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  2. Clients and onboarding
  3. Bookkeeping
  4. Bank reconciliation
  5. GST returns
  6. TDS
  7. Month-end and statements
  8. Your practice: calendar, fees and time
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Guidebook PDF

TDS

For: Accountants

TDS is set once on each supplier, deducted by the purchase invoices, paid by challan every month and reported each quarter.

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Videos

TDS reports and payment 0:39

What was deducted, the monthly totals, and the challan.

Transcript

Hi, I'm Zuzu. Let's check the TDS a client has deducted, and record what they paid.

In TDS, TDS deducted lists every deduction: section, party, PAN, invoice and amounts. It's the base for the quarterly return.

TDS summary gives the totals by supplier and section, for the amount to pay by challan.

Pay by the seventh of the next month, and record it: TDS payable to bank, with the challan number as the reference.

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Step by step

1The TDS menu#

Deductions, the monthly summary, recording a payment and the TDS categories.

The TDS menu

2TDS on the supplier#

Set the supplier's Tax Withholding Category (for example rent, professional or technical fees) once; their bills then deduct TDS by themselves.

TDS on the supplier

3TDS deducted#

Tax Withholding Details: every deduction with section, party, PAN, invoice and amounts, the base for the quarterly return.

TDS deducted

4TDS summary#

Totals by supplier and section for a period, the amount to pay by challan.

TDS summary

5TDS paid#

Pay by the 7th of the next month (challan ITNS 281) and record it: TDS Payable to bank, with the challan number as reference.

TDS paid

6Quarterly returns#

Form 26Q/24Q files are not prepared by the ERP yet; Tax Withholding Details gives the data your return software needs.