Tds receivable certificate

This query is : Resolved

varun (Querist)
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02 October 2011 Dear all,
How to check and maintain tds receivable certificate.is there any particular procedure to maintain it.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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03 October 2011 No procedure as such. Just check the certificate with for the amount of TDS deducted. Verify from 26AS whether the amount has been correctly credited and then pass the entry in your books.

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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05 October 2011 Hey for control purpose in tally, you can do the following, it can be very useful

Form a group under tally namely as TDS. In the properties mention the group as ledger account

under the same group assigned the ledger account named "Tax deducted at Source"

Create a new account named as "TDS deducted and Certificates recived"

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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05 October 2011 While creating the ledger account assign the feature of Bill to Bill reconciliation

Assign the bill no. while passing the entry of Tax deducted at Source as normal entry

Party A/c DR
Tax deducted at source A/c DR
To Income A/c

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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05 October 2011 when the TDS certificate is recieved pass the entry as

TDS deducted and Certificates Received A/c DR
To Tax Deducted at Source A/c

The above entry to b passed with the amount of TDS as per certificates

The balance of Tax deducted at source and certificates not recived will be highlighted by the Account named as "Tax Deducted at Source", while of Certificates received as per " TDS deducted and Certificates received A/c"

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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05 October 2011 While the Bill to Bill reconciliation feature will enable you to check at once the outstanding entries of TaX DEDUCTED ATS OURCE A/c.
by pressing Alt +B after opening the ledger account.

plz check the short cut key once again as i m not using tally these days

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