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).