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TDS in Tally
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Topic starter
04/11/2024 8:05 pm
"Set Calculate tax on value exceeding the threshold/exemption limit to Yes".
Even after activating this option, it deducts TDS on the amount less than 50 lakhs for 194Q.
Supplies started from 1st April, it reached the threshold limit in November this year, but the TDS due balance shows in 26Q right from the beginning.
Kindly advise..
Tally Version
14/11/2024 5:41 pm
Yes....according to TDS rules....TDS to be deducted on entire amount within financial year if it crosses the exemption limit.
You may talk to your CA whether this deduction is right or no.
This post was modified 7 days ago by Dhaval Goradia
Regards,
Dhaval Goradia
Topic starter
15/11/2024 5:53 pm
Thanks for your reply..
The notification clearly says, amount exceeding 50 lakhs to be taken on account for TDS deduction.
My problem is not with the LAW but with tally software..