tds receivable under which head in tally
3. Go to Gateway of Tally > Payroll Info. Open PF A/c under Investments and Employer's contribution to PF under Capital A/c 3. How to Enable Tax Deducted at Source (TDS) in Tally.ERP9 U need to create TDS RECEIVABLE ACCOUNT 0809 in Current Asset Group. At the end of each month pass the following entry: Salary Receivable A/c Dr PF A/c Dr ESI A/c Dr Profession Tax A/c Dr TDS Receivable A/c Dr To Basic To Spl All 6. Leave a Reply Cancel reply. Examples for TDS journal entries 194J, 194C, 194H, 194I etc. 4. Now, we will see how to handle this situation in Accounts and Tally 9 ? The TDS receivable in the asset side; Step #5 TDS … Vijay Kumar says: How to 26AS Form Received Entry. Now, payee has to deduct TDS of Rs.5,000 (50,000X10/100) How to Enable TDS in Tally.ERP9 . 2. Tally has basic groups . OPTION 1 jounal mode: dr. tds receivable cr. 99 K then the entry in your books will be as under : Dr. Bank Account Rs. Once enable TDS feature for your company then you can record various TDS related transactions in Tally.ERP9 . FRIENDS IN THIS VIDEO I WILL SHOW YOU HOW TO PASS TDS ON COMMISSION OR BROKRAGE ENTRY IN TALLY ERP9 6.2 tds on commission or brokrage Let’s discuss the basics rules of tds deduction under GST. Enter the name of the Pay Head in the Name field. Under Current Asset open TDS RECEIVABLE GROUP and under it open a ledger "TDS RECEIVABLE 0809". TDS Receivable - Cr (Difference of TDS Amt) (This entry will make TDS Receivable ledger as NIL and the difference of TDS amount is reduced from capital as it is not allowed as expenses in PL Account) The difference in TDS Amount is not allowed as expenses but it is not an expenses rather a type of bad debt of Income Tax which is not recoverable. TDS rate on professional charges is 10% and threshold limit is 30,000 per annum. Just like income tax rules, TDS is deductible under GST Act.The TDS deduction is applicable from 1st of October 2018. TDS under GST with example Introduction to TDS in GST Tax deducted at source introduced in GST is a mechanism to track the transaction of supply of goods and/or services by making the recipient of such supply to deduct a small percentage of amount to be paid to the supplier of such goods and/or services and deposit the same with the government. 1 Lac on which client deducted TDS of Rs. Your email address will not be published. Open Profession Tax & TDS under Current Assets 5. You have to record the below journal entries for TDS in your company books of accounts. Company has not made any provision for income tax since A.Y:2017-18 and continuous to show the TDS amount in balance sheet as reflected in 26AS of the relevant year the company has received refund related to A.Y:2017-18 how it will adjust the refund to TDS Receivable account of the respective year amount incase refund amount is less than 26AS amount of respective year how to show in tally of tds receivable and what is the under group for this ledger? > Pay Heads > Create 2. Suppose you have issue a bill of Rash. Professional Tax Deduction Pay Head 1. Open ESI deduction under Capital A/c 4. From the list of Pay head Types , select Employee’s Statutory Deductions as the Pay head type. While creating debtors ledger account say yes to tds function. June 5, 2018 at 10:32 pm. TDS receivables have to be shown in the balance sheet in the asset side until the Income Tax assessment is finally complete.TDS receivables for different years have to be shown seperately in Balance Sheet for different years.it has to be finally adjusted with the actual income tax liability once the assessment is complete.It has to refelect in the Balance Sheet in the asset side. customer name reason: TDS is receivable and its an asset so we are debiting it., customer is no longer liable to pay the amount so we are crediting it. 1000 and pays you Rs. piyush says: thanks. December 22, 2018 at 5:31 am. Configuration of TDS Under GST in tally erp 9.