TDS Receipt in Tally

Bank A/c     Dr      8300

TDS paid A/c  Dr  1700

To Mr. "B" A/c.                            10000

Note: at the time IT filing you have to collect the TDS certificate from Mr. B and submit in Dept.

how to do it in tally

pls step by step guide

Dear Arumuga,

You have to just give invoice of Rs. 10,000 only. You have to pass the entry as suggested by Mr. L. KANAGARAJ...

BUT collect TDS certificate from party of Rs. 1700 after the financial year end.

Go to tally...

use receipet voucher...

pass accounting entry..

Bank A/C Dr (under current assest grouping)   Rs. 8300

TDS paid FY 08-09 A/C Dr. (under current assest grouping) Rs. 1700

    To Rent Account A/C Cr. (under groupinng income)  Rs. 10000

For this you have to create all the three ledgers if not created in Tally yet..

I hope you are satisfied now.

i create three ledgers

i put the invoice as sales

I give the receipt for Rs. 10000

where i want to credit tds paid account 

Dear Member

Ledger To be created

Sales - Under Sales Account

Company B - Under Sundry Creditor

Tds On Rent - Under Current Assets

Bank A/c

Transactions

Sales

Dr Company B - Rs. 10000.00

Cr Sales A/c - Rs. 10000.00

Receipt (In Receipt Press F12 and Disable Single Entry Mode.)

Dr Bank A/c 8300.00

Dr Tds On Rent A/c Rs. 1700.00 (Assuming 1700 as tds deducted by party

Cr Company B - Rs. 10000.00

Here YOur bank account is debited by rs. 8300/- only.

Dont Worry This WIll Resolve your problem

rgds

achal.

Achal is right mr arumuga nair, but be remember to collect TDS certificate (16 A) in end of FY so that you can able to get refund the TDS amount from Income tax  Dept

And One more thing : As per IT Act you have to paid TDS over receipt of 1.20 Lac in a year If  the receipt are lessor then the IT limit there should not make any tax deduction.

>> Rajesh

Dear Member

Ledger To be created

Sales - Under Sales Account

Company B - Under Sundry Creditor

Tds On Rent - Under Current Assets

Bank A/c

Transactions

Sales

Dr Company B - Rs. 10000.00

Cr Sales A/c - Rs. 10000.00

Receipt (In Receipt Press F12 and Disable Single Entry Mode.)

Dr Bank A/c 8300.00

Dr Tds On Rent A/c Rs. 1700.00 (Assuming 1700 as tds deducted by party

Cr Company B - Rs. 10000.00

Here YOur bank account is debited by rs. 8300/- only.

Dont Worry This WIll Resolve your problem

rgds

achal.

Dear Member

Ledger To be created

Sales - Under Sales Account

Company B - Under Sundry Creditor

Tds On Rent - Under Current Assets

Bank A/c

Transactions

Sales

Dr Company B - Rs. 10000.00

Cr Sales A/c - Rs. 10000.00

Receipt (In Receipt Press F12 and Disable Single Entry Mode.)

Dr Bank A/c 8300.00

Dr Tds On Rent A/c Rs. 1700.00 (Assuming 1700 as tds deducted by party

Cr Company B - Rs. 10000.00

Here YOur bank account is debited by rs. 8300/- only.

Dont Worry This WIll Resolve your problem

rgds

achal.

create three ledgers

i put the invoice as sales

I give the receipt for Rs. 10000

where i want to credit tds paid account

thnx

________

All the members

Firstly U must think about accounting system adopted , than only entries can be passed. there r 2 types of systems 1) is Mercantile 2) is Cash System. For TDS Receivable & Rent U can pass entries in following manner. If U follow Cash System : time of Actual Rent Receipts.

Debit  Bank          8300

Debit  TDS           1700

Credit  Rent.      10000 

In case U follow Mercantile System

Debit   Party       10000

Credit  Rent       10000

and time of Payments

Debit Bank         8300

Debit TDS           1700

Credit Party       10000

Just for information Rent is forming the part of Indirect Income not under group the Sales, Since Sales is forming the part of Direct Income. Raising the invoice is different matter. Now as days because of servicetax , it has to be raised. For further detail can call me

surana, Chennai

9952967237

Ms. Achal

Just I want correct your grouping. 1) Rent Receipts under Indirect Income 2) Company B for Rent Receivable under Sundry Debtors not Sundry  Creditors but appropiate Group for Rent Receivable and for TDS Receiable should be -  Loans & Advances under  Group Current Assets. Pl do write me if I m wrong.and for Entries for Receipt Vr. Simly U can Use F6 and for Rent Receiable   U can pass in Journal F7. Need not to be confused with F12.

how to do TDS entry in tally when deducted by Bank on Interest on FD

Example:  Interest - 3573 and TDS 357

then how do entry in Tally please tell me.....