Statutory Enhancements for TDS/TCS

Enhanced Transaction and Masters Experience for TDS/TCS

You can now experience the following flexible, intuitive options for transactions and masters:

• Users can configure the various Nature of Payment/Nature of Goods, and their period of applicability.

• Assign classification created to masters and transactions, based on business requirements.

• Option to override the default classifications during transactions.

Features of TDS and TCS Reports

The statutory enhancement for TDS/TCS computation reports enables you to identify and correct transactions recorded before filing tax returns. All transactions, whether recorded correctly, incorrectly or inadequately are captured and categorized in the new computation report.

Statistics of Vouchers

This section of the new report provides:

• Count of included, excluded, and uncertain vouchers.

• • Included: These become a part of TDS Forms – 26Q and 27Q and for TCS in Form 27EQ. This includes all TDS/TCS transactions such as expense booking, deductions, returns, payment, and adjustment entries.

  • Excluded: These transactions do not carry relevant TDS/TCS details, and are excluded while generating returns.

  • Uncertain: These transactions do not fall under included and excluded categories.

• Drill down reports to the voucher level from included, excluded & uncertain vouchers.

• The summary of uncertain vouchers allows you to identify the missing information, correct the details entered, and resolve exceptions. By doing so, appropriate transactions will be included to generate the return forms for TDS and TCS. Hence, the duty liability raised is accurate.

For more information, click here.

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