Cutom duty

This query is : Resolved

Madhanagopal (Querist)
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28 November 2012 Dear Sir,
1.i was import machinery from other country,i was paid 30% advance,balance 70% after received B\L copy,how to pass the entry.

2.How to pass the custom duty charges entry in tally.

3.lot of charges they are showing clearing person Ex:- co,DO charges,these are all the charges, how to pass the entry in tally,

Can u plz give me your valuable answer

Thanks & regards
D.Madhan

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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29 November 2012 In case of Advances, payment (to the party) is made after deducting the applicable TDS.

Example: ABC Company made an advance payment of Rs.10,000 to Pheonix Agencies towards Advertisement Expenses, which will be adjusted against the bill of Rs.20000. TDS is deducted while making the payment.
Step 1: Create Bank Ledger

Go to Gateway of Tally > Accounts Info. > Ledgers > Create

Enter Canara Bank as the Ledger Name

Group it under Bank Accounts group

Under Mailing Details

In Address field enter the Bank Branch Address.

Select Karnataka in State field

Enter the PIN code

In A/c No. field enter the Account Number as 00758978

In Branch Name field, enter M.G.Road.

Enter the Bank’s BSR Code as 0240130. BSR Code is a 7 digit Number allotted by Reserve Bank of India (RBI) to Bank Branch.

Enter Rs. 50,00,000 in Opening Balance field

for more info:

http://www.tallysolutions.com/website/CHM/TallyERP9/Tax_Deducted_at_Source/Accounting_Advance_Payments.htm

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