Setup TDS Types

YouTube: HOW TO ENTER TDS DETAILS IN PURCHASE VOUCHER IN LOGIC ERP

Setting Up Setup TDS Types in LOGIC ERP

In this tutorial, we will guide you through the process of entering TDS details and calculating TDS while recording a purchase in Logic ERP.

Creating a TDS Account

• If you want to learn more about TDS account creation, click here to Learn More.

Setup TDS Types:

• Navigate to the Main Menu and then Expand "Setup".

• Select "Setup Accounts" and then Click on "Setup TDS Types".

• Select the TDS Nature.

  • Normal TDS: Deducted under the Income Tax Act on payments like rent, contractor fees, and professional services.

  • TDS Under GST: Deducted on taxable supplies by government departments or notified entities at 2% (1% CGST + 1% SGST or 2% IGST).

  • TDS on Goods: Applicable on the purchase of specified goods above a threshold, deducted at 0.1% under Section 194Q.

• Define the Detail as mentioned Below:

  • TDS Type Name: Define TDS Name "TDS ON GOODS".

  • TDS ACT Name: Choose the Ledger Account we created earlier.

  • TDS Percentage: Define the TDS Percentage as per Govt Low (0.1).

  • TDS Percentage Above Limit: Define the TDS Amount as per Govt Low

  • Min Limit: Define the TDS Limit (5000000).

This picture illustrates how you can set up a TDS account.

Allocating Accounts to TDS Types

• If you want to learn more about Allocation Accounts to TDS Types, click here Learn More.