Wednesday, November 16, 2011


Yet another feature included in AccountingGuru software is TDS.
So what is TDS?
TDS is the tax getting deducted from the person receiving the amount (Employee/Deductee) by the person paying such amount (Employer/Deductor). This is applicable for certain types of payments, as applicable under the Act[1].
TDS rates applicable for the financial year 2011-12 can be found in the below link.
In AccountingGuru, we can create new sections (eg for which TDS is applicable as well as run a entire ledger report for TDS payable or report supplierwise also.
To create new sections for TDS, click on accounting menu and then TDS submenu. The following screen will appear. Click “New TDS Section”, type the section and click “Create”.
Once we create the sections, we can pass the TDS payable entries based on the TDS sections. To do this, underTDS Menu click on “New TDS Payable”. The following screen appears. Update the details, select the section and click on approve.

We can also find details of TDS payable supplierwise by clicking on “Find TDS Payable”. The following screen appears wherein we update the “From Date” and “To Date” for which the report is required and click on Find.