Best Accounting Software in Surat: Step-by-Step Guide to TDS on Salary Entry in Miracle Accounting Software
Managing TDS (Tax Deducted at Source) on salary is a critical aspect of payroll accounting, especially for Indian businesses under Section 192 of the Income Tax Act, 1961. Proper handling of TDS ensures compliance, making it easier to track, calculate, and report tax deductions efficiently. Miracle Accounting Software is renowned as the best accounting software in Surat for simplifying TDS calculations and maintaining detailed records, helping businesses stay organized and compliant with tax laws.
This blog will walk you through TDS on salary entries in Miracle, including setup, ledger creation, journal entry, report access, and bank payment—all made easy by the best accounting software in Surat. Let’s dive into each step of this user-friendly process.
1. Setting Up TDS for Salary in Miracle
To start, go to Setup > Company Setup > TDS/TCS Setup in Miracle. Here, you’ll find the TDS Salary option—switch it to “Yes” to enable TDS management on salary. With Miracle, the best accounting software in Surat, setting up TDS is as simple as a few clicks.
After activating TDS, add relevant details by creating ledgers and configuring the necessary accounts. Miracle’s straightforward setup makes it the best accounting software in Surat for efficient payroll processing.
2. Creating Ledgers in Miracle
For accurate payroll management, you need three primary ledgers in Miracle:
- Employee Account – Created with TDS details to identify the individual employee.
- TDS Salary Account – Falls under Duties and Taxes and is used specifically for TDS on salary.
- Salary Expense Account – Records gross salary expenses for a complete overview.
This feature, available in the best accounting software in Surat, allows for detailed employee payment documentation.
3. Journal Entries for TDS on Salary
Now that your ledgers are ready, you can create a journal entry for TDS on salary. Go to Transaction > Journal Entry and select “JOURNAL” as the voucher type and “TDS SALARY” as the tax type. The software will prompt you to choose an employee account, enter the salary credit amount, and perform automatic TDS calculations.
Miracle, as the best accounting software in Surat, simplifies this process by reducing manual calculations and ensuring accuracy in TDS deductions.
4. Accessing TDS Salary Reports
After making TDS entries, you can view detailed reports in Report > TDS Salary. The TDS Salary Report provides a clear view of deductions, allowing businesses to track amounts withheld from employee salaries accurately. This streamlined reporting feature solidifies Miracle’s position as the best accounting software in Surat, enabling companies to manage their tax obligations seamlessly.
5. Bank Payment for TDS Amount
Once the TDS entries are complete, Miracle allows you to make a bank payment entry. Select the employee account and input the deducted TDS amount. For a comprehensive view of payments, access the Ledger report, where you can review each employee’s account ledger.
By ensuring accurate tracking and easy payment entries, Miracle reinforces its standing as the best accounting software in Surat, making financial management more accessible to businesses.
6. Generating TDS Challans and Certificates
- Challan Generation: Easily create TDS challans by selecting the specific journal entry and entering challan details. This process creates an official record, ensuring compliance with TDS regulations.
- TDS Certificate: Generate and print Form-16 certificates for employees. This form summarizes tax deductions, serving as an official TDS document for employee tax returns.
The ability to generate TDS challans and certificates with ease exemplifies why Miracle is the best accounting software in Surat, streamlining the documentation process and facilitating tax compliance.
7. Advanced Configuration for Additional Deductions
Miracle allows users to customize TDS entries by adding additional allowances or deductions like conveyance or medical allowances. Through tax configuration options, these deductions can be added to employee records, enhancing flexibility for payroll management.
The additional customization options reinforce Miracle’s reputation as the best accounting software in Surat, giving companies complete control over payroll configurations.
Why Choose Miracle, the Best Accounting Software in Surat?
Miracle Accounting Software is a comprehensive solution with intuitive features designed to simplify payroll and TDS management. With its robust configuration options, easy-to-use interface, and reliable support, it’s the preferred choice for businesses in Surat aiming to streamline their accounting processes.
Choosing Miracle means opting for accuracy, ease, and efficiency in managing complex payroll and tax processes. As the best accounting software in Surat, it supports businesses by ensuring compliant and organized financial records.
By following these steps, you can take full advantage of Miracle Accounting Software’s powerful TDS management capabilities. This is why Miracle stands out as the best accounting software in Surat, providing exceptional payroll support and tax compliance assistance.