TDS managementDeduct TDS by party on receipts and payments.
Assign a TDS item to an accounting party and Sailix works out the deduction on receipt and payment vouchers and posts it to TDS payable.
Tax and customs
Overview
In Sailix, TDS starts with the party. Accounting Party TDS Configuration lets you search a customer or vendor and assign the TDS item that applies to it, choosing from predefined items for contractors, commission or brokerage, rent and professional services. Each item carries its section and rate, and one item applies per party.
From then on, a receipt or payment voucher for that party works out the deduction itself. The form shows the section, the rate, the TDS amount and the net after TDS, and saves them with the voucher. When the voucher posts, the deducted amount lands in the TDS payable account and the cash or bank leg carries the remainder.
Capabilities
What it does
TDS item per party
Accounting Party TDS Configuration assigns one TDS item to a customer or vendor. Saving again for the same party updates its configuration instead of adding a second one.
Predefined TDS items
Choose from five predefined items covering contractor, contractor other than company, commission or brokerage, rent and professional services. Each shows its tax type, section and rate.
Deduction on vouchers
On a receipt or payment voucher, Sailix applies the party's TDS rate to the net of the account lines and displays the TDS amount and net after TDS.
TDS payable posting
When the voucher is saved, the TDS amount posts to the TDS payable account and the cash or bank leg carries only what moved after the deduction.
TDS lines on journals
Purchase journals total any tax line whose type names TDS separately from other tax, show total TDS in local and foreign currency, and offer a TDS round-off line.
TDS on freight journals
On forwarding freight journals, TDS can be applied to purchase journals and vendor credits only. The summary shows the TDS total and the net amount due to the party.
Workflow
How it works
First
Configure the party
Open Accounting Party TDS Configuration, search the customer or vendor and select its TDS item. The list of existing configurations shows party, tax item, section and rate.
Then
Enter the voucher
Create a receipt or payment voucher and pick the party. Sailix finds the party's configuration and applies the rate to the voucher's net amount in local currency.
Next
Check the deduction
Review the TDS line, the TDS amount and the net after TDS in the voucher summary before you save. A party with no configuration shows no deduction.
Finally
Save and review
Saving posts the voucher to the ledger. The voucher view keeps the TDS item, section, rate and amount, so the basis of each deduction can be read back later.
Questions
Questions and answers
How do I set up TDS for a vendor in Sailix?
- Open Accounting Party TDS Configuration under FA Masters, search the vendor and tick the TDS item that applies. One item applies per party. If the party already has a configuration, saving updates it, and the existing configurations can be searched by party name.
Is TDS deducted automatically on payment vouchers?
- Yes, when the voucher party has a TDS configuration. The voucher applies the item's rate to the net of the account lines, rounds the result to two decimals, and shows the TDS amount and the net after TDS. Nothing is deducted for a party without a configuration.
Which account does deducted TDS post to?
- To the ledger account mapped to the TDS payable role. On a payment voucher the TDS is credited there and the cash or bank leg is reduced by the same amount. Tax lines named TDS on purchase journals and notes take the same route instead of going to input tax.
Does Sailix file TDS returns or issue TDS certificates?
- No. Sailix calculates the deduction on vouchers, keeps the section, rate and amount with each voucher, and posts the amount to TDS payable. Depositing the tax, filing returns and issuing certificates happen outside Sailix, using the figures held in the ledger.
Related
Works with
Vouchers and journals
Receipt and payment vouchers, contra, purchase and sales journals, and credit and debit notes, each posting a balanced ledger voucher when saved.
General ledger
A chart of accounts with enforced levels, accounting parties created from customers, vendors and lines, cost centers, and financial year close and reopen.
GST e-invoicing
Turn export and import invoices into GST e-invoices: check the payload, raise the IRN through a GSP, and download the PDF with the signed QR code.
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