{"id":2509,"date":"2012-02-03T15:48:53","date_gmt":"2012-02-03T10:18:53","guid":{"rendered":"http:\/\/apartmentadda.com\/blog\/?p=2509"},"modified":"2012-02-03T15:48:53","modified_gmt":"2012-02-03T10:18:53","slug":"automatic-service-tax-credits-and-tax-certificate","status":"publish","type":"post","link":"https:\/\/adda.io\/blog\/2012\/02\/automatic-service-tax-credits-and-tax-certificate\/","title":{"rendered":"Automatic Service Tax Credits and Tax Certificate"},"content":{"rendered":"

Dear ADDA Treasurers,<\/p>\n

\"\"<\/a>

<\/p><\/div>\n

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!<\/p>\n

Check it out here: Admin’s Dashboard > Bank & Cash > TDS & Service Tax. You can find all the Tax Components in one place.<\/p>\n

Service Tax Credits<\/strong><\/p>\n

Here is the workflow for the Service Tax Part.<\/p>\n

a. Output Service Tax Suspense<\/strong><\/p>\n

Whenever an invoice is posted in Member Income, the service tax component is posted against this account.<\/p>\n

b. Input Service Tax Suspense
\n<\/strong><\/p>\n

Whenever a vendor invoice is posted, the Service Tax component is posted to this account.<\/p>\n

c. Service Tax<\/strong><\/p>\n

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.<\/p>\n

Periodically the Society has to remit the net balance on this account and post it in the ADDA.<\/p>\n

\"\"<\/a><\/p>\n

TDS <\/strong><\/p>\n

All the TDS entries that were deducted from the vendor payments are now shown under the TDS Tab.<\/p>\n

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.<\/p>\n

\"\"<\/a><\/p>\n

Important Note <\/strong>: We have already migrated all your transactions to the respective Account Heads. Please review them and get in touch with us for any clarifications.<\/p>\n

Yours Sincerely,
\nHardworking folks at the ADDA “Tax Workflow Simplification Department”<\/p>\n","protected":false},"excerpt":{"rendered":"

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…<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[3],"tags":[350],"class_list":["post-2509","post","type-post","status-publish","format-standard","hentry","category-product-updates","tag-society-billing"],"_links":{"self":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts\/2509","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/comments?post=2509"}],"version-history":[{"count":0,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts\/2509\/revisions"}],"wp:attachment":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/media?parent=2509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/categories?post=2509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/tags?post=2509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}