Author: Tally Academy

How to account TDS deducted by your customer

Posted on by Tally Academy

When we raise an invoice to our client, on which our client is requires to deduct TDS and pays the balance amount to us. The amount so deducted by our client, he is liable to pay it to the Income Tax department within first week of next month, hence its a receivable for us which we have to claim from the Income Tax Department and not from our client.

Now, we will see how to handle this situation in Accounts and Tally ERP 9 ?

Suppose we  have issue a bill of Rs. 80000 on which Customer deducted TDS of Rs. 800 and pays you Rs. 79200 back to us. Then the entry in your books will be as under :

Particulars Amount
Dr. Bank Account Rs. 79200
Dr. TDS Receivable Account Rs. 800
Cr. Customer Rs. 80000

( This ledger should be open under the Group Loans & Advances (Asset))

The result will be that your customer a/c will be settled off and the TDS amount will be shown as receivable in the Balance sheet which we have to claim from the Income Tax department. We will get Form No. 16A From our client in this regard in support of our claim.

How to apply Lower Deduction TDS Rates for certain supplier

Posted on by Tally Academy

How to use lower deduction TDS rates for certain suppliers

By virtue of Section 197/197A an assesses can get a certificate of lower deduction from the ITO.

Such certificate will include your TAN number, Assesses PAN Number, Period of applicability, approx. billing amount to you during the period and the % of TDS by which you should deduct TDS on the same.

Let’s assume one of your supplier presents you such a certificate of lower deduction of tds at a rate of 6%, then you must deduct the same as per the certificate produced to you.

Let’s learn how to manage the same in Tally.ERP 9. Once you make the settings as per below then whenever you book the invoice of such supplier then TDS will be calculated and deducted from the bill automatically at the rates specified as per the lower Deduction certificate

  1. Go to related supplier’s ledger who produced you the lower deduction certification
  2. (Note : Enable “Allow ADVANCED entries in TDS Master” form F12 configuration)
  3. Enable “ Is TDS Deductable”?
  4. Deductee Type : select deductee type from the list
  5. Use Advanced TDS Entries : Set to “Yes”
  6. You will find a pop up as per below
  7. Enable “ Set Zero/Lower Deduction”  to “Yes”
  8. You will find below screen
  9. Select the Nature of payment applicable from the pop up window list
  10. Set section number (it will be shown in the lower deduction certificate
  11. Mention necessary details and save it.

If you are not aware of TDS features in tally then you should referTDS help file for further reference

Tally ERP 9 Release 3.0 upcoming features

Posted on by Tally Academy

Tally ERP 9 Release 3  of Current series A is due and it will be available soon to all the Tally users.

There are some long-awaited and expected features for which Tally community was looking since a long time.
Here is the brief features that will be available with Tally ERP 9 Rel 3,

  • Auditor’s edition enhanced with form 3CA and 3CB
  • Now you can enter Multiple addresses for the Company and for Debtors and Creditors in Master ledger
  • Complete  Jobwork  module for manufacturers with excise compliance
  • Rs symbol has changed
  • multiple outstanding entries will be available.
  • if  you want to insert your company logo, in the bills etc.., it can be done ! now no more need to customise for logo print or any TDL!
  • auto back in customised path/folder. An enhanced feature  of the earlier release 2.1,and now you can set your own path/folder to take auto back up of your data
  • Customer can select the reports he sees often and add it to ” my Favorites “
  • Pre order closure is available.
  • Form no. 16 for employee and tds on salary module will now be available.
  • last, but not least,call the expert toll-free no charge! see the picture below now for any of query just call a tally expert from tally software free of cost and get solve your query in no time.

For Sales and Support

Note : All this features will be available only to licensed Tally users and whose Tally Net Subscription (TNS) is active.

If your TNS     had been expired then you may renew it now.

Available new stat 132 from 18th January, 2010

Posted on by Tally Academy

New Stat.900 Version is available free for existing Tally User Major Enhancement are :

Value Added Tax

Goa

The Payment Challan – Form VAT – V is provided for VAT and Composite VAT enabled Companies.

Haryana

  • The VAT Payment Challan – Form VAT C1 is provided.
  • Excel export support for Form VAT R1 and Form VAT R2 is provided.

Maharashtra

The functionality of e-Audit Form 704 is enhanced as per the requirements of revised FORM-704.xls file.

Manipur

The value of entries recorded using the VAT/Tax class provided for 5% and 13.5% VAT rates is captured in Form 10 and Annexure A.

Release details of Stat900 version 132 (PDF file)

Download Stat 132

New Rupee Symbol in Tally ERP 9

Posted on by Tally Academy

[#Field : CMP Cur Symbol]

Use : CURR Symbol
Storage : Currency Name
Modifies : DefaultCurrencySymbol
Style : NewRupee

[#Field : CURR Symbol]
Style : NewRupee1

[Style : NewRupee1]
Use : NewRupee
Height : @@LargeSize

[Style : NewRupee]
Font Name :Rupi Foradian
Bold : Yes
Height : @@NormalSize

;;——————- Invoice PRINT
[#Line: EXPINV AmtInWords]
Add : Field : Before : EXPINV AmtInWords : EXPINV AmtInWordsSymbol

[Field : EXPINV AmtInWordsSymbol]
Set as : “`”
Style : NewRupee

[#Field: EXPINV AmtInWords]

Max : @@MaxNarrWidth
Set as : $$InWords:#EXPINVTotal

Copy the Above Code in notepad and Save it in Rupee.txt, Run the File in Tally And also Install the Font from here[http://posterous.com/getfile/files.posterous.com/foradian/Olt62bfLlpsOECit4CRgEQooVMapxWOhFkBnYUAIHo6EXBA7QGIeecaT9zTe/rupi_foradian.ttf]

From Gateway of Tally –> ALt+F3 –> Alter — Select Company –>

@ Currency Symbol : `

Accept the Form.

Available new stat 131 from 7th January, 2010

Posted on by Tally Academy

New Stat.900 Version is available free for existing  Tally.Net User, Major Enhancement are :

Value Added Tax

Punjab

As per the Public Notice, the following new VAT/Tax Classifications have been introduced for 8% VAT rate effective from January 7, 2011:

  • Purchases @ 8%
  • Purchase From URDs – Taxable Goods @ 8%
  • Sales @ 8%
  • Interstate Sales @ 8%
  • Input VAT @ 8%
  • Output VAT @ 8%
  • CST @ 8%
  • Purchase Tax @ 8%

Release details of Stat900 version 131 (PDF file)

Download Stat 131

Available new stat 129 from 17th December, 2010

Posted on by Tally Academy

New Stat.900 Version is available free for existing Tally User, Major Enhancement are :

Excise for Manufacturer

In RG 23A Part I & RG 23C Part I, the Inventory Details will get captured from CENVAT Credit Availing entry (recorded in Debit Note). This enhancement will be useful in a scenario where excise purchase entry is recorded with Excise Duty ledgers (not availing CENVAT Credit) and later a Debit Note is passed for availing the CENVAT Credit.

Payroll

The facility to generate the ESI monthly e-returns has been provided in Tally.ERP 9. The user can now generate the e-return file from Tally.ERP 9 as per the format prescribed by the ESI Corporation.

Service Tax

A new Service Category – Foreign Exchange Broker (Other Than SP of BAFS) has been provided.

Tax Deducted at Source

TDS – Exemption Limit for Payment to Transporter has been provided. If transporter furnishes PAN Number then TDS will not be deducted on payment to transporter. In case PAN is not furnished, exemption threshold limit is 30,000 as a single payment and 75,000 in a whole year w.e.f. 01.07.2010.

Value Added Tax

Maharashtra

  • The works contract functionality is supported for Form 231.
  • The entries recorded by selecting the VAT/Tax class – Purchase Works Contract @ 8% with Input VAT on Works Contract @ 8% are captured in physical and e-VAT template of Form 231.

Assam

  • The facility is provided to record inter-state transactions at multiple CST rates in a single invoice.
  • The value of entries recorded using the VAT/Tax classifications provided for different CST rates is captured in respective fields of CST Form No. III.

Release details of Stat900 version 129 (PDF file)

Download Stat 129