TDS Applicable on Goods

Here are the steps for TDS Applicable on Goods. To learn more, you can also watch this RADIX Online tutorial video:

If the Company's Previous Financial Year Turnover is 10 Crore Rupees or more; and if a transaction with any particular party in the Current Financial Year, exceeds 50 lac Rupees, then that firm is applicable for TDS on Goods.

To Apply TDS on Goods in Radix, first select the desired company.

1. Go to Utilities > Settings > Co. Configuration.

2. Company Configuration form will open. Click on Defaults tab.

3. Tick on Apply TDS on Goods option and then click on Save button. TDS on Goods will be applicable in this company.

Now you may create any Purchase Invoice transaction:

1. Click on 4. Purchase Invoice or press CTRL+4 shortcut key.

2. List of Purchase Invoice day-books will be displayed. Select the day-book in which you want to do the transaction.

3. Entry form will open for the selected day-book. Enter details here such as:

Document Number - Enter the voucher number here.

Date - Enter the date of the transaction here.

Account - Press F4 key and select the desired creditor account here, from the list of accounts displayed.

In case of a new account, click on New button and Create Account.

Please Note: For all the Creditor Accounts having PAN in their Account Masters, 0.10% TDS on Goods will be applied, otherwise 5% TDS on goods will be applied.

4. Enter other details here such as:

Party Bill No & Date - Enter the party bill number and date here.

Item - Press F4 button, list of items will be displayed. Select the item you want to return or type the item name directly.

In case of a new item, click on New button and Create Item.

Rate Per - Select the option on which you want to calculate the rate, from the list displayed.

Pcs/Cut/Mts - Enter the quantity in the field you want.

Rate - Enter the rate of the item here.

Amount - Amount will be calculated directly as per Rate Per field. (Amount = PCS/CUT/MTS * Rate)

Discount - Enter the discount percentage, discount amount will be directly deducted from amount or enter the discount amount.

Freight Charges - Enter the freight charges here, if any.

Notes - You can enter any account related information here.

You can enter the fields you want and leave rest of the fields blank and proceed.

5. Net amount and GST amount will be calculated. Click on Save button.

6. On clicking Save button, Radix will prompt, 'Turn Over for this party going over TDS on Goods Limit 5000000.00 Do you want to Apply TDS on Goods?', here click on Yes button.

7. On clicking Yes button, Radix will again prompt, 'TDS is applicable on this transaction. Do you want to pass TDS JV?', here click on OK button. Your Purchase Invoice transaction will get saved.

8. New button will be activated. To do another transaction, click on New button and start again with step 3.