Question

Company A has 'n' number of stores operating PAN India. At each store, purchases
are done from multiple vendors and payments for each vendor is to be collected every
month. If there are certain items left in the stock at the month-end which has no
movement, then the same is returned back to the vendor against a Purchase Return
Document. The amount for the returned items is then adjusted with the outstanding
(O/s), after which net payable is arrived.
Attached is the data dump for Purchases, Opening Balance, Payments and Purchase
Returns of 'n' number of stores [Store Codes is unique to each store in the dataset).
Centrally, the Company needs to keep track of the ols with the following views:
a. [Summary view] Store wise Net O/s (Single Report/Table]
b. [Summary view] Vendor wise O's across stores (Single Report/Table with
Filters for Stores]
C. [Ledger view] Dynamic Store - Distributor Ledger [Transaction Level Details]​

Answer 1

Step-by-step explanation:

an individual or HUF paying any sum to a contractor or a professional or commission or brokerage more than Rs 50 lakh in a financial year would be required to deduct tax at source (TDS) at the time of credit of such sum or at the time of payment of such sum; whichever is earlier. The government vide Finance Act (No 2) 2019, recently introduced section 194M in the Income-tax Act, 1961 (the Act) making it mandatory for an individual or HUF to withhold taxes at 5% on such payments. However, this section applies only to those individuals and HUFs whose accounts are not required to be audited for tax purposes. While this new requirement appears simple at first glance, there are certain situations which need clarification from the government.

Earlier, only individuals and HUFs who were mandatorily required to have their accounts audited as per the tax laws were required to deduct tax at source (TDS) on contractual, professional and commission or brokerage payments under sections 194C, 194J and 194H of the Act, respectively.

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Answer 2

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