TDS & TCS

TDS you deducted

When you record a vendor payment or expense with TDS, it appears here automatically under To deposit. TDS is due by the 7th of the next month (30 April for March).

1. 1Choose the Financial year.
2. 2On the TDS I deducted tab, tick the entries you have paid to the government and click Record deposit. Enter the Deposit date, Challan serial, BSR code, any Interest for late deposit (1.5% per month is suggested when late, booked as an expense) and the Paid from account.
3. 3Save. The entries are marked Deposited and the challan is listed under Deposits made.
4. 4For TDS deducted outside a recorded payment or expense, click Add manually.

TDS deducted from you (credit you can claim)

1. 1On the Credit I can claim tab, TDS a customer deducted is added when you record their payment. For TCS or anything else, click Add credit.
2. 2Choose TDS or TCS, enter who deducted it, the gross amount, tax deducted and date.
3. 3Tick In Form 168 once the credit shows in your Annual Information Statement (formerly Form 26AS), so you know it's safe to claim in your income-tax return.

Sections & rates

The Sections & rates table lists each TDS section with its rate and thresholds (per payment and per year). Edit it if rates change.