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To Configure Lower Rate TDS, we need to follow below steps;
We need to configure in the TDS Setup screen, i.e., Nature of Deductions and Party Details.
We need to create the Nature of deductions which is lower or zero rate deduction along with the reason for the same. And need to define lower rate % in the same screen.
In party details screen we need to define Vendor Name who is applicable for lower rate deduction and select Nature of Deduction from the Finder. We need to define PAN Number and other details.
So, following all these steps, we can use this feature, i.e., Lower Rate TDS deduction for Vendors in Sage 300cloud, as it is straightforward to utilize this functionality in the Sage ERP system.
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