TALLY ERP9

TDS:
TDS (Tax Deducted at Source) is one method of collection of Income Tax. When the Buyer (Deductor) makes payment like Salaries, Rent, Interest, Dividend, Insurance, Commission on Lottery Tickets, etc. to the Seller (Deductee), TDS is deducted and paid to Income Tax Department within the stipulated period. Form 16(A) given by the Deductor to Deductee contains the details of Gross Income, Deductions, Savings, Tax deducted, etc. The Deductor has to file Quarterly Returns electronically in the Form 26 & 27(A).

TAX SLABS:
Upto Rs.2,50,000 = No tax
Upto Rs.5,00,000 = 10%
Upto Rs.8,00,000 = 20%
Above Rs.8,00,000 = 30%

Savings Limit = Rs.1,50,000
Tax Rebate: Rs.5,000
 
SAVINGS CATEGORIES:
Life Policy premium,
NSC,
NSS,
PF,
PPF,
MediClaim,
Housing Loan principal, etc.
Housing Loan interest can be deducted from total income

COMPANY NAME : TDS & Co.

ACTIVATION :
• F11: Features
• Statutory and Taxation
• Enable TDS = Yes
• Set/Alter TDS details = Yes >>> Give necessary details
• Accept.

POST THE FOLLOWING TRANSACTIONS:-
01.04.2006    Fees on Professional Services payable to ABC Enterprises Rs.2 Lacs.
02.04.2006    TDS to be collected at 20% from the amount payable to ABC Enterprises
01.05.2006    Fees paid to ABC Enterprises
02.06.2006    TDS amount paid to Income Tax Department

Note: While deducting TDS click “TDS DEDUCTION” button.

HOW TO VIEW TDS REPORTS?
• Gateway of Tally
• Display
• Statutory Reports
• TDS
• Form 26Q
• Give period