ACCOUNTING OF TDS IN POST OFFICES
"ACCOUNTING OF TDS IN POST OFFICES" provides detailed information on the
accounting procedures of Tax Deducted at Source (TDS) within post office
systems, specifically focusing on the integration of TDS records in the
Finacle software used by post offices. It outlines various Finacle General
Ledger (GL) accounts and code descriptions related to TDS deductions,
including those for different types of transactions like withdrawals from
National Savings Schemes (NSS) and Senior Citizens Savings Scheme (SCSS), as
well as commission payments.
The document also explains the accounting processes required to ensure
accurate reporting of TDS deductions, including the generation of specific
transaction reports and the importance of ensuring that figures reported are
reflected correctly in daily transaction reports (DTR). It emphasizes that
transactions must be accounted for based on the initiating post office and
prohibits manual posting of transactions in the system to maintain integration
with the Centralized Banking Solution (CBS).
