TDS Late

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This query is : Resolved

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This discussion clarifies how to record late fees and interest payments for TDS in Tally ERP9. The consensus is that a journal entry to create a liability isn't strictly necessary. Instead, you should directly book the payment entry, debiting accounts for TDS Late Fee and Interest on TDS, and crediting your bank or cash account.

farook

farook (Querist)
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21 February 2020 DEAR SIR/MADAM,

PLEASE INFORMING TO PASS THE JOURNAL ENTRY & PAYMENT ENTRY FOR TALLY ERP9
*LATE FEE TDS INTEREST PAID *
ONLY PAYMENT ENTRY OR NOT.
JOURNAL ENTRY REQUIRED NECESSARY OR NOT. HOW CAN LEDGER TALLY BOTH.

Guest

Guest (Expert)

22 February 2020 I think there is no need to book journal entry for creating liability for late fee for TDS just need to show TDS late fee payment entry in books Entry should be TDS late fee (indirect Exp.) A/c. Dr. Interest on TDS (Ind. Exp.) A/c . Dr. To Bank A/c