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Accounting Transaction for TDS on Expenses using Tally.ERP9

You can create an accounting voucher for your business expenses, along with the applicable TDS.

Example :

On 30-4-2019, ABC Company paid MAR Tech Park ₹ 5,00,000 as Rent.

Step-1: 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.

Step-2 : 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.

Step-3 : 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.

Step-4 : Accounting for TDS on Expenses in Tally.ERP9

To create a journal voucher

1.  Go to Gateway of Tally > Accounting Voucher > F7: Journal.

2.  Click F2: Date to change the date to 30-4-2015 .

3.  Debit the Rent expense ledger.

4.  Enter 500000 in the amount field.

5.  Credit MAR Tech Park . The amount after TDS deduction will appear in the Amount field automatically.

6.  Press Enter .

7.  Enter the Bill-wise Details , as required.

8.  Press Enter .

9.  Credit the TDS tax ledger. The TDS amount will automatically filled in the Amount field.

10.  Press Enter .

11.  Enter Narration , if required.

The Journal voucher appears as shown below:

Accounting for TDS on Expenses in Tally.ERP9
(Fig-17)

12.  Press Ctrl+A to save the voucher.

 
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