Accoxi is the most modern accounting software that provides easy and deliberate results for accounting. It provides the function of TDS&TCSConfiguration and the user can set the TDS&TCS sections applicable to the Organization.
TDS is one of the tax-collecting methods used in India. It is governed under the Indian Income Tax Act 1961 and managed by the Central Board of Direct Taxes (CBDT). The law states that any permissible payment shall be paid after deducting the prescribed percentage as tax – usually over a range of 1% to 10%.
TCS concept is included in the Income Tax. TCS is the Tax Collected at the Source. The payer or the collector is required to collect tax while receiving the amount which is from the buyers. The TCS amount shall be collected separately which is over and above the invoice value