OVERVIEW OF TAX DEDUCTED AT SOURCE (TDS) IN MARG BOOKS
A new Section, Section 194Q has been added which deals with the Tax Deducted at Source (TDS) on Purchase of Goods.
The provision of Section 194Q would apply to a buyer whose turnover exceeds INR 10 Crore in the previous financial year & has purchased the goods for more than 50 lakhs or done the transactions of more than 50 lakhs then TDS will get deducted on it.
Along with it, if the buyer has provided the PAN Card then 0.1% tax will get deducted and the tax would be required to be deducted at a higher rate of 5%, if the buyer does not hold a PAN Card.
The Section 194Q is applicable from 1st July 2021.
PROCESS TO IMPLEMENT TAX DEDUCTED AT SOURCE (TDS) IN MARG BOOKS
Firstly, click on 'Settings' icon.
A 'Dashboard Setting' window will appear.
In 'Control Room' option, the user will click on 'Configure' button.
A 'Control Room' window will appear.
The user will search 'TDS'.
In 'Enable TDS' option, the user will select 'Yes'.
Now click on 'Configure' option.
An 'Enable TDS Configuration' window will appear.
In ‘Effective From’ option, the user will select the date from when tds needs to be applicable, by default date will be already mentioned in it i.e. 01-07-2023.
In ‘Party Purchase Limit’ option, the user will select the party purchase limit on which bases tds will get calculated on it.
Suppose set ‘1’.
In ‘With Pan’ option, This means that if the customer provides their PAN Card/ Aadhaar Card then 0.1% TDS will get collected. So, mention 0.1% here.