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In quickbooks, 194 J TDS rate is calculating with wrong percentage. This issue is there for last 1.5 years. I am surprised why quickbooks has not yet fixed it.
As per amended law, 194J has 2 rates, 10% for professional services, 2% for technical services. There is no option in quickbooks to modify the rate or create new tds rate. Please don’t subscribe to QB, if contractors payment is key part of your operations till issue is fixed.
We have a workaround about the 194J two rates in QuickBooks, @support66. Happy to share the detailed steps with you.
I know how important it is to have an exact tax calculation when doing business. The computation is fixed in QuickBooks Online by following the steps below.
To start, I'd recommend creating another custom TDS rate to correct the computation. Do the following:
After that, you have an option to create a Group rate so you can apply this tax in your transactions. Follow the instructions below:
At invoicing time, select the Group rate in the Taxes drop-down. This way, the two rates will apply in the transactions.
For more information, see this link: Create custom tax agency.
To know more about how TDS is calculated and run reports in QuickBooks, check out these articles:
Leave a reply in the comments section again if you have a follow-up or other questions. I'm still here to help you more. Take care, support66.
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