194Q TDS On Purchase Of Goods


Mihir

2021-06-25 20:59:30


From 1st July 2021 Government has bought up 194Q TDS category on Purchase.

So below are the steps to use the same in StrategicERP.

Purchase Bill

1.At the time of Purchase Billing under the Purchase bill entry Tab all the relevant fields are added. 

2.System will check the total turnover of Party from the past bill entries starting from 01/04/2021 if it crosses 50lac then in TDS principal amount system will bring gross amount which is editable.

 

3.Then we need to select the Tax category from the drop-down which will come on the bills having 01/07/2021 or later on accounting dates.

 

4.In Dropdown there will be Two Categories available(Purchase of Goods with IT return, Purchase of Goods without IT return. if the vendor has not filed the last two years IT returns then you need to select "Purchase of Goods without IT return" so that system will deduct double at double the rate

 

 

 

Admin Bill

At the time of Admin, Bill's working is the same but the system will open the 194Q fields only if Turnover cross 50lac.

 

Payment Voucher

At the time of Advance against PO from Purchase, management TDS has to be deducted from Payment voucher by selecting the Tax category as Purchase of Goods with IT return or Purchase of Goods without IT return.