When one person gives payment to another person like salary then TDS (tax deduction at source) is deducted from this amount under the provision of 1961. This amount is deposited in government account. So, it is very important for the every accountant to known about the TDS. The main advantage of tally is that tally automatically calculates the TDS amount. in TDS, it shows the deduction detail.
- F11 (company features) -->F3 (statutory and taxation)
- F3 (statutory and taxation)--> activate enable TDS and Activate set /alter TDS detail
- display --> statutory info.
- statutory info. --> TDS nature of payment
with the help press enter on this list we can see all detail that How much % TDS is calculate on all items.
supposed, calculate the TDS on insurance commission. so for this purpose we will calculate the ledger. following items are calculated on ledger:
- insurance a/c: it is under the indirect expenses
- TDS on insurance: it is under the duties and taxes. TDS is the type/duty. insurance company is the nature of payment.
- party name (Mr. suresh agent): it is under the sundry creditors and activate (IS TDS is applicable).
when TDS is applicable then body of individual select from list of deductive type.
Go to accounting voucher: journal
insurance a/c --Dr.
To party name (suresh) a/c
select the new reference and activate TDS on insurance
then ALT+S for TDS deduction in next page and make entry in journal. TDS is automatically calculated.
Mr.suresh a/c
To TDS on insurance a/c
change period with the help of PRESS ALT+F2. GO to payment voucher.
TDS on insurance a/c
To cash a/c
select the against reference for deduct the TDS from the amount.
suresh a/c---Dr.
To bank a/c
then ALT +P --> print TDS challan --> yes
How to see the print detail?
- display --> statutory report
- statutory report-->TDS report
- TDS report -->print any form