Booking the TDS Expense

Anand Mon, 11/01/2021 - 16:39

This voucher enables you to book the expenses directly and helps you to deduct the TDS and pay the amount to the party for their services.

Select F7: Journal button to the right or press F7 to create a Journal Voucher.

Gateway of Tally > Accounting Vouchers > Journal Voucher

Or

Press F7 key at the Voucher Entry screen to make a Journal Voucher

This will open the Journal voucher creation screen.

  1. Select Fees for Professional Or Technical Services (under Indirect Expense) from the list in the Particulars column and enter the Amount in the Debit column.

  2. Select the Party from the list (ABB Enterprise) and the Amount appears automatically in the Credit column

  3. Press Enter to view the Billwise details sub form as displayed below:

 

  1. Select the Type of Ref as NewRef

  2. Enter the Name

  3. Select the TDS Ledger from the list to the right.

  4. The Amount is automatically picked up by the system.

  1. Accept the Billwise Details sub form

  2. Accept the screen to save the Journal voucher.

 

Note: Booking the TDS Expense can be done using the Purchase voucher available in default Tally.

Journal Voucher Using TDS Deduction Button

TDS Deduction button is available in Journal Voucher screen. You can pass a Journal voucher using this button to record all the Tax ledger transactions for a particular party who provides services. The list of ledger accounts displays only those ledger accounts enabled for the party selected.

Gateway of Tally > Accounting Vouchers > F7: Journal button from the button bar on the right- side of your screen or press the F7 key

 

You are free to make any changes to the percentages of Income Tax, Surcharge or Additional Surcharge with the help of F12: Configure screen by pressing F12 key or clicking on F12: Configure button and set Allow Alteration of TDS Rates and Values to Yes.

This will allow you to override the default TDS rates supplied by Tally.

 

  1. Select TDS Deduction Button or Press ALT+S.

     

    You will get a list of TDS Ledgers for the party selected

  2. Select the TDS Party Ledger from the list (ABB Enterprises).

  3. Select the TDS Ledger from the list (TDS on Technical Services). The system calculates the Net TDS to deduct amount.

 

 

  1. Select the TDS Applicable Bills from the list.

 

  1. Accepting the TDS details sub form will post the Net TDS to Deduct amount in the Debit column of the Journal Voucher screen. Press the Enter key to credit the Tax Ledger (TDS on Technical Services).

     

    You may enter the New Reference Number for identification and accept the screen to save the Journal Voucher.