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Managing TDS masters in Ginesys Web

Owned by Aparajita Basu Roy
Last updated: May 31, 2022 by Subhasree Banerjee (Unlicensed)

Tax Deducted at Source is a type of advance tax which Government of India levies on a periodic basis. The overall deducted TDS is claimed as tax refund after a taxpayer files the Income Tax Return. The person who is making the payment is responsible for deducting the tax and depositing the same with government. This person is known as 'deductor'. On the other hand, the person who receives the payment after the tax deduction is called 'deductee'. The recipient or the deductee will add the gross amount to his income and the amount of TDS is adjusted against his final tax liability and get credit of the amount already deducted and paid on his behalf.

When is TDS not applicable?

Any person making specified payments mentioned under the Income Tax Act are required to deduct TDS at the time of making such specified payment. But no TDS has to deducted if the person making the payment is an individual or HUF whose books are not required to be audited.

TDS & GST

TDS is to be deducted at the rate of 2 % (percent) on payments made to the supplier of taxable goods and/or services, where the total value of such supply, under an individual contract, exceeds two lakh fifty thousand rupees (2,50,000). No deduction of Tax is required when the location of supplier and place of supply is different from the State of the registration of the recipient.

This article is a collation of all the TDS related material of Finance module in Ginesys HO.

How To: Create & Edit TDS Source Definition in Ginesys Web

How To: Create & Edit TDS Section Definition in Ginesys Web

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