‘TDS is applicable on payment other then goods a d si DS deducted by the payee on certain categories of business. Theincome & department had given guidelines to some payee’s deducted tax at the time of payment to parties on the foliowing categories of business. Definitisn: - Tax deducted at scurte is one of the modes of collecting Income- tax from assésses in Iiidia. Such collection of tax ‘effected at the source when income arises or accrues r + Commission on broke’ e * Commission on sale oflottery tickets +: Fees for professional or tech <> Insurance commission “+ Interest on securities “ al services + Faymenttg.ong actors” ~ “+ Payment to ee ciors > Rent Winning for horse race + Winning from lotteries and cross word puzzles When we pay amount to a party who rendered services coming in the purview of above services, first we have to deduct TDS from the party account and the same is to be sent to Government. Manual Entries:journal Vot Se | Expenses A/C Dr | xxxxx | To Sundry Creditor A/C XXXXX | (Select “NEW REFERENCE” Enter the “DATE” Select “TDS ”) (Being TDS amountis calculated on commercial expenses) _ Payment Voucher (F5): - Party name: Cash/Bank Particular Amount Sundry Creditor A/C XXXXX | (Select “AGAINST REFERENCE”) é TDS A/C XXXXX (Being TDS amount paid to government and remaining amount paid to sundry creditor) 01) Rama & Co Started business with Rs.10, 00, 000/- 02) Purchase 50 LG TV’S for cash@ R&.6, ,500/- 03) Purchase 25 SONY TV'S for €ash @ Rs. 04) Sales 45 LG TV'S to cash @ Rs.9, 500/- 05) Sales 23 SONY TV'S to cash @Rs.9,000/- — « 06) Wages paid Rs.1, 200/- 07) Salaries paldgo Amu Rs. 49, 000 /-with TDS. {She is Professional} 98) Carriage inwards Rs.1, 360/- 09) Carriage pet, 500/- .3, 200/- 10) Commission received 11) Rent paid Rs.25, o00/ 12) ertisement charges pa Rs.50, ; Advertisement contractor} : Solution: Step-1:- 1) Select “Andhra Pradesh” & Select the Date “From 2010 year onwards” Step-2:- Press F11 Select Statutory & Taxation Features. » Enable Tax Deducted at Source (TDS): - “YES” >» Set/Alter TDS Details “YES” Company TDS Deductor Details ** Tax Assessment Number: -__ ** Head Office Tax Assessment Number:Income Tax Cirele/Ward (TDS): - Deductor Type: - Other (Select according to the problem) + Name of Person Responsible: - Son/Daughter of: - + Designatio (NOTE: - All the above details will be used in challan, forms & returns) TAX Information Local Sales Tax Number: ~ Inter-State Sales Tax Number: a PAN/Income-Tax Number: - AZX$D1536V, and “SAVE” Ledger Creation:- SI.No Ledgers 01 Rama & Co @ 02 Purchase ail 03 Sales 04 Wages 05 Salaries | le: "VES" Default Nature of Payment: - Select “Fees for | | Professionalor Technical Services” 06 ‘na ae Sundry rediters | 1s TDS Deductable: - “YES” Dedutee type: - Body of Individuals / according to the p | PAN/IT No:-AZXSD1536V—- | (PAN /IT No is mandatory for e TDS, should be of 10 characters} 07 Carriage Inwards Direct Expenses 08 Carriage Outwards Indirect Expenses 09 Commission Received Indirect Incomes 10 Rent Indirect Expenses 1 Advertisement charges Indirect Expenses is TDS Applicable: - “YES” Default Nature of Payment: - Select“Payments to contractors (Other than - Advertisement)” 12 7 Usha Sos Sundry Creditors Statute, Is TDS Deductable: - “YES” Dedutee type: - Body of Individuals | (Select according to the problem) PAN/IT No: - AZXSD1536V (PAN /IT No is mandatory for e TDS, - . should beof10 characters) 13 TDS on Salaries Duties & Taxes ene of Duty/Tax: - TDS Fees for Services” to the problem) 14 TDS on Advertisement charges” Duties & Taxes — “Payments to ai n Advertisement)” SYMBOL: - No’ Formal Name: - Numbeks 3) Stock Items:- pl a * Ne Under. ve Pr 'Ty's Sony TV's | TV's Step-4:- inting Vo! rs: Payment voucher: - Shortcut Key is “FS” Receipt voucher: - Shortcut Key is “F6” Purchase voucher: - Shortcut Key is “F9” Sales voucher: - Shortcut Key is “F8”Journal Vouchers: - Shortcut Key is “F7” We use the Journal voucher for all Adjustments. Journal Voucher (F7); - “TDS Calculation on Salaries” i: Dr Salaries A/C 40,000 (Select “Nature of Payment & Amount”) 36,000 | Cr Anu A/C | (Select “New Reference”, Select “Nature of Payment”, Select “TDS on Salaries”, Select “New Reference”, again Select “New Reference”) ¢ CrTDSonSalariesA/C Z 4,000 nal V. 2 culation on Ac a Dr Advertisement Charges A/C : 50, 000 (Select “Nature of Payment & Amount”) Cr Usha A/C * (Select “New Reference”, Select “Nature of P: ay Select “TDS on Advertisement Cl la nyse Reference”, again Select “NewReferer »,. Cr TDS on Advertisement Charges A/C | Party name: Cash/Bank | Payment Voucher (F5):+ (To ANU. \ [Particular : | Amount | AnuA/C | 36,000 | (Select “Against Reference”, Select “Pending | | Bills”) it Vi r r TDS on |Party name: Cash/Bank ag | Particular Amount TDS on Si 4,900 x | (Select ‘Ag elect “TAX Details” ) Payment Voucher (F5) : -(To USHA) Party name: Cash/Bank Particular Amount Usha A/C 49,000 (Select “Against Reference”, Select “Pending Bills” )Payment Voucher (F5) : -(For TDS on Advertisement Charges) Party name: Cash/Bank Particular | Amount TDS on Advertisement Charges A/C 1,000 (Select “Against Reference”, Select “TAX | Details”) _ Se ee eee] Ans:- Gross Profit = Rs 2, 01,.440/- aH Net Profit = Rs 88, 140/- Closing Stock = Rs 44, 500/- Cash-in-hand = Rs 10, 43, 640/- Balance Sheet = Rs 10, 88, 140/- Reports: - 1) Computation: - > Go to “Gateway of Tall > Select “Display” > Select “Statutory Repo: > Select “TDSReporis” > Select “Compittation” Press" 2) Pri - > Goto “Gateway of Tally” > Select “Display” > Select “Statutory Select“TDS Reports” + Select “Return” > Select “Pr ‘rom 16A” > Select “Le LUshaj”... > Press Enter > Select “With Print Preview” (Press “ALT + 1) Press “Enter” Then “Print From 16A” will be displayed 01) Rama Devi started with business Rs.20, 00, 000/- 02} Cash deposit at bank Rs.10, 00, 000/-_ TDS on Advertisement Charges A/C 1,000 | (Select “Against Reference”, Select “TAX | Details” ) Ans:- Gross Profit = Rs 2, 01,.440/- aE Dy Net Profit = Rs 88, 140/- Closing Stock = Rs 44, 500/- Cash-in-hand = Rs 10, 43, 640/- ay Balance Sheet = Rs 10, 88, 140/- ‘ x ; - 1) Computation: - > Go to “Gateway of Tall Select “Display” Select “Statutory Reports? Select "TDSReports” Select oa ion” Press“ 2) Pri :- > Goto cater, > Select “Display” » Select “Statutory lect “TDS Reports” lect “Return” Select “Print From 16A” Select “Le /Ushay”..... Press Enter Select “With Print Preview” (Press “ALT + I) Press “Enter” Then “Print From 16A” will be displayed T t Source 01) Rama Devi started with business Rs.20, 00, 000/- 2} Cash deposit at bank Rs.10, 00, 000/- vVvVvVY VvVYcturi ] 01) Sree Computers started with business Rs.20, 00, 000/- 02) Purchase Machinery for cash Rs. 18, 000/- 03) Purchase Furniture for cash Rs. 25, 000/- 04) Purchases 25 CPU's @ Rs. 1, 950/-, 25 MB's (Intel) @ Rs. 1, 750/-, 25 RAM’s @ Rs. 650/- from Rushitha & Co Godown: - “A”, Batch No: - 1210, Mfg DT: - 01-05-2010, Expiry DT: - 31-10-2015 05) Purchases 25 Hard Disk’s @ Rs. 1, 850/:, 25DVDRW's@Rs.850/-, 25 Cabinet's @ Rs. 650/- from Anu &C Godown: - “B”, Batch No: - 1450 DT: - 01-05-2040, Expiry DT: - 34-10-2015 Ww rials from godowns to Production after send 20 No's of Computers to Main Locatioh Godown: -“Main Loti en No:- 1740, Mfg DT: - 02-05-2010, Expiry DT: eos, - 31-10-2635 - 07) Transfét of Ra 08) Sales 10 Computers @ Rs. 15, 060/- to Usha 08} Sales 8 ants 200 to Cash 09) Wages Paid Rs. 2, 000/- 10) Carriage Inwards Rs. 1, 000/- 11) Carriage Outwards Rs. 1,200/- 12) Salaries Paid Rs. 2, 500/- Solution:- Step-1:- Company Creation: -RAM | Computer Parts | No’s Same as Above Hard Disk Computer Parts | No’s Same as Above DVD RW ~~ | Computer Parts | No’s Same as Above Cabinet Computer Parts | No’s Same as Above Mouse Computer Parts | No’s Same as Above Key Board Same.as Above No’s LCD Monitor Gomputer Parts | No’s Same as Above f Computer Same as Above 1. Goto “Gatew 2. Select “Inventory Info” 3. Select “Godowns” 4, Select “Create” (Single Godown) 5 , Bxampie: Under. | P ring journal ay of Tally” Abbr: - “Stk Jrnl” Method of Voucher Numbering: - “Automatic” Use Advance Configuration: - “NO” Use Effective Dates for Vouchers: - “NO” Make Optional as Default: - “NO” Use Common Narration: - “YES” Use as a Manufacturing Journal. - “YES”Step-2; - Press F11 selects Inventory features. Storage & Classification: - Maintai multiple godowns “Yes” Maintain Batch - Wise Details - “YES” Set Expiry Dates for Batches ~ “YES” and “SAVE” Step-3:- Ledger Creation:- | Sl.No Ledgers Groups 1 Sree Computers Capital A/C Machinery Furniture Purchase Rushitha & Co Anu & Co ©] a] ala} a] wo} © Example: - SYMBOL: - No’s Formal Name: - Numbers 3) Stock Items. Example:- Sl. Name Under Units No 1 cPU Computer Parts | No’s Maintain in Batches: -“YES” Track Date of Mfj Use Expiry Dates: -“YES” e YES" MB Same as Above Computer Parts | No’sStep-2: - Press F11 selects Inventory features. St Cl: Maintain multiple tion: - godowns “Yes” Maintain Batch - Wise Details - “YES” Set Expiry Dates for Batches ~ “YES” and “SAVE” Step-3:- Ledger Creation:- SI.No Ledgers Groups ae Sree Computers Capital A/¢ Di Machinery _ Fit sets a Furniture er age 4 Purchase Purchase A/C [S65 Rushitha & Co et 6 Anu & Co : = Sales “Hy 8 Usha? 85% I> 10 Carriage inwards i Carriage outwards San, So 2) Units of Measure:- + Example: - SYM! ene Name: Chambers: BOL: - No’s 3) Kk Ite si. Name Under Units No 1 cpu Computer Parts | No’s Maintain in Batches: -“YES” Track Date of Mfg Use Expiry Dates: - 2 MB Computer Parts | No’s Same as AboveStep-7: - Press “ALT + F7” Mig DT: Print after Saving Voucher: - “NO/YES” (Select Any One) And “SAVE” Accounting Vouchers: - Payment voucher: - Shortcut Key is “F5” Receipt voucher: - Shortcut Key is "F6” Purchase voucher: - Shortcut Key is “F9” Sales voucher: - Shortcut Key is “F8” Manufacturing journal voucher; - Shortcut Key is “ALT + F7” We use the Manufacturing journal Materials transfer from Godowns t ‘> Purchase Voucher (F9): Select Party’s Name: Fill the Supplier's Details Select the Purchase Ledger: Select the Name of Item: Select the Godown: - "A? Select “New Number” (1 Enter the “Batch Numb - 01-05-2010", Select “Manufacturfiig Jou Name of Product: - Computers Batch Name: -1740. Mfg DT: - 02-05-2010 e PU/MB/RAM” s“Enter”) & the Box (1210)’, fill the “Quantity & Rate” p 1-°31-10-2015" & “SAVE” ill. stock items in purchase voucher nal” (Press “Enter”) Manufacture of Materials Godown:- Main Lecation Qty:-20No’s . Expiry DT: - 31-10-2015 rv for Purchased Raw fal ‘ation for Production. (Select “New Number” the number in the box} Components (Co 3 Destination (Production) Name Cost of Components: - 12, 600.00/No's 2, 52,000.00 ofitem | Godown | Quantity | Rate | Amount | Type of Addl. Cost: - %age CPU a 20 [4,950 | 39,000 MB A 20 | 4,750; 35,000 | RAM A 20 650 13,000 Hard B 20 1,850 37,000 Disk DVDRW |B 20 850 | 17,000 Cabinet's |B 20 650 13,000fMouse's [c [20 150 3,000 | Key c 20 250 BS 2 Boards | a LCD c 20 | 4,500 |” 90, 000 | Total Addl. Cost: - Monitors Effective Cost: - 2,52, 000.00 L a ff | Effective Rate: - 12, 600.00/No’s Sales Voucher (F8): - Select Party's Name: - “Usha” Fill the Despatch, Order & Buyer’s Details: Select the Sales Ledger: - “Sales” Select the Name oft “Computers” Select the Godown: - “Main Location” Select “New Number” (Press “Enter”) Enter the “Batch Number in the Box (1740)”, fi Mfg DT: - “02-05-2010”, Expiry D: Gross Prefit = Rs 38, 600/; Net Profit = Rs 34, 900/- Balance Sheet = Rs 22, 27, Closing Stock = Sundry Debtor: Sundry Creditors Cash-In-Hand = Rs 19, 41 10 /- Reports: Go te “Gate of tal % Select “Display” ; * Setect “Statements of Inventory” * Select “G s “Entei”) * Select “which Godown do you want see select that Godown * Press “Enter” Select “Stock Query” Select “which Stock Item do you want see select that Stock Item Press “Enter” Then it shows details of that Stock Item.| Mouse's | ¢ 20° 150 3,000 | Key c 20 250 5,090 Boards _| ei LcD c 20 | 4,500 | 90,000 | Total Addl. Cost; - Monitors Effective Cost: - L a Effective Rate: - 2,52, 000.00 12, 600.00/No's * Sales Voucher (F8): - Select Party’s Name: - “Usha” Fill the Despatch, Order & Buyer's Details: -" Select the Sales Ledger: - “Sales” Select the Name of Item: - “Computers” Select the Godown: - “Main Location” Select “New Number” (Press “Enter”) Enter the “Batch Number in the Box (1740)”, fill the “ “31-10-2015” Mfg DT: 02-05-2010", Expiry DT: Sundry Debtor: Sundry Creditors Cash-In-Hand = Rs 19, 4 10 /- Reports: Go to “Gate of tally” = Select “Display” Setect “States Select ‘ 50, 001 of Inventory” s “Enter”) Press “Enter” Select “Stock Query” Press “Enter” * Then it shows details of that Stock Item. Select “which Godown do you want see select that Godown Select “which Stock Item do you want see select that Stock Item