How to record the receipt where the resident has made payment deducting TDS?

When a resident makes a payment that includes a deduction for TDS (Tax Deducted at Source), it’s important for the society admin or accounting team to accurately record the transaction. This ensures both the receipt of the payment and the corresponding TDS deduction are properly reflected in the financial records. The payment received is typically lower than the original amount due, with the TDS portion being withheld and remitted directly to the tax authorities. By properly recording the receipt, including the TDS deduction, the society ensures compliance with tax laws and maintains accurate accounts of both income and taxes. 

Below is a step-by-step guide on how to record a receipt where the resident has made a payment after deducting TDS.

1. Go to Accounts, then select "Dues tracker" under Dues and Receipts.

2. Select the unit and building details, then click on the flat number.

3. Select the invoice against which you want to to record the receipt where the resident has made payment deducting TDS then click on "Settle".

4. Click on "Book TDS receivable".

5. Add the TDS Account, then add a section and sub-section, then click on submit.