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Creating Masters Ledgers for TDS using Tally.ERP9

TDS (Tax Deducted at Source) in Tally.ERP 9 provides an easy-to-use and flexible interface. It helps you to handle intricate cases and calculate the tax payable to the Income Tax Department.

Tally.ERP 9 calculates the tax of all parties/ suppliers where TDS deduction is mandatory. It calculates the TDS automatically and prints Form16A certificates, Forms 26Q, 27Q, 26, 27 and 27A (Cover Note) for Quarterly/ Annual Returns as per statutory requirement.

It allows the user to view and print various TDS reports, Challans and TDS Outstanding statements.

Following Masters are required to Create for TDS Transactions in Tally.ERP9

  1. Creating TDS Nature of Payment in Tally.ERP9

  2. Creating Expenses Ledger (TDS) in Tally.ERP9

  3. Creating Party Ledger (TDS) in Tally.ERP9

  4. Creating TDS Ledger in Tally.ERP9

  5. Creating Stock Item (TDS) in Tally.ERP9

  6. Creating Fixed Asset Ledger (TDS) in Tally.ERP9

1. Creating TDS Nature of Payment in Tally.ERP9

For payments attracting TDS, the relevant nature of payment is defined by the department with associated tax rate, section, payment code, and threshold limit.

While creating a TDS Nature of Payment, you can press Ctrl+C to select the required nature of payment.

To create TDS Nature of Payment in Tally.ERP9 :

1.  Go to Gateway of Tally > Accounts Info. > Statutory Info. > TDS Nature of Pymts > Create .

2.  Press Ctrl+C to view the list of Nature of Payment .

3.  Select the required Nature of Payment .

Creating TDS Nature of Payment in TallyERP9
(Fig-9)

The Section and Payment code are displayed automatically.

4.  Enter the Rate of TDS.

Creating TDS Nature of Payment with TDS Rate in TallyERP9
(Fig-10)

5.  Enter the Threshold/exemption limit as applicable .

6.  Click F12: Configure to configure more options .

TDS Nature of Payment Configuration in TallyERP9
(Fig-11)

7.  Press Ctrl+A to save the details.

2. Creating Expenses Ledger (TDS) in Tally.ERP9

An expenses ledger is used for booking expenses. It can be created by selecting the Nature of Payment during ledger creation.

To create an Expense Ledger in Tally.ERP9

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

2.  Enter the Name .

3.  Select Indirect Expenses as the group name in the Under field.

4.  Set Inventory values are affected to No .

5.  Enable the option Is TDS Applicable? .

6.  Select the Nature of Payment from the List of Nature of Payments .

The Ledger Creation screen appears as shown below:

Creating Expenses Ledger (TDS) in TallyERP9
(Fig-12)

7.  Press Ctrl+A to save the details.

3. Creating Party Ledger (TDS) in Tally.ERP9

TDS will be deducted on the basis of the deductee type, which has to be defined in the party ledger.

To create a Party Ledger in Tally.ERP9

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

2.  Enter the Name .

3.  Select Sundry Creditor as the group name in the Under field.

4.  Enable the option Maintain bill-by-bill , if required.

5.  Enable the option Is TDS Deductible?

6.  Select a Deductee Type .

7.  Enable Deduct TDS in Same Voucher , if required.

8.  Enter the Name of the service provider under Mailing Details .

9.  Enter the Address .

10.  Select the Country from the List of Countries .

11.  Select the State from the List of States .

12.  Enter the PIN Code .

13.  Enable Provide Bank Details , if required.

14.  Enter the PAN under Tax Information .

15.  Enable the option Provide PAN Details to enter PAN details of the party.

The Ledger Creation screen appears as shown below:

Creating Party Ledger (TDS) in TallyERP9
(Fig-13)

16.  Press Ctrl+A to save the details.

4. Creating TDS Ledger in Tally.ERP9

A TDS ledger is used for recording duties in TDS related transactions.

To create a TDS Tax Ledger in Tally.ERP9

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

2.  Enter the Name .

3.  Select Duties and Taxes as the group name in the Under field.

4.  Select TDS as the Type of Duty/Tax .

5.  Select a Nature of Payment from the List of Nature of Payments .

6.  Press Enter .

The Ledger Creation screen appears as shown below:

Creating TDS Ledger in TallyERP9
(Fig-14)

7.  Press Ctrl+A to save the details.

5. Creating Stock Item (TDS) in Tally.ERP9

Stock items with TDS details can be created only if it is configured on the Company TDS Deductor Details page.

To create a Stock Item for TDS in Tally.ERP9

1.  Go to Gateway of Tally > Inventory Info. > Stock Item > Create .

2.  Enter the Name .

3.  Select a stock group from the List of Stock Groups in the Under field.

4.  Select a unit of measurement in the Units field.

5.  Enable the option Set/alter TDS details .

6.  Select the Nature of Payment from the List of Nature of Payment .

7.  Press Enter .

The Stock Item Creation screen appears as shown below:

Creating Stock Item (TDS) in TallyERP9
(Fig-15)

8.  Press Ctrl+A to save the details.

6. Creating Fixed Asset Ledger (TDS) in Tally.ERP9

A Fixed Asset ledger is used for recording fixed assets and capital goods.

To create a Fixed Asset Ledger in Tally.ERP9

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

2.  Enter the Name .

3.  Select Fixed Assets as the group name in the Under field.

4.  Set Inventory values are affected to No .

5.  Set Is TDS Deductible to Yes .

6.  Set Treat as TDS Expenses to Yes .

7.  Select the required Nature of Payment .

8.  Enter the Mailing Details and Tax Registration Details , as required.

The Ledger Creation screen appears as shown below:

Creating Fixed Asset Ledger (TDS) in TallyERP9
(Fig-16)

9.  Press Ctrl + A to save the details.

 
Activating and Configuring TDS in Tally.ERP9 TDS Using Tally.ERP9 Accounting Transaction for TDS on Expenses using Tally.ERP9


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