Hi All,
My client doesn't want to use the standard process for Advance TDS Process like F-48, F-54 and F-44 Etc., Can any one worked on the this kind of scenario. If yes can you please provide me the solution. I know if we deviating from standard will be the implications in TDS Process. Can you please let me know if we follow the below options.
Option 1
1. Client want to use FB01 for advance posting for TDS Transactions.Manually entering the TDS Amount using posting key combination with Advance TDS Tax code. Is there any impact on the quarterly returns/challan printing???
Option 2
1. For advances also TDS Tax code want to create as Invoice tax code. If it is the case where will be implications while generating the TDS Challana and quarterly return form26q ??
1. FB01
Dr) Prepaid Expense (GL account) 5000
Cr) AP (w/ Vendor code) 4500
Cr) TDS payable 500 TDS code 1 (Advance TDS Code)
2. Vendor payment - FB05
Dr) AP (w/ Vendor code) 4500
Cr) Bank 4500
3. Expense - FB60
Dr) Expense 8000
Cr) AP (w/ Vendor code) 7200 TDS code 2 (Invoice TDS Code)
Cr) TDS payable 800
4. Reverse of first transaction (FB01/FB08)
Dr) AP (w/ Vendor code) 4500 TDS code 1
Dr) TDS payable 500
Cr) Prepaid Expense (GL account) 5000
5. Final payment
Dr) AP (w/ Vendor code) 2700
Cr) Bank 2700
6. Remittance challan - J1INCHLN
Dr) TDS payable 800
Cr) Bank 800
Operational wise the above process complicate, but client doesn't want use the standard process. Please let me know the what will be the implications if we follow the above options in case of quarterly return filling and reports. Is the quarterly returns will contain the TDS Advance amount information as well?
Thanks,
jagadeesh.
Thanks in Advance,
Regards,
Jagadeesh.
