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TDS on Transport-Related Expenses using Tally.ERP9

You can create an accounting voucher for transport-related expenses, along with the applicable TDS using Tally.ERP9.

Section 194C of Income Tax Act is amended to include TDS deduction of 1 % for individuals and Hindu Undivided Families owning more than 10 goods carriage, and At the Rate of 2% in case of other payees.

For others not owning more than 10 goods carriage at any time during the previous financial year, and who has furnished a declaration to this effect along with his PAN, No TDS is applicable.

Note: A TDS of 20% is applicable for parties without a valid PAN.

Example :

Rekha Traders availed transportation services from ABC Transporters (owns more than 10 goods carriers) on 24-4-19 on which a TDS of 2% is applicable.

To create a journal voucher

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

2.  Click F2: Date to change the date to 24-4-2019 .

3.  Debit Transport Expense ledger, by 50000 .

4.  Credit ABC Transporter , amount is automatically filled.

5.  Enter the required details in the Bill-wise Details screen.

6.  Press Ctrl+A to save.

7.  Credit TDS ledger, amount is automatically filled.

8.  Enter Narration , if required.

The journal voucher appears as shown below:

Voucher Entry for TDS on Transport related Expenses using TallyERP9
(Fig-30)

9.  Press Ctrl + A to save the voucher.

Example :

Rekha Traders availed transportation services from XYZ Transporters (owns Less than 10 goods carriers) on 28-4-15.

To create a journal voucher

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

2.  Click F2: Date to change the date to 28-4-2015 .

3.  Debit Transport Expense ledger, by 30000 .

4.  Credit XYZ Transporters , amount is automatically filled.

5.  Enter the required details in the Bill-wise Details screen.

6.  Press Ctrl+A to save .

7.  Enter Narration , if required.

The journal voucher appears as shown below:

Voucher Entry for Transport related Expenses without TDS using TallyERP9
(Fig-31)

8.  Press Ctrl + A to save the voucher.

 
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