Tax Deducted at Source (TDS) is one of the modes of collecting income tax. The
buyer (Deductor) deducts the tax from the payment made to the seller (Deductee) and remits the
tax to the Income Tax Department within the stipulated time.
The buyers (Corporate and Non-Corporate) make payment (such as Salary, Rent,
interest on securities, Dividends, Insurance Commission, Professional Fees, Commission on
Brokerage, Commission on Lottery Tickets, etc) to the sellers (Services) and deduct the requisite
amount form such payments towards tax.
The buyer files the TDS returns containing details of the seller and the bank,
where the TDS amount is deposited to the Income Tax Department (TDS).
In this post you will learn about to "how to record tds transaction in tally prime step by step guide.
TDS In TallyPrime
TDS (Tax Dedicated at Source) in Tally provides and easy-to-use and flexible
interface. It helps you to handle intricate cases and calculate the tax payable to the Income Tax
Department.
Tally calculates the tax of all parties/suppliers where TDS deduction is mandatory.
It calculates the TDS automatically and prints Form16A certificates, Forms 26Q, 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.Step 1 Create Company
Step 2 Enable TDS In Tally Prime By Press F11 Key
After Create Company You Have To Enable TDS Feature In Tally Prime For Record TDS Transactions. Press F11 Key For Enable TDS In Tally Prime. As You Tap Yes Then You Have To Fill TDS Details.
Step 3 Record TDS Details And Responsible Personal Name
As You Press Yes - On Enable Tax Deducted At Source (TDS), Here Fill These Details Like This
Note : Set / Alter Details Of Person Responsible
Fill Details Like This
TDS Ledgers And Nature Of Payment
|
Nature Of
Payment |
Expenses |
Section |
Threshold Limit |
Rate Of Tax |
|
Fee
For Professional Service |
Audit
Fee |
194K |
30,000 |
7.5% |
|
Monthly
Salary |
Salary |
192L |
600000
Year |
10% |
Step 4.1 Nature Of Payment Creation Fee For Professional Services
Gateway Of Tally >> Create >> TDS Nature Of Payment >> Create
Step 4.2 Press F12 For Configuration
Press F12 For Configuration Setup
Step 4.3 Nature Of Payment Creation Monthly Salary
Gateway Of Tally >> Create >> TDS Nature Of Payment >> Create
Step 5.1 Ledger Creation Audit Fee
Gateway Of Tally >> Create >> Ledger
Now We Have Required Ledgers For TDS Record Create
Step 5.2 Ledger Creation Create Salary A/c
Gateway Of Tally >> Create >> Ledger
Step 5.3 Ledger Creation Create TDS On Audit Fee
Gateway Of Tally >> Create >> Ledger
Step 5.4 Ledger Creation Create TDS On Salary
Gateway Of Tally >> Create >> Ledger
Step 5.5 Sundry Creditor Ledger Creation TATA PVT LTD
Gateway Of Tally >> Create >> Ledger >> Create
Step 5.6 Sundry Creditor Ledger Creation Ankit Mishra
Gateway Of Tally >> Create >> Ledger >> Create
Step 6.1 Pass Journal Voucher
Gateway Of Tally >> Vouchers >> Journal Voucher
Step 6.2 Pass Journal Voucher
Gateway Of Tally >> Vouchers >> Journal Voucher
7 Go to Balance Sheet
Gateway Of Tally >> Balance Sheet >> Current Liability
Click On Current Liabilities
Press Alt + F1 For Details View
Step 8.1 Pass Payment Voucher
Gateway Of Tally >> Vouchers >> Payment Voucher
Set Adjustment
Step 8.2 Pass Payment Vouchers
Gateway Of Tally >> Vouchers >> Payment Voucher
Set Adjustment
Step 9 Go to Balance Sheet
Gateway Of Tally >> Balance Sheet >> Current Liability
Click On Current Liabilities
