Tally.ERP9 Book (Advanced Usage) @ Rs.550


 

TDS (Tax Deducted At Source) using TallyERP9

1.  Enabling TDS in Tally.ERP9

1.   Go to Gateway of Tally > F11: Features > Statutory & Taxation

2.   Set Enable Tax Deducted at Source (TDS) to Yes in the Company Operations Alteration screen as below :

TDS (Tax Deducted At Source) using TallyERP9

3.   Enable the option Set/alter TDS details ? to display TDS Deductor Details screen as below :

TDS (Tax Deducted At Source) using TallyERP9

Please enter all details in Company TDS Deductor Details as above.

Press F12 : Advanced Configure in above Screen for  Configure TDS as below :

TDS (Tax Deducted At Source) using TallyERP9

>>  All the organisation types will appear in the Collector/Deductor Type list for the option Deductor Type

>>  All Surcharges details applicable to TDS will be enable in second option

>>  The Third Option is to enable display of the alternate contact details of TDS

2. Creating TDS Nature of Payment

For payments attracting TDS, the relevant nature of payment is defined by the department with associated tax rate, section, payment code, and threshold limit. Few Examples are given below …

Section

Nature of Payment

TDS Rate

192

Salaries

Average Rate Applicable

194I

Rent on Plant and Machinery

2%

194I

Rent on Land, Building, Houses, Offices etc.

10% by Company in excess of Rs.2,40,000
5% by Individual . HUF, Businessman in excess of Rs.50,000

194C

Payment to Contractor / Sub-contractor

1%

194D

Insurance Commission

5%

194DA

Payment in respect of life insurance policy

1%

194EE

Payment in respect of Deposit under NSS

10%

194H

Commission or Brokerage

5%

194J

Sum paid by way of Fees for Professional Services

10%

While creating a TDS Nature of Payment, you can press Ctrl+C to select the required nature of payment.

1.    Go to Gateway of Tally > Accounts Info. > Statutory Info. > TDS Nature of Pymts Create

2.    Press F12. Set Allow to PAN tax rate to Yes, to enter the tax rates for Individual / HUF for each nature of payment.

TDS (Tax Deducted At Source) using TallyERP9

3.    Press Ctrl+C to view the list of Nature of Payment and Select the required Nature of Payment.

TDS (Tax Deducted At Source) using TallyERP9

4.    Enter the Rate of TDS for With PAN and Without PAN . The same appears in Rate for other deductee types .

5.    Enter the Threshold/exemption limit as applicable .

TDS (Tax Deducted At Source) using TallyERP9

6.    Press Enter to save the details.

3. Creating Master Ledger with TDS Transaction i.e. Expenses, Party Ledger, TDS Ledger

You can create or alter an Ledger for your business expenses, along with the applicable TDS.

Example :           

On 1.4.2020, Swayam Sales paid  to N. Jatania & Co Rs.5,00,000 as Rent

Step-1: Alter Expenses Ledger i.e. Rent Paid

Enable the option Is TDS Applicable ?  and also   Select the Nature of Payment from the List of Nature of Payments

The Ledger Alternation screen appears as shown below:

TDS (Tax Deducted At Source) using TallyERP9

Step-2: Alter Party Ledger i.e. N. Jatania & Co ( Under Sundry Creditor) as below :

>>  Enable the option Is TDS Deductible ? and Select a Deductee Type from the List and also Enable Deduct TDS in Same Voucher , if required

TDS (Tax Deducted At Source) using TallyERP9

TDS (Tax Deducted At Source) using TallyERP9

Note: TDS Rate will be 10% due to PAN is available and mention here, otherwise 20% will be calculated.

Step-3 : Create TDS Ledger i.e. TDS on Rent

1.    Go to Gateway of Tally > Accounts Info. > Ledgers > Create.

2.    Enter the Name and Select Duties and Taxes as the group name in the Under field, then Select TDS as the Type of Duty/Tax.

3.    Select a Nature of Payment  from the List of Nature of Payments.

TDS (Tax Deducted At Source) using TallyERP9

Step-4: TDS Transaction (Accounting for TDS on Expenses)

Go to Gateway of Tally > Accounting Voucher > F7: Journal and pass the Journal Entry as below :

TDS (Tax Deducted At Source) using TallyERP9

Note :    Out of Rs.5,00,000 towards Rent Paid  to N. Jatania & Co, only Rs.4,50,000 is credited to party account and Rs. 50,000 ( i.e. 10% TDS)  is transferred to TDS on Rent automatically and which is payable under Duties & Taxes.

4. TDS on Advance Payment against Expenses

You can create an accounting voucher for advance payments made directly or by a third-party, along with the applicable TDS.

Example :

On 01-08-2020, Swayam Sales paid an Advance of Rs. 1,00,000 on Rent to N. Jatania & Co. by cheque of Axis Bank Ltd.

Go to Gateway of Tally > Accounting Voucher > F5: Payment

Payment Voucher appears as shown below :

TDS (Tax Deducted At Source) using TallyERP9

Note :    When selecting TDS tax ledger, the TDS amount will automatically filled in the Amount field with Minus symbol (-) to deduct from the Advance amount i.e. 10% on Amount paid.

5. Recording Payment Transaction (TDS)

You can record a payment transaction with inclusion of the necessary TDS to be paid to the government.

Example :

On 1-9-2020, Swayam Sales paid TDS deducted in the month of August 2020 of Rs.60,000 to the Government directly by cheque of Axis Bank Ltd.

1.    Go to Gateway of Tally > Accounting Vouchers > F5: Payment .

2.    Click S : Stat Payment .

3.    Select TDS as the Tax Type .

4.    Enter the Period From and To dates.

5.    Enter the Deducted Till Date .

6.    Select the Section from the List of Section .

7.    Select the required Nature of Payment .

8.    Select the Deductee Status .

9.    Select the Residential Status .

10.  Select either bank or cash ledger in the Cash/Bank field. The payment voucher will be automatically filled with the relevant values. The Statutory Payment Details screen appears as shown below:

TDS (Tax Deducted At Source) using TallyERP9

The Payment invoice appears as shown below automatically:

TDS (Tax Deducted At Source) using TallyERP9

14.  Press Enter  or Press Ctrl+A to save the invoice.

 

Related topics....

Bill of Materials (BoM) in TallyERP9

e-Way Bill using Tally.ERP9

Price Levels and Price List in TallyERP9

Purchase of Capital Goods with GST in Purchase Voucher (F9) in Tally.ERP9

Purchase of ‘Nil-Rated’ , ‘Exempted’, Items & Goods using Tally.ERP9

Purchase Order Processing in TallyERP9

Record Expenses with GST in Purchase Voucher (F9) in Tally.ERP9

Sale of Goods and Services in a Single Invoice with multiple GST Rate in Tally.ERP9

Sale of Items and Goods with Inclusive of Tax Rate in Tally.ERP9

Sale of Items and Goods with Separate Actual and Billed Quantity Columns in Tally.ERP9

Sale of Items and Goods with Zero Valued Entries (Free Products) in Tally.ERP9

Sale of Nil-Rated, Exempted Supplies of Items and Goods using Tally.ERP9

Sales Order Processing in TallyERP9

TDS (Tax Deducted At Source) using TallyERP9

Cost Centre and Cost Category in TallyERP9

 

Get..Tally.ERP9 Book (Advanced Usage) @ `. 550 !

18 Chapters in Tally.ERP9 Book + 46 Practical Assignment with GST in Tally.ERP9 & All features are described with Practical Problems with Solutions.

Buy Now

Tally.ERP9 Book (Advanced Usage) @ Rs.550


Disclaimer :
The names of Companies and persons used in this Website have been used for illustrative purposes only.
The visitors may visit www.tallysolutions.com , the web site of Tally Solutions Pvt. Ltd. for resolving their doubts or for clarifications

Trademark :
Tally,Tally GST,TallyERP9 GST, Tally9, Tally.ERP, Tally.ERP –9, Tally.Server 9, Tally.NET & Power of Simplicity are either registered trademarks or trademarks of Tally Solutions Pvt. Ltd. in India and/or other countries. All other trademarks are properties of their respective owners. This Website is not associated with any product or vendor mentioned in this Website.
SWAYAM EDUCATION
Mandal Bagicha, Hemkapada,
Sunhat, Balasore-756002 ( Odisha )-India
eMail ID : tallyerp9bookorder@gmail.com
Web : www.tallyerp9book.com
Mob : 09437264738

| About | Privacy Policy |

© 2020 : www.tallyerp9book.com

Tally.ERP9 Book CONTENT Tally.ERP9 Book ORDER