Introducing a power wizard to simplify your tax configurations on Tally.ERP 9
Quick set up is a powerful wizard that will guide you to configure statutory masters required for the effective use of a particular statutory module. It is a one time, step-by-step configuration that will ensure the tax rates/percentage for various items and services, tax assessment number, name and designation of person incharge of business etc. are set up for your business accurately. It only takes few minutes to configure and if there is a change in the taxation policy in future, you will have to reconfigure the values. Quick setup is a single window statutory master configuration screen that allows configuring accounts and inventory masters required for every statutory module. Quick setup allows you to make required basic configurations to the masters to account statutory transactions. It also allows making advance configurations, wherever applicable. With quick setup you will be able to select the tax module of your choice in one step without having to go through the entire menu option.
Currently quick setup is available for the following taxation modules:
One comment on “Quick Setup in Tally ERP 9”
Please advise how to process the following entry in Tally ERP- 9 quick set up-
1-Our is a developer ltd co (ABCD Ltd-Haryana ) and our civil contract (XYZ Ltd-Mumbai ) submitted bill for Rs. 500000/-.
2-As per work construct agreement, applicable service tax is payable extra by ABCD Co Ltd to XYZ Co @ 12.36% on 40% of bill submitted amount Rs.500000/-.
3-The XYZ Co-Mumbai is not registered in Haryana and it is agreed that WCT @ 4.20% shall also be paid extra on Rs.500000/-
The bill is prepared by ABCD Ltd as under-
Civil Work expenses 500000.00
Add-Service tax @ 12.36% on 40% of Rs 500000/- 24720.00
Add-Work construct tax @ 4.20 % on Rs.500000/- 21000.00
Total Bill 545720.00
Deductions-
TDS @ 2% on Rs. 545720/- 10914.40
Work construct tax @ 4.20 % on Rs.500000/- 21000.00
Balance paid by cheque 513805.60
Total bill realization 545720.00
Plz advise
1- what accounts master to be created for the above transactions.
2-What are the steps to create all the accounts master.
3-How we can implement calculation of TDS, Service Tax and Work Construct tax for the above transaction in tally ERP-9.