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KTree TDS Extension (Tax Deduction at Source in Indian Taxation System)

by
Odoo

$ 40.97

v 17.0 Third Party 3
Availability
Odoo Online
Odoo.sh
On Premise
Odoo Apps Dependencies • Contacts (contacts)
• Discuss (mail)
• Invoicing (account)
Lines of code 249
Technical Name ktree_tds_extension
LicenseOPL-1
Websitehttps://ktree.com/
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Availability
Odoo Online
Odoo.sh
On Premise
Odoo Apps Dependencies • Contacts (contacts)
• Discuss (mail)
• Invoicing (account)
Lines of code 249
Technical Name ktree_tds_extension
LicenseOPL-1
Websitehttps://ktree.com/

KTree TDS Extension (Tax Deduction at Source in Indian Taxation System)

TDS (Tax Deducted at Source) is the income tax deducted from payments like rent, salary, or commission by the payer at the time of the transaction. It ensures taxes are collected in advance, and the recipient can adjust the deducted amount against their final tax liability. This plugin allows you to deduct TDS (Tax Deducted at Source) based on Vendor Threshold Limit and different sections. It's completely configurable to meet the company's needs.

1. TDS Based on Vendor

Vendor Type

  • Contractors/Sub-Contractors: Payments are subject to TDS under Section 194C.
  • Professional Services: Payments are subject to TDS under Section 194J.
  • Rent Payments: Payments are subject to TDS under Section 194I.

Payment Nature

  • Contractors/Sub-Contractors: Typically 1% for individuals and 2% for others.
  • Professional Fees: Generally 10% of the payment amount.
  • Rent Payments: Typically 10% for land/buildings and 2% for machinery.

2. TDS Sections

Section 194C (Contractual Payments)

  • Applicability: Payments to contractors or sub-contractors for work.
  • Rate: 1% for individuals, 2% for others.

Section 194J (Professional Fees)

  • Applicability: Payments to professionals such as consultants, doctors, or lawyers.
  • Rate: 10% of the payment amount.

Section 194I (Rent Payments)

  • Applicability: Payments for rent of land, buildings, machinery, or plant.
  • Rate: 10% for rent of land/buildings, 2% for machinery.

Section 194A (Interest Payments)

  • Applicability: Payments of interest other than interest on securities.
  • Rate: Usually 10%.

Section 195 (Payments to Non-Residents)

  • Applicability: Payments to non-residents including interest, royalties, and technical fees.
  • Rate: Varies depending on the nature of payment and country of residence.

3. Company Fiscal Year

Fiscal Year Considerations

  • Quarterly Payments: TDS must be deducted at the time of payment or credit and deposited quarterly.
  • Annual Return: File an annual TDS return within a few months after the end of the fiscal year.
  • Reconciliation: Ensure TDS deductions match the amounts reported in the TDS return and the TDS certificates issued to vendors.

4. Configuration in Partners

  • Go to contacts, select a contact, and in the Accounting/invoicing tab you can specify the TDS section below the TDS information.
  • Contacts -> Accounting/invoicing -> TDS information -> TDS section
  • You can see a new sub-menu (Partners with TDS) beside the configuration submenu.

5. TDS Master

  • You can see already defined TDS sections. You can choose one of them or create a new TDS section.
  • You can change the Default account, Threshold Limit, and Taxes.

6. Bills & Refunds

  • On changing the partner in a bill/refund, a TDS section field will auto-fill if the partner has the TDS section configuration.
  • You can choose another TDS section if needed.
  • Based on the bill/refund amount of the partner within a fiscal year, a new TDS line will be created if the value exceeds the Threshold Limit of the TDS section.

7. TDS Report

  • These transactions will show in TDS Reports. (Enterprise Only).

Any Questions ?

Please contact us if you have any remarks, questions or feature requests.

opensource@ktree.com

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by
arindamd@aspireal.com
on 10/23/24, 9:43 AM

Hi 
We are planning to implement this functionality for one of our customer, can you please send us the detailed functional manual for us to gothrough and finalize. Request your urgent attention.