ERPNext Installation, Implementation and Support

  If a person expects that his total income in a financial year will be below the exemption limit, he can ask the payer not to deduct TDS by submitting Form 15G/15H. While receiving payment which is subject to TDS, the deductee is required to provide his PAN details to avoid tax deduction at the higher rates. What is TDS? TDS stands for tax deducted at source. The payer of income deducts the tax from the gross payment due and pays the net amount (i.e. net of tax). Is TDS deducted at the same rate from all types of income that is subject to TDS? No, TDS is not deducted at the same rate from all incomes which are subject to TDS. There are different TDS rates for different types of incomes. Who are deductors and deductees? A deductor is a person responsible for deducting tax. The person who receives the payment after the deduction of tax is called the deductee. How can I check if TDS is deposited with the government? Once the TDS is deposited with the government by the deductor, then the

# Accounting entries for Outward Supplies Sr Transaction Accounting Entry Debit Credit 1 Outward supplies (sales within the state – B2B) Debtors A/c Dr       Outward Supplies – B2B (within the state) Output Tax Liability – CGST A/c Output Tax Liability – SGST A/c   Cr 2 Outward supplies (sales outside the state – B2B) Debtors A/c Dr       Outward Supplies – B2B (within the state) Output Tax Liability – IGST A/c      Cr 3 Outward supplies (sales within the state – B2C) Debtors A/c Dr       Outward Supplies – B2C (within the state) Output Tax Liability – CGST A/c Output Tax Liability – SGST A/c   Cr