Wednesday, May 15, 2013

How to Create Party Ledgers in Tally for TDS

TUTORIAL -  CREATE PARTY LEDGERS FOR TDS IN TALLY

Transactions

1) 01.05.2013: XYZ Company received a bill from M/s.Indian Shipping services pvt ltd., for 100,000 towards C&F Charges.
2) 02.05.2013: XYZ Company received a bill from M/s.B.M.Shipping Services LTd., for Rs.80,000 towards C&F Charges.
3) 03.05.2013: XYZ Company received a bill from Mr.A.Kumar for Rs.60,000 towards sales commission charges.
4) 06.05.2013: XYZ Company received a bill from M/s.P.V.Rao & Co. Ltd., for Rs.89,000 towards Consultant Charges.
5) 06.05.2013: XYZ Company received a bill from M/s.Reliance Financial services Ltd., for Rs.96,000 towards interest charges.
6) 08.05.2013: XYZ Company received a bill from M/s.Kanna Financial services pvt ltd., for Rs.38,000 towards Interest charges.
7) 09.05.2013: XYZ Company received a bill from M/s.Rock Financial services pvt ltd., for Rs.45,000 towards Interest charges.
8) 10.05.2013: XYZ Company received a bill from Mr.K.Sundar for Rs.99,000 towards commission charges.
9) 11.05.2013: XYZ Company received a bill from M/s.C.P.chartered services pvt ltd.,for Rs.52,000 towards Consultant charges.

Note: You Must use Tally new version to enable TDS option. (Otherwise upgrade your Tally version)

Go to Gateway of Tally >Accounts Info-> Ledgers->Create

> Enter the Name of the expense ledger: Eg: Indian Shipping Services Pvt Ltd;
> In Under field select the group Sundry Creditors from the List of Groups.
> Set Maintain Balances bill-by-bill to"Yes"
> Set Inventory values are affected to No.
> Set Is TDS Deductable to "Yes"
> Select Deductable Type as " Company-Resident" (Note: Pvt Ltd., means Indian Company, so Select "Company-Resident")



> Select "F12 Configure" button from bottom of Right side panel.


   Now you can see Ledger Configure box.

> Allow ADVANCED entries in TDS Master set as "Yes"

> Press Ctrl+A to save the settings.
   Now you can see "Use Advanced TDS Entries" option., set this to Yes

  Now you can see "Advance TDS Entries" box

 
> Alter Ignore Income Tax Exemption Limit set as "Yes"

> From the list Select "Payment to Sub-Contracts", then select "End of List"



> Alter Zero/Lower Deduction set as "Yes"


> From the list Select "Payment to Sub-Contracts", select Section as 197,
   Enter Certificate No, change the date (Applicable From as 1.5.2013, Applicable To as 31.05.2013),
   then select "End of List" & "End of List"



> Press Ctrl+A to save Advanced TDS Entries settings.
> Enter other important details (Like PAN, Etc.,) then press Ctrl+A.


In the same way create the following Ledger accounts

Name of Ledger
B.M.Shipping Services Ltd
For Transaction No: 2
A.Kumar
For Transaction No: 3
P.V.Rao & Co. Ltd.,
For Transaction No: 4
Reliance Financial Services Ltd.,
For Transaction No: 5
Kanna Financial  Services Pvt Ltd.,
For Transaction No: 6
Rock  Financial  Services Pvt Ltd.,
For Transaction No: 7
K.Sundar
For Transaction No: 8
C.P.chartered services pvt ltd.,
For Transaction No: 9

Transaction No: 2

Transaction No: 3

Transaction No: 4

Transaction No: 5

Transaction No: 6

Transaction No: 7

Transaction No: 8

Transaction No:9



 
Best Regards
G.S.VASU

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