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TDS Create in Tally: First Step

TDS or tax deducted at source is a mechanism for collecting tax from taxpayers in India. The document provides steps for creating TDS accounts and entries in Tally 9. First, enable TDS and create a TDS ledger account. Second, create a creditor ledger account and select that TDS is applicable. Third, create a rent expense ledger. Fourth, enter a journal voucher debiting rent, crediting the creditor, and crediting TDS for the amount deducted from payment to the creditor.

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18 views

TDS Create in Tally: First Step

TDS or tax deducted at source is a mechanism for collecting tax from taxpayers in India. The document provides steps for creating TDS accounts and entries in Tally 9. First, enable TDS and create a TDS ledger account. Second, create a creditor ledger account and select that TDS is applicable. Third, create a rent expense ledger. Fourth, enter a journal voucher debiting rent, crediting the creditor, and crediting TDS for the amount deducted from payment to the creditor.

Uploaded by

bvbhina
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
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TDS Create in Tally

First of all in Income tax Law 1961, TDS is the way of collecting tax from assessee. TDS is deducted by the person who pays to other certain amount which is mention in TDS sections. TDS is defined as the tax deducted at the same time when you are getting Money, for ex. Tax is deducted when getting salary. First Step First of all go to Tally 9 Gateway Press F11 and go to Statuary & Taxation and Set Enable TDS as YES.

Second Step i) Then create a Ledger account in the name of TDS Account under the group Duties & Taxes (Under C. liabilities). ii) Type of Duty or Tax select as TDS iii) Nature of Payment- for example you can select Payment of rent on buildings iv) Ignore TDS Exemption limit- YES/ No

Third Step

(i) Then create another ledger account. For example create YZ. Company under the group of S.Creditors. (ii) Maintain Bill by Bill- YES. (iii) Is TDS Applicable- write YES Enter TDS details like Deductee type- whether Individual or Company. Then fill the required items.

Fourth Step Then create another ledger account of rent account under indirect expenses. Fifth Step

(i)Enter the transaction in Journal voucher.

Rent A/c. Dr. Rs 140000 YZ co. A/c. Cr. Rs. 118370 TDS A/C Cr. Rs. 21630

( Tally will select only one transaction TDS amount automatically , if not activate then calculate yourself and write )

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