Dear ADDA Treasurers,
You need not ‘Tax’ your brain anymore to calculate Service Tax Credits or Generate Tax Certificates for Vendors. This is automated in your ADDA now!
Check it out here: Admin’s Dashboard > Bank & Cash > TDS & Service Tax. You can find all the Tax Components in one place.
Service Tax Credits
Here is the workflow for the Service Tax Part.
a. Output Service Tax Suspense
Whenever an invoice is posted in Member Income, the service tax component is posted against this account.
b. Input Service Tax Suspense
Whenever a vendor invoice is posted, the Service Tax component is posted to this account.
c. Service Tax
When payment is made to Vendor or collection is received, an automatic entry is posted under Service Tax. The net balance on this account forms the Service Tax Credit.
Periodically the Society has to remit the net balance on this account and post it in the ADDA.
All the TDS entries that were deducted from the vendor payments are now shown under the TDS Tab.
When TDS is remitted to the Government, the entries are to be captured in the following screen and these will appear in the Form 16 report.
Important Note : We have already migrated all your transactions to the respective Account Heads. Please review them and get in touch with us for any clarifications.
Hardworking folks at the ADDA “Tax Workflow Simplification Department”