Overview of Tax Deducted at Source (TDS) in Marg Books

Process to Implement Tax Deducted at Source (TDS) in Marg Books

Tax Deducted at Source (TDS) Apply on Purchase Bill in Marg Books.

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 the 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 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 be 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 basis tds will get calculated.
•  Suppose set ‘1’.

• In ‘With Pan’ option, if the customer provides their PAN Card/ Aadhaar Card then 0.1% TDS will be collected. So, mention 0.1% here.

• In ‘Without Pan’ option, If the customer does not provide a PAN Card / Aadhaar Card then 5% TDS will be charged. So, mention 5% here.

• In ‘Responsible Person Details’ option, the user will select ‘Yes’.

• Now click on ‘Configure’ option.

• A ‘Responsible Person Details’ window will appear.
• The user will mention the concerned user details, who has enabled the TDS i.e. name, pan no, mobile no &, etc.
• Click on ‘Save’.

• Now the user will press ‘ESC’ key.

• Again, press 'ESC' key.

• A 'Changes in control room settings, page need to refresh' alert will appear.
• The user will select 'Ok'.

TAX DEDUCTED AT SOURCE (TDS) APPLY ON PURCHASE BILL IN MARG BOOKS.

• Suppose the user is applying TDS on the Purchase Bill, so the user will create the Purchase Bill as per the requirement, and at the time of saving a bill a ‘Confirmation’ window will appear.
•  The user will select the ‘Proceed’ button to apply TDS on the Purchase Bill.

After following the above steps, the user can view TDS will get Implement in Marg Books.