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.
