Introduction
A deduction is defined as sum or amount deducted or allowed to be deducted, the process of taking away an amount or a part of something from a total, or the amount that is taken. An amount or part taken away from a total, especially an expense that you do not have to pay taxesA deduction master is defined to create a reference between ledger codes and to the standard and statutory deductions that is deducted in various creditor bills. By defining this deduction master, accounts department can process the remittance of all the deductions done for a time period at once and keep track of the same.
An example of a deduction is what is taken out of your payroll cheque for deducted from salary bill as income taxes.
Data Table
*Sr. No | *Deduction Name | *Deduction Code | Subledger Type | *Account Code | *Remitted To | IFSC Code | Account No | Description |
|---|---|---|---|---|---|---|---|---|
1 | CPF Deduction | CPF | Employee | 3502003 - CPF Deduction | Central Provident Fund Board | UBIN0XXXX69 | 2XXXX1234XX4 | CPF Deduction |
2 | TDS Deduction | TDS | Contractor | 3502001 - TDS Deduction | Central Government | ICICI00XXXX7 | 6XXX97156XX5 | TDS Deduction |
3 | TDS from Employees | TDS Employees | Employee | 3502008 - TDS Employee | Central Government | HDFC00XXX51 | 9XXXX759691XX7 | TDS from Employees |
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