Tax Deduction at Source (TDS) and Service Tax Entries in the Invoice

David T. sunfish62 at yahoo.com
Tue Nov 29 10:25:34 EST 2016


I’m not much of an expert, but have you read the sections on applying tax tables to invoices (Chapter 13 in the Guide)? It seems to me that you might be able to have a 10% negative TDS tax and a separate 15% ST applied to each invoice. I’m not sure where you’d put the TDS and ST accounts, but I imagine others can advise you on that.

David

> On Nov 29, 2016, at 5:26 PM, Sreedhara R via gnucash-user <gnucash-user at gnucash.org> wrote:
> 
> Thanks for the response.
> If the rent amount is Rs. 10,000,Tax Deducted at Source (TDS) of 10% (Rs. 1,000) is withheld by the payor and he/she will have to deposit the same with the Government as Tax on behalf of the Landlord.Service Tax (ST) of 15% on Rs 10,000 (i.e., Rs. 1,500) is collected by the Landlord and he/she will make the same payment to another Government agency.
> Thus, the amount to be collected by the Landlord is Rs. 10,500 (9000+1500).
> -Sreedhara 
> 
>    On Tuesday, November 29, 2016 3:43 PM, Liz <edodd at billiau.net> wrote:
> 
> 
> On Tue, 29 Nov 2016 04:05:03 +0000 (UTC)
> Sreedhara R via gnucash-user <gnucash-user at gnucash.org> wrote:
> 
>> Thanks a million in advance.
> 1,000,000 less 100,000 plus 150,000 ??
> 
> Can I get this straight??
> You quote the price (original example 10,000 Rupees)
> From that price you withhold 10% to pay the taxman
> and charge a service fee of 15% on the quoted price ??
> 
> We need to know where each part goes in order to advise how to record it
> 
> 
> Liz
> 
> 
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