How to record expenses and deduct tax at source in Tally.ERP 9?
In Tally.ERP 9 you can record TDS transactions through Journal Voucher or Purchase Voucher (Account /Item Invoice Mode)
Note: Recording TDS transactions in Purchase Voucher in Voucher Mode is not supported.
Example: On 10-4-2009, ABC Company received bill from Mark IT solutions for Rs. 1,50,000 towards the Advertisement services provided.
Ensure the required ledger masters are created before recording the transaction
Case 1: Record the transaction in Journal Voucher
1. In Debit field select the expense ledger - Advertisement Expenses and mention the transaction amount of Rs. 1,50,000 in Amount - field.
2. In Credit field select the party ledger - Mark IT Solutions and enter the TDS Details as shown