Service tax entry in tally

This query is : Resolved 
 


Querist : Anonymous (Querist) 23 August 2012

Hi,

One of my client is providing IT services.

I want to pass accounting entry in tally

Base Invoice amt 135000
Service tax 16868
TDS 15169
Invoice raised amt is 151686.

What entry should i pass in tally 7.2


RAMESH KUMAR VERMA (Expert) 23 August 2012

accounting Treatment of Service Tax

At the time of booking of revenue
Debit - Customer (By gross invoice amount)
Credit - Income (By amount net of service tax)
Credit - Service Tax Liability (By service tax amount)

At the time of receipt of payment from customer
Debit - Bank a/c
Credit - Customer a/c

and

Debit - Service tax liability a/c
Credit - Service Tax payable a/c

At the time of payment of service tax
Debit - Service Tax Payable a/c
Credit - Bank a/c or service tax credit a/c


http://www.tallysolutions.com/website/CHM/TallyERP9/Service_Tax_New/accounting_opening_service_tax_bills.htm


C.A Anshul Singhal (Expert) 23 August 2012

invoice Dr
service tax receivable Dr
To creditos

C.A Anshul Singhal (Expert) 23 August 2012

creditors Dr
To Tds Payable


Querist : Anonymous (Querist) 23 August 2012

Ramesh sir,

Hi

Thanks for your reply.

There is no need to pass any entry for TDS.



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