Tax withheld by tenants, with certificates
For tenants who keep back tax from the rent, such as TDS by companies in India, set the share on the lease. Each bill shows the tax expected and keeps the certificate number, date and file. Each lease also has its own payment reference.
PLANSFrom Growth
The problem it solves
- A company tenant pays 90 % of the rent, and the 10 % gap looks like arrears.
- TDS certificates arrive months later and are filed in an inbox, not against the bill.
- Bank transfers arrive without a reference, so nobody knows which lease they are for.
How it works
- After confirming, open the lease's Collection tab and set Tax Withheld by Tenant (%).
- Each bill made for the lease carries that share and shows the Tax Withheld amount on its Rent Collection tab.
- When the certificate comes, enter its number, the day it came and attach the file on the bill.
- Every lease gets a Payment Reference on Confirm, made from the lease number. It is put on each bill and shown to the tenant for bank transfers.
Everything it does
On the lease (Collection tab)
- Tax Withheld by Tenant (%)
- Payment Reference: made on Confirm from the lease number, letters and digits only; can be changed
On each bill (Rent Collection tab)
- Tax Withheld (%) copied from the lease
- Tax Withheld: the bill's amount before tax times the share
- Certificate Number, Certificate Received date, Certificate file
- Late fees charged and up to which day
Reference
- Bills carry the lease's payment reference
- Shown on the tenant's web page with the lease
Who uses it
AccountsEnters certificates as they come and books the withheld tax.
Lease userSets the share and the payment reference on the lease.
TenantQuotes the payment reference on bank transfers.
Where you use it
- Web: the lease's Collection tab; Lease > Billing > Rent > Rent Bills, Rent Collection tab
- Tenant web page: the payment reference on the lease
What you control
Settings
- Tax withheld: 0 % to start with, per lease
- Payment reference: made from the lease number on Confirm
Questions
Will the withheld tax show as arrears?
It does until your accounts record it against the bill. Book the tax credit on the bill when the certificate comes. Or set the late fee rule's Least Amount Late so small gaps are not charged.Can we keep the TDS certificate with the bill?
Yes. Each bill keeps the certificate number, the day it came and the file.What is the payment reference for?
It is the code the tenant quotes on bank transfers so you know which lease paid. It is made from the lease number when you confirm, and it is put on every bill.Related features
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See your buildings on it.
Tell us how many properties and units you have, whether you let your own or manage for owners, and how rent is paid today. We will set up your portfolio with you on SmartMy Lease.