Form 24Q This form has to be filled up for declaration of a citizen’s TDS returns in detail. The form information is based on a citizen’s salary payments and the deductions made for tax. The declaration and payment is to be made quarterly by companies and firms in India. Details such as Deductor, Deductees, Challans… Continue reading TDS filing forms and its descriptions
Tag: TDS Calculation
TDS on sales transactions and TCS on both sale and purchase transactions
Basically, general instructions for withholding taxes SuiteAnswer #94468 is not applicable for India. The ACS team [with reference to case 5594776] has provided the following remarks: TDS is Withholding taxes used in India. Complete documentation for TDS can be found in the SuiteAnswer article #80280 For default Section codes please go through SuiteAnswer #80286 As seen… Continue reading TDS on sales transactions and TCS on both sale and purchase transactions
View TDS on an Unapproved Bill
TDS calculations are omitted in unapproved bills. To preview TDS values before approving a bill record, users can switch the Approval Status to Approved and utilize the “Preview Tax” button. This action will reveal TDS details under the Tax Details subtab, facilitating verification before approval. Subsequently, revert the status to Pending Approval and save the… Continue reading View TDS on an Unapproved Bill
Proposal For TDS On AR
The client would like to apply TDS on AR transactions. Proposal summary This proposal outlines a comprehensive solution for integrating TDS seamlessly into NetSuite environment, ensuring accurate tax deduction, compliance, and efficient financial management. The proposed solution involves leveraging NetSuite’s functionalities along with customization to automate TDS calculation, deduction, and reporting for Account Receivables. Requirement … Continue reading Proposal For TDS On AR
Proposal for Implementing TDS On AR in NetSuite
Proposal Summary This proposal covers the scope of Implementing TDS On AR in NetSuite. Aim of proposal: To provide a detailed plan for setting up and managing TDS on AR processes in NetSuite, to improve compliance, accuracy, and efficiency in your organization’s financial operations. Specifically, the project will involve setting up a TDS on AR Criteria… Continue reading Proposal for Implementing TDS On AR in NetSuite
At the time of Prepayment, there should be an option to deduct TDS
Requirement: Cashgrail needs TDS calculation in vendor prepayments. Check how we can use TDS calculations in the vendor prepayment, as per India localization suit tax. Solution: The standard TDS Calculation does not support Bill Credit and Vendor Prepayment. Custom Solution: For a Vendor Prepayment, add a new transaction field called “TDS Calculation” to confirm the… Continue reading At the time of Prepayment, there should be an option to deduct TDS
TDS Calculation
TDS Calculation in vendor bill, vendor record, and item/chart of account.