Wednesday, May 15, 2013

How to Create Tax Ledgers in Tally for TDS

TUTORIAL -  CREATE TAX 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 Quick setup option. (Otherwise upgrade your Tally version)


-> From the Gateway of Tally, select Quick Setup (Shortcut Key "K")
> From the Quick Setup, Select Tax Deducted at Source (Shortcut Key "T")

 > From the Master Setup heading, Click on T: Tax Ledgers (Shortcut Key "Alt+T")


For the above Transaction you will create the following Ledger accounts:
Name of Ledger
Under
Default Nature of payment
TDS on C&F Charges (For Transaction Nos: 1,2)
Duties & Taxes
Payment to sub-contractors
TDS on Sales Commission Exp (For Transaction Nos: 3,8)
Duties & Taxes
Commission or Brokerage
TDS on Consultant charges
(For Transaction Nos: 4,9)
Duties & Taxes
Fees for Professional or Technical services
TDS on Interest on Loans
(For Transaction Nos: 5,6,7)
Duties & Taxes
Interest other than Interest on securities
"Ctrl+A" to save the ledger



Best Regards
G.S.VASU


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