Tax deducted at Source is an add-on for Sage 300c ERP enabling organizations to maintain complex requirements on Tax Deducted at Source and generates reports and forms required by the Central Government.
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Section 197 of the Income Tax Act, 1961 provides for the facility of NIL deduction of tax at source or at a deduction at a Lower rate of tax.
Lower tax rates save the vendors from the effect of higher TDS deduction and vendors can get higher payments from their customers as TDS amount will be on a lower side.
In this module rates are basically set from Nature of deduction screen. Here, User can set Lower Rates for the Vendors accordingly.
This Nature of deduction can be assigned to the vendors as per the Rates assigned for their TDS calculation.
A. Nature of Deduction :
Create a new NOD from the Nature of Deduction screen by assigning a code and entering its description. Select required TDS section for the NOD and set amount range and assign lower TDS rates as required.
User can specify the reason for Lower Rates in the comment box ‘Reason for lower rate’ and save the details.
B. Party Details screen to assign vendors :
Select Vendor No which is to be considered for the Party Detail to assign TDS Rates. Select required Nature Of Deduction for the selected Vendor. Assign proper State Code, Branch Code and PAN No. for Vendor as per Company/Non-Company and save the details.
Thereby we can see how to set lower rates TDS and assign it accordingly to the particular Party Detail Vendor for its effect to take place. In this way user can create No of NOD with different Lower rates and assign it accordingly to multiple Party Vendors as required.
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