Monday, June 3, 2013

TDS In Tally (Tutorial - 3)

TDS TUTORIAL -3

 
                                                              TRANSACTIONS

Transactions No.1:
01.07.2013: XYZ Company received a bill from M/s.Designer Arts Pvt Ltd., for Rs. 3,00,000 towards Advertising Services provided charges.

Transactions No.2:
03.07.2013:XYZ Company received a bill from M/s.Kanna Financial services Pvt Ltd., for Rs.52,000 towards Interest charges for Loan Account No.BD52145.

Transactions No.3:
06.07.2013: XYZ Company received a bill from M/s.Digital A7 Pvt Ltd., for Rs. 1,50,000 towards Advertising Services provided charges.

Transactions No.4:
09.07.2013: XYZ Company received a bill from M/s.Indian Shipping services Pvt Ltd., for 60,000 towards C&F Charges.

Transactions No.5:
13.07.2013: XYZ Company received a bill from M/s.Anjali Enterprises towards Commission Charges - Rs. 40,000

Transactions No.6:
16.07.2013: XYZ Company received a bill from M/s. Billa Publishers Pvt Ltd., for Rs. 1,80,000 towards Advertising Services provided charges.

Transactions No.7:
05.08.2013: XYZ Company paid TDS (under section 194A) of Rs.5,200/- through ICICI Bank (Cheque,  No: 666666) for the month of July 2013.

Transactions No.8:
05.08.2013: XYZ Company paid TDS (under section 194C) of Rs.13,800/- through ICICI Bank (Cheque,  No: 555555) for the month of July 2013.

Transactions No.9:
05.08.2013: XYZ Company paid TDS (under section 194H) of Rs.4,000/- through ICICI Bank (Cheque,  No: 777777) for the month of July 2013.

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

STEP 1

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

TDS Setup: This is one time process. Your have already done TDS Setup in our old Tutorials, So ignore It. Click here for TDS Setup

Create Expenses Ledgers: For the above Transactions, you will be create Four Expenses Ledger.
1) Advertising Charges (For Transaction No.1,3 & 6)
2) Interest on Loans (For Transaction No.2)
3) C&F Charges (For Transaction No.4)
4) Commission Charges (For Transaction No.5)

Your have already create Two Expenses Leger (Interest on Loans and C&F Charges) in our Tutorial-1 & Tutorial 2
So create another Two Expenses Ledger "Advertising Charges" & "Commission Charges".


> Gateway of Tally > QuicK Setup > Tax Deducted at Source > X: Expense Ledgers
> Press Down Arrow till Last ledger.
> Press "Ctrl+A" to save the ledger


Create Tax Ledgers: For the above Transactions, you will be create Four Tax Ledger.
1) TDS on Advertising Charges (For Transaction Nos.1,3 & 6)
2) TDS on Interest on Loans (For Transaction No.2)
3) TDS on C&F Charges (For Transaction No.4)
4) TDS on Commission Charges (For Transaction No.5)

Your have already create Two Tax Legers (TDS on Interest on Loans & TDS on C&F Charges) in our Tutorial 1 &
Tutorial 2
So create another Two Tax Ledgers.

> Gateway of Tally > QuicK Setup > Tax Deducted at Source > T: Tax Ledgers
> Press Down Arrow till Last ledger.
> Press "Ctrl+A" to save the ledger 



Create Party Ledgers:For the above Transactions, you will be create Six Party Ledgers.
1) Designer Arts Pvt Ltd., (For Transaction No.1)
2) Kanna Financial services Pvt Ltd., (For Transaction No.2)
3) Digital A7 Pvt Ltd., (For Transaction No. 3)
4) Indian Shipping services Pvt Ltd., (For Transaction No.4)
5) Anjali Enterprises (For Transaction No.5)
6) Billa Publishers Pvt Ltd., (For Transaction No.6)

Your have already create Two Party Legers in our Tutorial 1 &
Tutorial 2 
So create another four Expenses Ledger.


> Gateway of Tally > QuicK Setup > Tax Deducted at Source > A: Party Ledgers
> Press Down Arrow till Last ledger.
> Press "Ctrl+A" to save the ledger


STEP2

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

Journal Vouchers No.1( For Transaction No: 1 )
01.07.2013:
Dr. Advertising Charges. 300,000.
Cr. Designer Arts Pvt Ltd.,   294,000.
Cr. TDS on Advertising Charges 6,000

Gateway of Tally -> Accounting Vouchers -> 
> Click on  F7: Journal from right side panel / Press F7.
> Press F2, Enter Date: 01.07.2013 (Transaction Date)
> In Debit field select "Advertising Charges" from the List of Ledger Accounts.
> Enter total Expenditure (Rs.300,000) in the Amount field. Now you can view TDS Nature of payment Details.
> Select "Payment to Contractors (Advertisement Contractors)" Enter Assessable Value Rs.300,000.

> In the Credit field  select "Designer Arts 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/7-1),
> Select "Payment to Contractors (Advertisement Contractors)" from the List of Nature of  Payments.
> Select "TDS on Advertising Charges" 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.

> In the Bill wise details screen, Select New Ref as the Type of Ref;
> In the Name field enter the Bill name (Eg: 7.)
> 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,7)
> 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 Advertising Charges",Enter Rs.6,000
> Write Narration.
> Press "Ctrl + A" / Enter to save the voucher.


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

Journal Vouchers No.2 (For Transaction No: 2)
Dr. Interest on Loans. 52,000
Cr. Kanna Financial services Pvt Ltd., 46,800
Cr. TDS on Interest on Loans. 5,200


Journal Vouchers No.3 (For Transaction No: 3)
Dr. Advertising Charges. 150,000
Cr. Digital A7 Pvt Ltd., 147,000
Cr. TDS on Advertising Charges. 3,000


Journal Vouchers No.4 (For Transaction No: 4)
Dr. C&F Charges. 60,000
Cr. Indian Shipping services Pvt Ltd.,58,800
Cr. TDS on C&F Charges. 1,200


Journal Vouchers No.5 (For Transaction No: 5)
Dr. Commission Charges. 40,000
Cr. Anjali Enterprises, 36,000
Cr. TDS on Commission Charges. 4,000

Journal Vouchers No.6 (For Transaction No: 6)
Dr. Advertising Charges.180,000
Cr. Billa Publishers Pvt Ltd., 176,400
Cr. TDS on Advertising Charges. 3,600


STEP 3

Enter Payment Vouchers: You will be enter Three Payment Voucher for above Transactions.
1) TDS on Interest on Loans (for Transactions Nos.2)
2) TDS on Advertising Charges & TDS on C&F Charges (Because both are same Section 194C) (for Transactions Nos.1,3,4 & 6)
3) TDS on Commission Charges (for Transactions Nos.5)

Payment Voucher No.1
Transactions No.7, Dt: 05.08.2013
 
Gateway of Tally > Accounting Vouchers > F5: Payment
> Press F2 to change the date.(Enter 05.08.2013)
> 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 31.07.2013.

> 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 & To date: In this field enter the From date & To date of the period for which the tax is paid. Specify the appropriate Quarter period.(In this Tutorial all Transactions are relating to 2nd Quarter of FY 2013-14, So Enter From date as 2nd Quarter starting dt: 01.07.2013 & To date as 2nd Quarter ending date 30.09.2013)
> 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
Transactions No.8, Dt: 05.08.2013
In the same way enter Payment Voucher No.2,  Follow screen shots.

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 "All Items"




Payment Voucher No.3
Transactions No.9, Dt: 05.08.2013
In the same way enter Payment Voucher No.3,  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 (05.08.2013), 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 

In the same way print remaining two Challans.




G.S.VASU

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