Service tax entry in tally

This query is : Resolved

Querist : Anonymous

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

RAMESH KUMAR VERMA (Expert)
Follow

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

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

Message likes : 2 times

C.A Anshul Singhal

C.A Anshul Singhal (Expert)
Follow

23 August 2012 invoice Dr
service tax receivable Dr
To creditos

C.A Anshul Singhal

C.A Anshul Singhal (Expert)
Follow

23 August 2012 creditors Dr
To Tds Payable

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2012 Ramesh sir,

Hi

Thanks for your reply.

There is no need to pass any entry for TDS.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Nikhil Vyas

Navneet Pratap Singh

Rajesh Surapaneni

arya yashu

Amit

Subscribe Now

Service tax entry in tally

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

CA Final

Senior Executive

Accountant

Manager- Finance and Compliance

GST CONSULTANCY