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Payment of Interest, Penalty
with TCS Ledger [TCS]
in Tally.ERP 9

ABC Company had made a sale of Timber to Ganesh Traders, and TCS @ 2.5% was collected. Delayed payment of TCS was made on 10-02-2014, for which an interest of Rs. 200/- was applicable. Also, Rs. 100/- had to be paid as penalty for Late Payment.

Let us see how TCS, Interest and Penalty payment can be done using the same Payment Voucher in Tally.ERP 9

Step 1: Create Interest Ledger

Go to Gateway of Tally > Accounts Info. > Ledgers > Create

  1. In the Name field enter the Ledger Name e.g. Interest

  2. In the Under field select Indirect Expenses group

  3. Set Inventory values are affected to No

  4. Set Used in VAT Returns? to No

  5. Set Used for Assessable Value Calculation to No

  6. Press Enter to save

Step 2: Create Penalty Ledger

Go to Gateway of Tally > Accounts Info. > Ledgers > Create

  1. In the Name field enter the Ledger Name e.g. Penalty

  2. In the Under field select Indirect Expenses group

  3. Set Inventory values are affected to No

  4. Set Used in VAT Returns? to No

  5. Set Used for Assessable Value Calculation to No

  6. Press Enter to save

Step 4: Create Payment Voucher

Go to Gateway of Tally > Accounting Vouchers > F5: Payment

  1. Press F2 and change date to 10-02-2014

  2. Click the button S: Stat Payment

  3. In the Statutory Payment screen that appears, select TCS as the Type of Duty

  4. Set Auto Fill Statutory Payment to No

Note: If Interest and Penalty are paid along with the tax amount, the Payment can be done without using S:Stat Payment Button


[Img-48]

  1. In the Account field select Canara Bank

  2. Under Particulars, select the ledger TCS @ 2.5% ( TCS @ 2.5 % is selected in the Sales transaction recorded for the Sale of Timber Obtained Under Forest Lease)

  3. In the Bill-wise Details screen, select Agst Ref as the Type of Reference and select the required TCS Bill reference for which payment is being recorded

  4. Press Enter to accept the Amount pre-filled

  5. Select End of List

  6. In the Payment Voucher, select the Interest ledger under Particulars

  7. Select Interest as the Payment Type from the List of Payment Types displayed


[Img-49]

  1. Enter 200 in the Amount field

  2. Select the ledger Penalty under Particulars

  3. Select Penalty as the Payment Type from the List of Payment Types displayed

  4. Enter 100 in the Amount field

  5. Press Enter

  6. Set Provide Details to Yes

The Provide Details screen appears as shown below:


[Img-50]

Note: Nature of Goods and Buyer/Lessee Status are captured based on the bill reference selected in the Bill-wise details screen

  1. Enter Cheque/DD No, Date, Name of Bank, Bank Account Number, Branch Name, BSR Code, Challan No., and Challan Date as required

The Completed Payment Details screen appears as shown below:


[Img-51]

  1. Press Enter to go to the Payment Voucher

  2. Fill in details in the Bank Allocation screen

  3. Enter Narration if required

The completed Payment transaction appears as shown below:


[Img-52]

  1. Press Enter to accept

Step 5: Generating ITNS 281 Challan

To Print the ITNS 281 Challan,

  1. Open the Payment Voucher in alteration mode

  2. Press Alt+P or click P: Print

  3. In the Voucher Printing screen, set the option Print as TDS Challan to Yes

  4. Save the Voucher Printing screen

  5. The preview of ITNS 281 Challan is generated. Press F4 to zoom - in


[Img-53]

You can see that the tax amount, interest and penalty payment made is captured in the ITNS 281 challan

 
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