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L : Configure Lower Rate Deduction (Sec 197) - Quick Setup - [TDS]  in Tally.ERP 9

Assessing Officer shall issue a certificate for deduction of Tax at Lower rate than the relevant rate specified under the section, Where the assessing officer is satisfied that the total income of the recipient (Assessee) justifies the deduction of income tax at any lower rates than the rate specified under the sections specified under the act and has received an application in Form 13 from the assessee under sub-section (1) of section 197.

The certificate granted shall be valid for the assessment year specified and is valid only for the person named therein.

In Tally.ERP 9, the user can record and compute TDS on transactions, on which lower rate of deduction is applicable.

To configure party ledger for Lower rate of Deduction press Alt+L or select  L: Configure Lower Rate Deduction (Sec 197) and press Enter to view Lower Rate Deduction (Sec 197) Setup sub-form

Example: ACE Computers has a certificate for deduction of Income tax at Lower rate @ 5%, on Commission or Brokerage.

In Lower Rate Deduction (Sec 197) Setup screen

  1. Enter the name of the Party Ledger in Name of Ledger field e.g. Ace Computers.

  2. Select Sundry Creditors from the List of Groups in the Under field.

  3. In Deductee Type field select Partnership Firm from List of Deductee Types

  4. Enable the field Set Lower Deduction to Yes and press enter to view Lower Deduction Setup screen

  5. In Lower Deduction Setup screen

  6. In Nature of Payment field select the nature of payment - Commission or Brokerage for which lower deduction is allowed.

  7. Section Number: Tally.ERP 9 displays the Sections, under which an application for lower rate (section 197) or Zero rate (197A) are approved. Select section 197 for lower deduction.


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  • Certificate No./ Date: Enter certificate number under which the lower rate of TDS was allowed and the date of issue.

  • Applicable From: Mention the date (as per the certificate) from when the lower rate is approved.       

  • Applicable To: Mention the date till when the certificate of Lower rate will remain in force.

  • TDS: Mention the Rate of Income Tax allowed - 5%

  • Surcharge, Ed Cess and Sec Ed Cess: In these field Tally.ERP 9 defaults the percentage to Zero.


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  • Press Enter to save Lower Deduction Setup screen

  • In PAN/IT No. field enter party PAN Number


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  1. Press Enter to save.

Note: You can also create Party ledgers and configure for lower rate from Gateway of Tally > Accounts Info. > Ledgers

 
 
 
Tally.ERP 9 Reference Manual LIBRARY
1.
Installation of Tally.ERP9
2.
Site Licensing of Tally.ERP9
3.
Shortcut Keys in Tally.ERP9
4.
Maintaining Company Data
5.
Creating Masters
5a. Accounts Information [Creating Masters]
5b. Inventory Information [Creating Masters]
6.
Voucher Entry
7.
Reports in Tally.ERP9
8.
Excise for Dealer
9.
Excise for Manufacturer
10.
Reports [ Excise for Manufacturer]
11.
Excise for Importer
12.
Service Tax in Tally.ERP9
13.
Tax Collected at Source (TCS) in Tally.ERP9
14.
Tax Deducted at Source (TDS) in Tally.ERP9
15.
Value Added Tax (VAT) in Tally.ERP9
16.
Central Sales Tax (CST) in Tally.ERP9
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
 
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