TDS Entry in Tally

From Gateway  of Tally – Press ‘D’ (Display) – Press ‘U’ (StatUtory Masters)- Press ‘S’ (TDS Nature of Pymts) – Select any of the ‘TDS Nature of Payment’ from the ‘List of TDS Nature of Payment’ (e.g. Commission on Brokerage).

In addition, for each of the deductee type, following details are also preset.

-           Date of Applicability

-          Exemption Limit

-          Rate of Tax

Type of Deductees

The above-mentioned TDS has to be deducted from the deductee.  The various types of deductees are as follows:

1.        Association of Persons

2.       Body of Individuals

3.       Company – Non Resident

4.       Company -  Resident

5.       Co-operative Society

6.       Individual / HUF  -  Non Resident

7.       Individual/  HUF  -  Resident

8.       Local Authority

9.       Partnership Firm

For the deductee type the following details are preset as per Income Tax Laws.

-          Residential Status

-          Deductee Status

-          Periodic details

-          Applicable from

-          Surcharge Exempt Limit

-          Surcharge Percentage

-          Addl Surcharge (Cess) percentage