I've got your back in making sure your TDS payments reflect into their respective sections in QuickBooks Online (QBO), @userkrithikka.
QBO will calculate TDS based on the threshold defined under various provisions of the Indian Income Tax Act. The tax data that the system provides will depend on how you've recorded your TDS payments.
To resolve this, you'll need to run your TDS reports (TDS Payable and TDS Receivable). This is to review your transactions to determine the cause of the issue. Then, you'll have to manually correct them accordingly.
For TDS Payable report, here's how:
- Go to the Reports menu.
- In the Search box, type in TDS and select TDS Payable.
- Filter the appropriate date.
- Select the bill you want to review to open its details.
- Make all the necessary TDS corrections on your entry.
- Click Save.
For TDS Receivable report, here's how:
- Go to the Accounting menu.
- Select Chart of Accounts.
- In the Filter by name field, enter TDS.
- Find TDS Receivable. Under the Action column, select Run report.
- Select the invoice you want to review to open its details.
- Make all the necessary TDS corrections on your entry.
- Click Save.
Also, when you delete an invoice or bill which has a TDS entry, the TDS data will get deleted along with them.
Additionally, the tax liability of a person chargeable to tax is determined according to the total income of a person on an annual basis. To learn more about TDS and its online payment procedure, I'd recommend checking out this article: TDS (Tax Deducted at Source) Online Payment.
Keep me posted on how it goes in the comments below. Please don't hesitate to let me know if you have other TDS payment concerns. Take care and stay safe always
