TCS and TDS in Indian Taxation System

$ 65.44

v 17.0 Third Party 9

Availability	Odoo Online Odoo.sh On Premise
Odoo Apps Dependencies	• Invoicing (account) • Discuss (mail)
Lines of code	470
Technical Name	`tcs_accounting`
License	LGPL-3
Website	http://www.appscomp.com
Versions	15.0 16.0 17.0 18.0

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Availability	Odoo Online Odoo.sh On Premise
Odoo Apps Dependencies	• Invoicing (account) • Discuss (mail)
Lines of code	470
Technical Name	`tcs_accounting`
License	LGPL-3
Website	http://www.appscomp.com
Versions	15.0 16.0 17.0 18.0

TCS and TDS in Indian Taxation System

This module facilitates TDS (Tax Deducted at Source) and TCS (Tax Collected at Source), which are key components of the Indian taxation system. TDS involves deducting tax at the source of income and is applicable to various earnings such as salaries, interest, and payments to contractors. On the other hand, TCS requires sellers to collect a percentage of the sales value as tax from buyers at the time of sale. Both mechanisms are designed to ensure efficient tax collection and prevent tax evasion in India.

TCS & TDS Payments

Most Advanced Accounting Software

TCS and TDS in Indian Taxation System Key Features

Deduct TCS against the Customer Invoice depending on TCS applicability.

Post TCS entries to the defined G/L account.

Set TCS applicability in the Customer Master.

Preloaded TDS Sections: Inclusive Details on Nature of Payment and Deduction Percentages for Simplified Processing.

Configuring TDS Applicability: Streamlining TDS Settings Within Vendor Records.

Deducting TDS for Vendor Bills Based on Applicability Settings.

Recording TDS Entries to Designated General Ledger (G/L) Account.

TDS Register Tree View Report: A Tool for Convenient TDS Filing.

TCS and TDS in Indian Taxation System Screenshots

Configuring TCS and TDS Accounts in Accounting Module Settings.

Setting TCS Applicability and Percentage in Customer Master Settings.

Now, observe the application and computation of TCS as depicted in the screenshot.

Upon confirming the invoice with the customer, the TCS amount is documented in the journal.

Configuration of TDS Sections.

Configure TDS by creating the necessary sections.

Set TDS Applicability and Percentage in the Contact Master Settings.

Upon confirming the invoice with the customer, the TDS amount is recorded in the journal.

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Got questions or need help? Get in touch.

hello@appscomp.com

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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.

Re:

AppsComp Widgets Pvt Ltd.

on 10/24/24, 3:00 AM Author

Thanks for reaching out to us.

For you kind information, we have given step by step functional process in the same page for better understanding.

we can assure you to provide best support after bought from odoo store if you have any queries or doubts.

Even we can do new customizations with additional cost if required.

Thanks & Regards
Sabeer Ali
Senior Manager
business@appscomp.com
+91 78457 40014