Answer / saurabh

Tds is efected when you are making a payment to some as per
the provision of income tax laws.
since you are working in a event management co. so u must
be aware of the nature of the payment attracting tds.

you can open tds a/c in creditors ledger and when make the
payment to any party route the exp through this a/c too.

e.g
you have to make a payment of Rs 40000 to a praty for
transportation and tds amt comes to rs 800 approx

payment voucher will be like this:

bill recd and passed for payment
Dr tpt a/c 40000
cr party a/c 39200
cr tds from tpt 800

on making payment:

party Dr 39200
cr bank a/c 39200

when tds is deposited i.e on due date take print out of
this tds ledger a/c and issue cheque
dr TDs from tpt
cr bank a/c

Answer / s. mahesh

Yes, Mr. Saurabh is correct. Also, you can make a voucher
entry in Tally there is an opption for cost centre when
ever you are going to deducting tds a/c. maintain the cost
centre for each party (cr.), which can helpful for the
section-wise. When you making the payment for TDS (Dr.)
This can be idenditify that party-wise how much we deducted
and deposited. Secondly, you can treat this as sub-ledger
also. (TDS A/c (Main Ledger a/c.) 194c (Sub Ledger A/c.) &
ABC a/c. (Cost Centre. If, you want more clarification pl.
contant maheshsundram69@gmail.com

Answer / guest

visit www.tallynine.com for a step by step learning TDS
entry in Tally

Answer / manoj bhide

Mr. Saurabh is correct. The change is only that the entry
should recored only through the specific creditors account
and not the general creditor a/c. Because it will record
only the amount payable after deducting the tds without
recording it in to the a/c of that creditor. So there will
be difuculty when we have to issue the tds certificate to
the party. So the correct entry will be
1)purchase a/c Dr
to creditor a/c
2)
creditor a/c Dr.
to tds a/c

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