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).
Life Policy premium,
Housing Loan principal,
Housing Loan interest can be deducted from total income
COMPANY NAME : TDS & Co.
• F11: Features
• Statutory and Taxation
• Enable TDS = Yes
• Set/Alter TDS details = Yes >>> Give necessary details
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
• Statutory Reports
• Form 26Q
• Give period