Service tax entry in tally
Querist : Anonymous
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
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
https://www.tallysolutions.com/website/CHM/TallyERP9/Service_Tax_New/accounting_opening_service_tax_bills.htm
service tax receivable Dr
To creditos
To Tds Payable
Querist : Anonymous
Hi
Thanks for your reply.
There is no need to pass any entry for TDS.
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