Tax Deducted at Source (TDS)

What is Meant by TDS...???

TDS stands for Tax Deducted at Source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain limits.

Features:

TDS benefits both the Government and the Taxpayers.
TDS on Salary would be deducted every month as TDS on Salary.

TDS Payroll in ODOO

    Payroll management allowed the employees to get all the information they want with regard to their salary processing, deductions and leave management faster and with more accuracy.

   Payroll is an integral part of a company’s operation in every organization. It is very important for a company’s financial accounting as well as for employees.

  ODOO is quite easy to configure a mange payroll in ODOO.

  Accounting module has ODOO payroll. It allows an organization to track the payroll entries registered salary accounts within a financial year. 

  Gather all information concerning each employee in one place.

Important Concepts:

Salary Rule Categories:
       Salary rule is Basic Allowance, Deduction, Gross, Net, etc.

Salary rule:
    Salary Rule provides conditions which have options as Always true, range & python expression depending upon the requirement. Amount type can be fixed amount, percentage & python code.

Salary structure:
        Salary structure defines a set of rules applied to a category of employees.

Contract:
       This is important as payslips are generated on the basis of salary structure which consists of allowance,                                deductions...etc.

Create a contract for an employee with Salary, Deduction, allowance, etc., and set journal for a payslip.
 

Create payslip for employee and set contract, Structure, salary journal and compute sheet. Salary slip is generated automatically. Confirm the payslip.

 

Accounting entries will be created.


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