FAQ-11 ( TDS ):

How to account the receipts towards the sale of services, where the service receiver has deducted TDS and made the balance payment to the Service provider and Tally.ERP displays complete service bill amount including TDS amount in Service Tax payable Report?

Solution

Step 1: Record Service Sales Invoice

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Step 2: Record a receipt voucher to account the receipt towards the services sold

Assume that service receiver has made full payment towards the above sales after deducting TDS on Professional Services. 

In Credit field select the party ledger - Birla Associates and press enter. Service Tax Details screen appears. In Service Tax Details screen select End of List.

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In Amount field enter the actual amount received from the customer. ABC Company received Rs. 32,966 from the customer.

In Bill-wise Details screen select the appropriate bill towards which the payment is received. In Amount field the actual amount received will be displayed.

 

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In Debit field, select the Bank/Cash ledger depending on the nature of receipt. Here the receipt is in the form of Cheque hence Bank ledger is selected.

 

Completed receipt entry appears as shown:

 

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Save the Receipt Voucher.

 

Step 3: Accounting the TDS Deducted to wards the services provided

 

In Tally.ERP 9 Releases 1.8 onwards provision has been made to account the TDS amount on the servcies provided and capture the details in appropriate reports. To account these types of adjustments - Service Consideration Adjustments flag has been provided in Journal Voucher (This flag will be avaialbe only when the vocuher class is created for Journal Voucher)

 

1. Create Service Tax Adjustment Class in Journal Voucher

 

Go to Gateway of Tally > Accounts Info. > Voucher Types > Alter > select Journal

 

In Voucher Type Alteration screen

  • Tab Down to Name of Class field and enter the class name as Service Tax Adjustments

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  • In Voucher Type of Class screen
    • Enable the option Use Class for Service Tax Adjustments as “YES

 

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2. Create ledger to account TDS Amount

 

Create the ledger under Crrent Asets as shown below

 

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3. Record the transaction in Journal Voucher

 

Go to Gateway of Tally > Accounting Vocuhers > F7: Journal Voucher

 

In Change Voucher Type Class screen, select Service Tax Adjustments in Class field 

 

 

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In  Used for field select the flag “Service Consideration Adjustments

 

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In Debit field select TDS Receivable ledger (grouped under current assets or any group) and enter the amount which is deducted as TDS. In Debit (amount) field enter Rs. 3,663[Total Bill Amount (36,629) - Amount Received (32,966)].

 

In Credit field select the Service Receiver - Birla Associates and press enter to view Service Tax Details screen. In Service Tax Details screen, select End of List.

 

 

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In Bill-wise Details screen select the appropriate bill to adjust the amount deducted as TDS.

 

 

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The completed Journal Voucher appears as shown:

 

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Save the Journal Voucher.

 

Note: This adjustment entry can be booked based on the TDS certificates received from service receiver periodically or yearly depending upon users requirement.

 
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