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Set up withholding tax codes for the TDS tax type

This article explains how to set up tax codes for Tax Deducted at Source (TDS).

  1. Go to Tax > Indirect taxes > Withholding tax > Withholding tax codes.

    [Withholding tax codes page.]

  2. On the Action Pane, select New to create a withholding tax code for TDS, and enter the required details.

  3. On the General FastTab, in the Tax type field, select TDS to categorize the tax code as a TDS tax code.

  4. In the Settlement period field, select the TDS settlement period for the TDS tax code.

  5. In the Main account field, select the ledger account that the TDS amount should be posted to.

  6. In the Receivable account field, select the receivable account that the TDS amount that is deducted in sales transactions should be posted to.

    The Origin field is automatically set to Percentage of gross amount, and the value can't be changed.

    Note

    You can't set the origin to Percentage of net amount for tax codes of the TDS tax type.

  7. In the Withholding tax component field, select the TDS tax component for the TDS tax code.

  8. On the Action Pane, select Values to open the Withholding tax values page.

  9. In the From date field, enter the start date for the TDS value. In the To date field, enter the end date.

    Note

    The Minimum limit, Upper limit, and Exclude % fields aren't available for tax codes of the TDS tax type.

  10. In the Value field, enter the percentage of TDS for the TDS tax code.

  11. Close the Withholding tax values page to return to the Withholding tax codes page.

    Note

    The Limits button on the Withholding tax codes page isn't available for tax codes of the TDS tax type.

  12. Close the page.