When you create an invoice or bill, you will see the TDS field where you can create and apply the respective TDS rates. Here’s how:
Field | Description |
---|---|
Section | Select the applicable TDS Section. |
Rate | The percentage of TDS deducted. |
Tax Name | Name of the tax that’s deducted. |
TDS Payable Account | Other current liability account that is used to track the TDS deducted from vendors (TDS on purchases). |
TDS Receivable Account | Other current asset account that is used to track the TDS deducted by your customers (TDS on sales). |
Books
Simplify accounting
and GST filing.