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FAQ-10 ( TDS ):

How to Reverse Excess TDS Deducted in Tally.ERP 9?

Solution

In case of partial cancellation of transaction (s), the expenses and excess TDS deducted needs to be reversed. In Tally.ERP 9, such reversal of expenses and TDS is possible only when the cancellation of transaction is made before the payment of TDS to the Government.

In Tally.ERP 9, reversal of expenses can be accounted using Debit Note and reversal of TDS deducted can be accounted using Credit Note.

Example: On 17-10-2009 ABC Company received bill from Pheonix Agencies for Rs. 75,000 towards Advertising expenses. On 21-10-2009 ABC Company cancelled the advertisement services to the extent of Rs.25,000 and Expenses and TDS deducted are reversed.

To account these Transaction follow the given steps

1. Book the Expenses in Journal Voucher

2. Reverse the Expenses (Debit Note)

3.  Reverse the excess TDS Deducted (Credit Note)

Step 1: Book the Expenses in Journal Voucher

Before recording the transaction ensure all the masters are created.

Go to Gateway of Tally > Accounting Vouchers > F7: Journal

  • In Debit field select Advertisement Expenses and enter 75,000 in the Amount field.
  • In Credit field select Phoenix Agencies and press enter to view TDS Details screen
  • In TDS Details screen,
    • Select Type of Ref as New Ref.
    • In Name filed accept default reference number
    • Select Payments to Contractors (advertisement Contractors) in Nature of payment field
    • Select the TDS Ledger
    • In Assessable Amount field amount specified against the expenses ledger will be displayed
    • Set Yes in Deduct now field

Reverse Excess TDS Deducted in Tally.ERP 9?

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  • Payable Amount as calculated in the TDS Details screen will be defaulted in the Party’s Amount (Credit) field.
  • In Bill-wise Details screen
    • Select New Ref as the Type of Ref
    • In the Name field enter the Bill name as Bill -0178
    • Skip the Due Date or Credit Days field
    • Accept the default amount allocation and Dr/Cr. By default Tally.ERP 9 displays the Bill amount in the amount field as the credit balance.
    • Press Enter, select New Ref as Type of Ref and Enter Bill name as Bill -0178
    • Skip the Due Date or Credit Days field and accept the default amount allocation and Dr/Cr. By default Tally.ERP 9 displays the Tax amount in the amount field as the debit balance.
  • In the Credit field select TDS – Contractor from the List of Ledger Accounts.
  • In the Amount field, Rs. 1500 [Bill amount (75,000) – Pending Amount (73,500)] is displayed automatically.

Reverse Excess TDS Deducted in Tally.ERP 9?

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  • Press Enter to accept and save.

Step 2: Reverse the Expenses (Debit Note)

Go to Gateway of Tally > Accounting Vouchers > Ctrl+F9: Debit Note

  • Press Alt + I for Account Invoice mode.
  • In Party’s A/c Name field select Pheonix Agencies from the List of Ledger Accounts.
  • Under Particulars select Advertisement Expenses and enter Rs. 25,000 in the Amount field.
  • In TDS Details screen
    • In Type of Ref select Agst Ref
    • In Name field, select Jurl/16-1 to adjust the reversal of expenses and select Payments to Contractors (advertisement Contractors) in Nature of Payment field
    • Based on the Tax Reference Number selected, Tally.ERP 9 defaults TDS Duty Ledger. In Assessable Value field Rs. 25000 will be displayed indicating that Rs.25000 is reversed against the expenses booked on 17-10-2009

Reverse Excess TDS Deducted in Tally.ERP 9?

   [13-45]

Note: Observe TDS Amount is not displayed as we are not reversing TDS in Debit Note

  • In Bill–wise Details screen, select Agst Ref as the Type of Ref. In the Name field select Bill-0178 dated 17-10-2009 from the Pending Bills to reverse the expenses.

Reverse Excess TDS Deducted in Tally.ERP 9?

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Reverse Excess TDS Deducted in Tally.ERP 9?

   [13-47]

  • Press Enter to accept and save.

Step 3: Reverse the excess TDS Deducted (Credit Note)

Go to Gateway of Tally > Accounting Vouchers > Ctrl+F8: Credit Note

  • Press Alt + I for Account Invoice mode.
  • In Party’s A/c Name field select Pheonix Agencies
  • Under Particulars select TDS - Contractor and press enter to view TDS Details screen
  • In TDS Details screen, select Agst Ref in Type of Ref, in Name field select Jurl/16-1 to adjust the reversal of TDS. Based on the Tax Reference Number selected, Tally.ERP 9 defaults Nature of Payment and TDS Amount

Reverse Excess TDS Deducted in Tally.ERP 9?

   [13-48]

  • In Bill–wise Details screen, select Agst Ref as the Type of Ref. In the Name field select Bill-0178 dated 17-10-2009 from the Pending Bills to reverse the TDS.

Reverse Excess TDS Deducted in Tally.ERP 9?

   [13-49]

Reverse Excess TDS Deducted in Tally.ERP 9?

   [13-50]

  • Press Enter to accept and save.
 
 
 
 
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