Monday, May 27, 2013

TDS In Tally (Tutorial - 2)

TDS TUTORIAL -2


Please read TDS Tutorial -1 

TRANSACTIONS

Transactions No.1:
01.06.2013: XYZ Company received a bill from M/s.Rock Financial services Pvt Ltd., for Rs.45,000 towards Interest charges for Loan Account No.15852.

Transactions No.2:
01.06.2013: XYZ Company received a bill from M/s.Kanna Financial services Pvt Ltd., for Rs.38,000 towards Interest charges for Loan Account No.BD52145.

Transactions No.3:
02.06.2013: XYZ Company received a bill from M/s.Indian Shipping services Pvt Ltd., for 40,000 towards C&F Charges.

Transactions No.4:
02.06.2013: XYZ Company received a bill from M/s.B.M.Shipping Services Ltd., for Rs.55,000 towards C&F Charges.

Transactions No.5:
02.07.2013: XYZ Company paid TDS (under section 194A) of Rs.8,300/- through ICICI Bank (Cheque,  No: 222222) for the month of June 2013.

Transactions No.6:
02.07.2013: XYZ Company paid TDS (under section 194C) of Rs.1,900/- through ICICI Bank (Cheque,  No: 444444) for the month of June 2013.

FOLLOW THE BELOW SIMPLE STEPS

STEP 1
TDS Setup
Create Expenses Ledgers
Create Tax Ledgers
Create Party Ledgers
Create Bank Ledger


STEP 2
Enter Journal Vouchers

STEP 3
Enter Payment Vouchers
Print TDS Challan No.281

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


Workings is very useful for better understanding about all Transactions. We request you to, kindly read working before start this tutorial. Read Workings

STEP 1

TDS Setup: This is one time process. Your have already done TDS Setup in our Tutorial - 1, 

Create Expenses Ledgers:For the above Transactions, you will be create two Expenses Ledger.
1) Interest on Loans (For Transaction No. 1 & 2)
2) C&F Charges (For Transaction No. 3 & 4)

Your have already create one Expenses Leger (C&F Charges) in our Tutorial - 1.  (Read Tutorial -1)
So create another Expenses Ledger Interest on Loans.

> Gateway of Tally > QuicK Setup > Tax Deducted at Source > X: Expense Ledgers
Tally Displays one ledger (C&F Charges), which is you have already created ledger in our Tutorial 1.
> Press Down Arrow
Name of Ledger
Under
Is TDS Applic
able
Default Nature of payment
Interest on Loans
Indirect Expenses
Yes
Interest other than Interest on securities
Press "Ctrl+A" to save the ledger


Create Tax Ledgers: For the above Transactions, you will be create two Tax Ledger.
1) TDS on Interest on Loans  (For Transaction No. 1 & 2)
2) TDS on C&F Charges (For Transaction No. 3 & 4)

Your have already create one Tax Leger (i.e,TDS on C&F Charges) in Tutorial 1 (Read Tutorial -1)
So create another Tax Ledger TDS on Interest on Loans.


> Gateway of Tally > QuicK Setup > Tax Deducted at Source > T: Tax Ledgers

Tally Displays one ledger (i.e.TDS on C&F Charges)
> Press Down Arrow 
Name of Ledger
Under
Default Nature of payment
TDS on Interest on Loans
Duties & Taxes
Interest other than Interest on securities
Press "Ctrl+A" to save the ledger



Create Party Ledgers:For the above Transactions, you will be create four Party Ledgers.
1)
Rock Financial services Pvt Ltd., (For Transaction No. 1)
2)
Kanna Financial services Pvt Ltd., (For Transaction No. 2)
3)
Indian Shipping services Pvt Ltd., (For Transaction No. 3)
4)
B.M.Shipping Services Ltd., (For Transaction No. 4)

Your have already create Two Party Legers (i.e
Indian Shipping services Pvt Ltd., & B.M.Shipping Services Ltd.,) in our Tutorial - 1. (Read Tutorial -1)
So create another Two Party Ledgers, Rock Financial services Pvt Ltd., & Kanna Financial services Pvt Ltd.,

 > Gateway of Tally > QuicK Setup > Tax Deducted at Source > A: Party Ledgers

Tally Displays Two ledgers (i.e.Indian Shipping services Pvt Ltd., & B.M.Shipping Services Ltd., )
> Press Down Arrow


Name of Ledger
Under
Is TDS Applic
able
Deductee Type
PAN/IT No
Rock Financial services Pvt Ltd
Sundry Creditor
Yes
Company - Resident
CCCCR3333D
Kanna Financial services Pvt Ltd.,
Sundry Creditor
Yes
Company - Resident
BBBCK3333C

Press "Ctrl+A" to save the ledger
 


Create Bank Ledger: You have already create bank account in our Tutorials. How to Create Bank Ledger (Click Here)

STEP 2

Enter Journal Vouchers: You will be enter one Journal Voucher for one Transaction. In this Tutorial, there are four Transactions. so enter four Journal Vouchers.

Journal Vouchers No.1( For Transaction No: 1 )
01.06.2013:
Dr. Interest on Loans. Rs.45,000.
Cr. Rock Financial services Pvt Ltd., 40,500.
Cr. TDS on Interest on Loans. Rs.4,500

Gateway of Tally -> Accounting Vouchers -> Click on  F7: Journal from right side panel / Press F7.
> Press F2, Enter Date: 01.06.2013 (Transaction Date)
> In Debit field select Interest on Loans from the List of Ledger Accounts.
> Enter total Expenditure (Rs.45,000) in the Amount field. Now you can view TDS Nature of payment Details.
> Select "Interest other than Interest on securities" Enter Assessable Value Rs.45,000/-
-> In the Credit field  select "Rock Financial services Pvt Ltd., "and press enter to view TDS Details screen.
-> Select New Ref from the Method of Adjustment.
-> * Just keep default ref Name (Eg: Jrnl/3-1),
-> ** Select "Interest other than Interest on securities" from the List of Nature of  Payments.
-> Select "TDS on Interest on Loans" from the list of TDS Duty Ledgers.
-> Tally defaults the amount specified against the expenses ledger and skips the field.
-> User can set this field to Yes or No depending on the tax deduction.
-> TDS Amount field displays deducted amount & Payable Amount field displays the amount (after  TDS).
-> Press Ctrl+A / Enter.

* Tally.ERP 9 displays the reference number, which is a combination of abbreviation of Journal and Voucher Number and number of references used in TDS Details (example: Jrnl / 3-1) which can be changed by the user example. TDS payments are tracked with these Reference Numbers.

 **The List of Nature of Pymt(s) displays only that Nature of Payment which is specific to the Expenses Ledgers, selected in the transaction.
 
> In the Bill wise details screen, Select New Ref as the Type of Ref;
> In the Name field enter the Bill name (Eg: 3.)
> Skip the Due Date or Credit Days field.
> Accept the default amount allocation and Dr/Cr. By default Tally.ERP 9 displays the Bill amount in the amount field as the credit balance.
> Press Enter, select New Ref as Type of Ref and Enter Bill name (Same as above, i.e,3)
> Skip the Due Date or Credit Days field and accept the default amount allocation and Dr/Cr. By default  Tally.ERP 9 displays the Tax amount in the amount field as the debit balance.


> Credit " TDS on Interest on Loans",Enter Rs.4,500
> Write Narration.
> Press "Ctrl + A" / Enter to save the voucher.


In the same way enter remaining three Journal Vouchers. Follow screen shots

Journal Vouchers No.2 ( For Transaction No: 2 )
01.06.2013:
Dr. Interest on Loans. Rs.38,000.
Cr. Kanna Financial services Pvt Ltd., 34,200.
Cr. TDS on Interest on Loans. Rs.3,800.


Journal Vouchers No.3 (For Transaction No: 3 )
02.06.2013:
Dr. C&F Charges. Rs.40,000.
Cr. Indian Shipping services Pvt Ltd., 39,200.
Cr. TDS on C&F Charges. Rs.800.


Journal Vouchers No.4 (For Transaction No: 4 )
02.06.2013: 
Dr. C&F Charges. Rs.55,000.
Cr. B.M.Shipping Services Ltd., 53,900.
Cr. TDS on C&F Charges. Rs.1,100.




STEP 3

Enter Payment Vouchers: You will be enter Two Payment Voucher for above Transactions. one is for "TDS on Interest on Loans" another one is payment voucher for "TDS on C&F Charges"

Payment Voucher No.1 (for Transactions No.5)
Gateway of Tally > Accounting Vouchers > F5: Payment
> Press F2 to change the date.(Enter 02.07.2013)
> Click on F12: Configure button from the Buttom of Right side panel
> In the Payment Configuration screen  Use Single Entry mode for Pymt/Rcpt/Contra option is set to Yes,
> Press Ctrl+A
> Click on S:Stat Payment button from the Right side panel
> Now Tally displays Statutory Payment screen. Select Types of Duty/Tax as "TDS"
> Auto Fill Statutory Payment: Set this option to YES to auto calculate and fill the duty payable to the Government. Set this option to NO, if the user wants to manually select the duty ledger and duty bills.


> Deducted Till Date: In this field user may enter, till date of the period for which the TDS values should be computed and auto-filled. Enter 30.06.2013.
> Section:  Select Section "194A Interest other than Interest on securities" from the list of section.
As per the Act, separate TDS challans to be submitted for the payment of tax under each section. In this field, Tally.ERP 9 displays all the Sections under which, Tax deducted is pending for payment.
> Nature of Payments: Based on the section selected in the Section field, Tally.ERP 9 displays the section related nature of payments under which, Tax deducted is pending for payment.Select "Interest other than Interest on securities"
> Select Deductee Status  as Company.




> Select your Bank (Eg: ICICI Bank) from the List of Ledger Accounts.
> Enter
> The Bank Name through which the payment is made and TDS payable amount (with the respective bill details) will be auto-filled.
> Provide details is Set to "Yes"
> From Date: In this field enter the From date of the period for which the tax is paid. Specify the appropriate Quarter period.
> To Date: In this field enter the To date of the period for which the tax is paid. Specify the appropriate Quarter period.
> fill Chque No,& Date.
> Select Name of Bank as: ICICI Bank Ltd.,
Automatically Tally displays Bank Account No, Branch Name & BRS Code. Because you have already update your bank account, when you create Bank account.
Note:  If the TDS payment challan details are not available at the time of recording the TDS payment entry, such details can be either by reconciling the TDS ledger or by altering the payment voucher.
> Enter
> Write Narration, then press Ctrl+A.





Payment Voucher No.2 (for Transactions No.6)
In the same way enter Payment Voucher No.2  Follow screen shots.













Print TDS Challan No.281: Tally automatically generate TDS challan for the above payment. Just Print this challans and submit it into your bank with related cheques.

Printing TDS Challan (For Transactions No.5)
Gateway of Tally > Display > Daybook
> Press F2: Enter the payment Date (02.07.2013), then press Enter.
> From the list select, "TDS on Interest on Loans", press Enter.
> Press Alt+P or Click on  P: Print option on Top Left
> Tally displays Voucher Printing screen. (You can change any options in this screen, Like: Printer name, Preview option, No of Copies Etc.,)
> Press Ctrl+A



Printing TDS Challan (For Transactions No.6)
Gateway of Tally > Display > Daybook
> Press F2: Enter the payment Date (02.07.2013), then press Enter.
> From the list select, "TDS on C&F Charges", press Enter.
> Press Alt+P or Click on  P: Print option on Top Left
> Tally displays Voucher Printing screen. (You can change any options in this screen, Like: Printer name, Preview option, No of Copies Etc.,)
> Press Ctrl+A




G.S.VASU



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