What is the entry for TDS in Tally?

By Popular lifehacks

What is the entry for TDS in Tally?

You can record a payment transaction with inclusion of the necessary TDS to be paid to the government. Scenario 1: On 05-05-2015, ABC Company paid TDS deducted in the month of April 2015 to the government directly. 1. Go to Gateway of Tally > Accounting Vouchers > F5: Payment .

What is TDS and its journal entry?

23. TDS means tax deducted at source. If tax is deducted from assessee’s income and deposited in the Govt. account, its journal entries will be in the books of company.

What are the steps followed to do TDS in Tally?

Enable TDS

  1. Go to Gateway of Tally > F11: Features > Statutory & Taxation .
  2. Set Enable Tax Deducted at Source (TDS) to Yes in the Company Operations Alteration screen.
  3. Enable the option Set/alter TDS details to display TDS Deductor Details screen.
  4. Press F12 .
  5. Enter the TAN registration number .

Is used to pass a TDS deduction entry?

Here are the steps to pass a journal entry for TDS receivable in Tally. From Gateway of Tally, go to Accounting Vouchers. Now, select Journal Voucher by pressing F7 or selecting Journal from the right hand side green bar. The accounting entry for TDS receivable in Tally will be as shown below.

How to do TDS entry in tally ERP 9?

Remember in tally.erp 9 it is more complex to make TDS entries but it is necessary to get a complete and informative reporting on TDS and so we have to welcome it hoping that Tally will cor rectify some major problems in its next release. you can download the Step by step TDS Manual  for TDS in Tally from here

How to record expenses and deduct TDs-tally?

You can record a payment transaction with inclusion of the necessary TDS to be paid to the government. On 1-9-2020, Swayam Sales paid TDS deducted in the month of August 2020 of Rs.60,000 to the Government directly by cheque of Axis Bank Ltd. 1. Go to Gateway of Tally > Accounting Vouchers > F5: Payment .

Where do you record journal entries for TDs?

You have to record the below journal entries for TDS in your company books of accounts.

What can you do with a journal entry in tally?

Journal entries in tally is NOT used for recording ALL KINDS transactions.Generally transactions recorded through journal voucher in tally erp9 does not include cash or Bank account. However tally allow user to enter cash/ bank transactions through journal vouchers by activating this option through F12 Configuration.