. Thank you, it's so simple and very helpful!

    ReplyDelete
  6. Excellent read, Positive site, I have read a few of the articles on your website now, and I really like your style. I really appreciate your work.If you require aboutIncome Tax Consultants in bangalore | SSI Registration in bangalore please click on it.

    ReplyDelete

  7. Thanks for sharing this Article,For More details click Here - Tally training in Chandigarh

    ReplyDelete