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S : Ignore Surcharge Exemption - Quick Setup - [TDS]  in Tally.ERP 9

As per Income Tax Act, Surcharge on TDS is applicable for the payment(s) exceeding Rs.10 lakhs (for Individual, HUF and Association of Persons) and Rs 1 Crore (for Companies, Artificial Judicial Person and Partnership Firm). However it is not applicable for Deductee Types such as Co-Operative Society and Local Authority.

In TDS, when the payment exceeds the Surcharge exemption Limit, Surcharge is applicable on the entire amount right from the first transaction and such past transactions will have to be shown in the e-TDS statements. In this scenario it is always suggested that a realistic estimation of total amount, to be made right in the beginning and deductor should deduct TDS without considering the Surcharge Exemption Limit.

To configure party ledger to ignore surcharge exemptions press Alt+S or select S: Ignore Surcharge Exemption and press Enter to view Surcharge Exemption Setup screen.

Example: For Alexon Group realistic estimation has been made. The total payments exceeds the exemption limit and hence want to configure the party ledger to deduct surcharge from first transaction

In Surcharge Exemption Setup screen

  1. Enter the name of the Party Ledger in Name of Ledger field e.g. Alexon Group.

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

  3. In Deductee Type field select Company - Non Resident from List of Deductee Types

  4. Set the field Ignore Surcharge Exemption to Yes.

  5. Skip PAN /IT No. field.


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  1. Press Enter to save.

Note: You can also configure party ledger to ignore surcharge exemption from Gateway of Tally > Accounts Info. > Ledgers > Create/Alter.

 
 
 
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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