Perform TDS on Purchase/Sales
How to perform TDS on Purchase/Sales in SwilERP (RetailGraph)
What is TDS & Why TDS?
TDS plays an important role in preventing malpractices like non-disclosure of income. Generally, the tax needs to pay tax on the person who earns the income. TDS puts on the person paying the amount to deduct tax on behalf of the person receiving the payment.
The buyer has to deduct TDS and the value of the transaction on which the deduction is to be made. You can get information about it from section 194Q. It is very similar to the last year's TCS provisions imposed on the sales of the goods.
In this blog, we will see how RetailGraph makes TDS easy for Businesses. Here, we will show you the step-wise TDS filing procedure, which will help you perform the whole process in RetailGraph.
TDS Implementation
To implement TDS in RetailGraph, the user need to update the RetailGraph version at his end to apply TDS. After getting it updated, RetailGraph offer three ways to deduct TDS-
➤ TDS through Purchase Entry
➤ TDS Debit Note through Purchase Entry
➤ TDS through Sales Entry
Let's have a look into the following settings that need to be done in RetailGraph:
Steps that need to perform in RetailGraph
TDS Registration
2. The TDS window opens. Here, you need to fill the Password field issued by the SWIL. You need to select
-
TDS Collected
in the TDS (Purchase Invoice) drop-down &
-
TDS Collected (Debit Note)
in the TDS (Debit Note) drop-down
Now,
click on the Register tab to get the TDS registration in RetailGraph.
Note:
Other mentioned details are put in as per the current government guidelines for TDS, and it may change later if there are any changes in guidelines.
TDS Through Purchase Entry
System Default Setting
3. To avail of the System Default settings, you need to click on
Options
->
System Default
.
6. In the RetailG Settings tab, you need to check the "Calculate TDS on Purchase" option. Click Save .
7. The Password Verification window opens. Enter the password and click Submit .
8. Now, you need to Exit from the software and need to re-login to avail the TDS settings.
You can set up for those vendors who come under TDS norms.
11. Click on the Attribute Detail option from the right end of the window. The Attribute Detail window opens. Select attribute as TDS from the list and click OK .
Apply TDS on Purchase Entry
The TDS on purchase feature works when you want to deduct TDS at the time of purchase.
12. To perform TDS on
purchase
, you need to go to
Purchase
->
Purchase Invoice
.
13. The Purchase Invoice window opens. Select the vendor. Fill in the purchase details as per your requirement, and click Save .
14. The Notification window opens. Click No to save.
TDS Debit Note through Purchase Entry
15.
To perform TDS Debit Note through purchase entry, you need to go to
Masters
->
Accounts
->
Ledger Account
.
16. Select Account and click on the Edit button for which account you wants to apply TDS.
17. In the Ledger Account window, check the Apply TDS check-box. Click Save .
Create TDS Debit Note through Purchase Entry
18. Click
Purchase
->
Create TDS Debit Note
.
19. Here, you get the following window, which shows the purchase list that comes under TDS. You can select the desired Purchase entry. Select the Entry Date and Series for which you want to generate a debit note.
Here, you need to tick a mark on the option
"Separate Debit Note for each invoice."
Then, click on the
Create
button.
Note:
➤ This feature will create a separate debit note for each purchase invoice and make a purchase settlement.
➤ If we do not mark it, then the debit note will be created in bulk and purchase settlement will not be done.
20. You will get the below screen for the successful creation of a debit note.
View Purchase Debit Note
21. Click
Purchase
->
Purchase Debit Note
.
22. The Purchase Debit Note window opens.
Here you get the view of the details of the Purchase Debit Note, which was created earlier.
Click on Add/Less to view the created debit note TDS details.
View List of TDS Collected
24. To view the entire list of TDS collected, you need to click
Reports
->
Account Reports
->
Ledger Display
.
TDS Through Sales Entry
System Default Setting
25. To avail of the System Default settings, you need to click on
Options
->
System Default
.
26. The Password window opens. Enter your Password and click on the Submit button.
27. The System Default window opens. Click on the RetailG Settings tab.
28. In the RetailG Settings tab, you need to check the "Calculate TDS on Sales" tab. Click Save .
29. The Password Verification window opens. Enter the password and click Submit .
30. Now, you need to Exit from the software and need to re-login to avail the TDS settings.
Customer Master
You can set up for those customers who come under TDS norms.
31. After successful re-login, go to
Masters
->
Customer/Vendo
r->
Customer
.
32. The Customer window opens. Select a Customer from the Name list and click From View .
33. Click on the Attribute Detail option from the right end of the window. The Attribute Detail window opens. Select attribute as TDS from the list and click OK .
34. The Warning window opens. Click No to save.
This way, RetailGraph gives you an easy method to get your TDS done. For more information, kindly contact our customer support.
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