Tally entries

Yes , TDS  is applicable under section 194C of the Income Tax act 

Booking Entry 

Labour  Charges  A/c  Dr 

To Labour  Contractor   A/c  Cr 

To TDS  payable           A/c  Cr 

( labour charges payable ) 

 

payment  Entry 

Labour contractor  A/c  Dr 

To  Bank                A/c   Cr

(  payment made after deduction of  TDS )  

 

TDS  Payable  A/c      Dr 

To Bank           A/c      Cr 

(  Payment  of TDS  to GOVT  account ) 

Note - you  have  deduct  TDS while making  payment  , do not pay Total  amount . 

1)Contractor which a/c head have to group.      2) Tds payable which a/c head have to group. 

Yes TDS applicable under section 194c of the Income Tax act

Booking entry

Labour Charges A/c Dr
To Labour Contractor A/c Cr
To TDS payable A/c Cr
(Labour Charges payable )

Payment entry
Labour Contractor A/c Dr
To Bank A/c. Cr
( payment of Labour Charges)

TDS on payable A/c Dr
To Bank. A/c Cr
my a( payment of TDS to Govt account )

Note - you have to deduct TDS while making payment and same to deposit in GoVT account.

Labour Contractor  under  TRADE  CREDITORS  - liability  Side  Balance sheet  

TDS  Payable  under   DUTIES  &  TAXES   -liability  side  balance sheet 

If u are sure that mr. satish labour bill will go uptill ₹30,000/- in a financial year, then only deduct TDS
Only 1 bill in A financial year that to of rs. 4,000/- then no need to deduct TDS
percentage is as follows
if Mr. Satish is a Individual/HuF then 1%
and if other ( co., partnership firm) then 2%

Yes , you correct Sir , I thought Labour bill may cross 30000/- at the end of the year .

 Mr.Jogendra Isssued a bill for his interior work done on my rented shop of Rs. 2,00,000/- (bill includes material 140000 and 60000 labour charges) How can I pass entries in tally. Is there any tds deductable ?  Pls guide me regarding this.