What’s New in Tally ERP 9 Release 5.5.7
Revised VAT Rates Supported: Tamil Nadu
We support the revised VAT rates of 25% and 34% for Schedule II goods in Annexure 4, Annexure 18, Annexure 22, and Annexure 23.
TDS: Budget Changes 2017-18 Supported
Use the new nature of payment Payment for Call Centre Charges if you are running a Call Centre business. The rate of deduction at source for this nature of payment is 2%.
Track cash transactions made by the developer to the land owner in a Joint Development Agreement (JDA) using the new nature of payment Payment of Cash consideration by Real Estate Developer to Property Owner.
TCS: Budget Changes 2017-18 Supported
Define different tax rates for Individuals/HUF and Other Collectee Types based on the availability of party’s PAN. If the PAN is not available, TCS will be charged at 5% or twice the tax rate of the commodity, whichever is higher.
In transactions, the tax amount gets calculated automatically based on whether the party has a PAN or not.
If tax is collected at a higher rate because PAN is not available, the tax amount is captured in the field called Collection at Higher Rate in Form 27EQ. This is not applicable for NRIs.
Accurate count of vouchers for opening and closing stock of Dealer Excise is maintained between first and second child company after splitting the company data.
The latest FVU tool version 5.4 is supported to validate the forms for ETDS/TCS before filing returns.