Question

TDS deduction entry can be made through
1 point

Answer 1

Answer:

TDS in Tally is divided into 4 simple accounting entries. First entry is when your TDS gets deducted while receiving the payment. Second is when you are either eligible for a TDS refund or not. Third entry is when you deduct the TDS of someone while making the payment.

Answer 2

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TDS is deducted only if your total income is taxable. However, TDS will not be deducted in case your total income is Rs. 2,50,000 and this amount is applicable for men and women below the age of 60 years. Note: TDS deduction rate on salary ranges from 5% to 30% which is equivalent to the applicable income tax slabs.