Automatic Reflection of TDS Once the deductor files the return, the TDS shall be reflected automatically in the electronic cash ledger of deductee. The deductee can claim credit of this tax deducted and use it for payments of other taxes. ...
Credit: 1,500,000.00) Offset account type: Ledger Offset account: 600120 Already posted transaction: 2,000,000 Initial threshold value: 2,000,000 SelectWithholding tax. Notice that withholding tax is calculated as expected, based on the percentage that you previously set up for this vendor (0.1...
Scenario: GST TDS on payment to a vendor transactionGo to Accounts payable > Vendor payment journal, and select New. In the Account type field, select Vendor, and then, in the Account field, select INMF-000001. In the Credit field, enter 1200.00. In the Offset account type field, ...
The GST TDS Credit received will be shown on settlement page.User can manually enter amount in GST TDS Credit Utilized field for utilizing against the liability.Choose the icon, enter Bank Receipt Voucher or Cash Receipt Voucher, and then choose the related link. Fill in the fields...
GST on service management GST input service distribution TDS TDS for customer TCS Voucher interface Fixed asset Gate entry Subcontracting Stale cheque Italy Mexico Netherlands New Zealand Norway Russia Spain Sweden Switzerland United Kingdom United States ...
The assessee under the Income Tax Act 1961 has a due date of 2 years to utilize Form 71 in order to amend the incorrect TDS credit issue. What is the Method to Amend the Wrong TDS Filing? Starting on October 1, anyone who wants to change the year of their TDS deduction can do so...
Know about GST regular updates, gst rules, Taxation, TDS, Company Rules, accouting, nbfc, ibc, rbi updates and Business Laws.
Here is the detailed article on TDS & TCS under the GST law – a complete guide to understand the latest provisions & implementation of the same.
He has argued numerous cases before different benches of the ITAT and has many reported judgments to his credit. In addition to his litigation work, he has played a significant role in advising on inbound and outbound transaction, facilitating both the inflow of investments into India and the ...
s job to deduct TDS and then make payments. The deductor must pay the TDS from the deductee’s earnings to the government. Payment may be made by any mode such as cash, credit or cheque, TDS is deducted irrespective of the mode of payment and it is linked to the PAN of the deduct...