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As we know taxation system is used by many countries. These taxes can be on the state or the central level. Some of the noted taxes that need to comply are TDS, VAT, Excise, Service Tax, etc. Various taxes are imposed on individuals and businesses that need to be complied with, mandatorily.
When we are talking about so many taxes and regulations to follow, there is also a requirement for software that can take care of all of these efficiently and seamlessly, saving the administration team a lot of time.
Using the Sage 300cloud Add-on module you can apply TDS on the purchase of goods that are developed to do just the same. You can generate a statutory report from our systems such as Form 16A, deduction, and remittance report.
TDS Configuration in Sage300
To deduct TDS on purchase of goods under section 194Q you need to follow below steps.
By assigning NOD for section 194Q, the system will pick up this NOD by default while creating transactions against the vendor.
TDS Deduction on transactions at 0.1%
As per the new section 194Q, the TDS will be deducted on different amount unlike the default cumulative functionality which deducts TDS on Total amount.
Let’s check with example:
Threshold cut-off: 50, 000, 00
TDS Effect: No TDS will be deducted
TDS Effect: TDS 0.1% of deducted will be on 10 Lakh
i.e.: 0.1% of 10 lakhs = INR 1000 TDS value
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Disclaimer: All the information, views, and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views, or objectives of Sage Software Solutions (P) Ltd.
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