↑
waytosimple
  • Accounting
  • Tally ERP9
  • Tax
  • Payroll
  • SAP FICO
  • Digital Marketing
  • Must Know
  • Services
  • E-Books
  • 0 items₹0.00

TDS on Professional Charges in Tally ERP9

Once you have enabled TDS feature in Tally.ERP9 then you need to create necessary ledgers in Tally to record TDS related transactions.

 

 

Example

 

ABC company amount paid towards audit fee to Praneeth & Co of Rs.50,000 with GST@18%.

 

 

Entry

 

Audit Fee Dr                                         50,000

 

CGST Dr                                                4,500

 

SGST Dr                                                4,500

 

To TDS on Professional Charges             5,000

 

To Praneeth & Co                                 54,000

 

 

TDS Nature of Payment Creation

 

Path: Gateway of Tally -> Accounts info -> Statutory info -> TDS Nature of Payment -> Create

 

 

Name: TDS on Professional charges

 

Section: Enter section 194j

 

Payment code: 94j

 

Rate: 10%

 

Threshold/exemption limit: 30,000

 

Press enter to save the screen

 

The above TDS nature of payment has been created as per the section, payment code, rate and exemption limit.

 

 

Similarly you can create other nature of payments.

 

 

 

Vendor ledger Creation

 

Path: Gateway of Tally -> Accounts info -> Ledgers -> Create

 

 

Name: Praneeth & Co

 

Under: Sundry Creditors

 

Is TDS deductable: Yes

 

Deductee type: Select the deductee type as partnership firm

 

Deduct TDS in Same Voucher: Yes

 

Address: Enter vendor address

 

Country: Enter vendor country

 

State: Enter vendor state with Pin code

 

PAN/IT No: Enter PAN number of vendor

 

Provide PAN details: Yes

 

Set/alter GST details: Yes, once enable this option then the below GST details screen will appear.

 

 

Registration type: Select vendor registration type as regular (In case of Composition, Consumer and Unregistered then select accordingly)

 

GSTIN/UIN: Enter vendor GSTIN number

 

 

 

Expenses Ledger Creation

 

Path: Gateway of Tally -> Accounts info -> Ledgers -> Create

 

 

Name: Audit Fee

 

Under: Indirect Expenses

 

Is GST Applicable: Applicable

 

Set/alter GST details: Yes, once enable this option then the below GST details for ledger screen will appear.

 

Type of Supply: Services

 

Is TDS applicable: Applicable

 

Nature of Payment: TDS on Professional Charges

 

Press enter to save the screen

 

 

 

 

Nature of transaction: Purchase Taxable

 

Taxability: Taxable

 

GST Rate: 18%

 

 

 

Ledger Creation: TDS on Professional Charges

 

 

Under: Duties & Taxes

 

Type of duty/tax: TDS

 

Nature of payment: TDS on Professional Charges

 

Press enter to save the screen

 

 

 

GST Ledgers Alteration

 

Path: Gateway of Tally -> Accounts info -> Ledgers -> Create

 

Name: CGST

 

 

Name: SGST

 

 

 

Recording of GST purchase invoice with TDS

 

Path: Gateway of Tally -> Accounting Vouchers -> F9 Purchases (Account invoice mode)

 

 

Press Enter to save the screen

 

 

To Check TDS Report Outstandings

 

Path: Gateway of Tally -> Display -> Statutory Reports -> TDS Reports -> TDS Outstandings

 

 

 

How to Record TDS Payment Entry

 

Path: Gateway of Tally -> Accounting Voucher-> F5 Payment

 

Click on Stat Payment

 

 

 

Tax Type: TDS

 

Period: 1.8.2017 to 31.08.2017

 

Deducted Till Date: 31.08.2017

 

Section: 194J

 

Nature of Payment: TDS on Professional Charges

 

Deductee Status: Non Company

 

Residential Status: Resident

 

Cash/Bank: Select Bank

 

Press enter

 

 

 

 

Press enter to save the screen

 

 

 

 

Related Topics

 

How to Enable TDS in Tally ERP9

 

TDS Rate Chart for Financial Year 2018-2019

 

TCS Rates in India

 

 

 

Related Pages

  • How to Post TDS Receivable Entry in Tally ERP9
  • List of Shortcut Keys in Tally ERP9
  • Enable TDS in Tally ERP9
  • GST Classifications in Tally ERP9
  • Import of Goods under GST in Tally ERP9
  • Sales to Unregistered Dealer in Tally ERP9
  • Input Service Distributor under GST in Tally ERP9
  • How to Activate GST in Tally ERP9
  • How to Enable TDS in Tally ERP9
  • GSTR-1 Report in Tally ERP9
  • GSTR-2 Report in Tally ERP9
  • GSTR-3B Report in Tally ERP9
  • What is Tally ERP9
  • How to Create Company in Tally ERP9
  • List of Ledgers and Groups in Tally ERP9
  • How to Create, Display, Alter and Delete Ledgers in Tally ERP9
  • How to Create, Display, Alter and Delete Group in Tally ERP9
  • Sales Voucher in Tally ERP9
  • Purchase Voucher in Tally ERP9
  • Recording of GST Intrastate Sales in Tally ERP9
  • Home
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • E-Books

Copy Right © 2023 waytosimple.com All Rights Reserved.