TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits.
With Giddh, you can easily create TDS by following these steps.
- Click on Manage Groups & Account on the left side of your Giddh accounting screen.
- Select Duties & Taxes from Current liabilities.
- click on Create New and Choose Create A/C option.
- Add the appropriate details in Account Name and click on Save.
- Now head to Settings>Taxes.
- Choose Others from the Select Tax drop down menu.
- In the Linked Account drop down menu choose the new tax you created which will be populated only if you have followed the steps mentioned above
- Fill in other important details such as Unique No., Name,Tax Filing Date, its duration and its percentage rate(in negative).
- Click on Add and voila! Your TDS has been added to your account.