How to Calculate Service Tax on
total transaction amount including TDS ?
For
the accurate calculation of Service
Tax and TDS follow the given steps
1.
Book the Expenses
and Service Tax through Purchase Voucher as shown
2.
Deduct TDS in a separate Journal Voucher using of Alt + S: TDS Deduction
3. Make the Payment to party
4.
Check the Service-Tax Input
credit Form -report displays
the realised value & total credit as shown
below
Step1. Book the Expenses
and Service Tax through Purchase
Voucher as shown
Select
the Expenses
ledger and
allocate the entire amount to the applicable TDS Nature of Payment
[13-27]
[13-28]
Select
the Input
Service Tax Ledger and in
the Service
Tax Bill-wise details screen select the default bill details
[13-29]
In
the Expense
Allocation screen
select the applicable TDS
Nature of Payment
Note: TDS Nature of Payment for the Input Service Tax Ledger as Even on the service Tax amount TDS needs to deducted.
[13-30]
In the TDS Details screen select the details as shown
[13-31]
In
the Bill-wise
Details screen
enter the bill references as shown
[13-32]
Save
the purchase voucher
Adjust the Bill Number -
1 and save the voucher
[13-33]
Step 2. Deduct TDS in a separate Journal Voucher using of Alt + S: TDS Deduction option as shown
[13-34]
[13-35]
[13-36]
Step 3. Make the Payment to party
Select Mrs. Rao and in the Bill-wise Details screen select the bill reference as shown
[13-37]
Save the Payment Voucher
[13-38]
Step 4. Check the Service-Tax Input
credit Form -report displays the realised value & total credit as shown below
[13-39]
|