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Payment of Interest and Penalties [Service Tax] in Tally.ERP 9

As per Section 75, Interest is payable @ 13% on all the short or non payment of Service Tax.

Tally.ERP 9 supports the recording of such Interest payment entries.

Example: on 6-8-2012, ABC Company paid

 

Service tax on tax bill Sale/12-1 Rs. 3600

Education Cess on Tax bill Sale/12-1 Rs. 72

Secondary Education Cess on Tax bill Sale/12-1 Rs. 36

Arrears of Rs. 5,000 (towards Event Management services)

Interest of Rs. 800 (towards Event Management services)

To record the above transaction

1. Create Arrears Ledger

2. Create Interest Ledger

3. Record the transaction in Payment Voucher

1. Create Arrears Ledger

To create Arrears ledger

Go to Gateway of Tally > Accounts Info. > Ledger > Create

  • In Name field enter the arrears ledger - Service Tax Arrears

  • In Under field select Indirect Expenses

  • Set the option Inventory values are affected to No

  • Set the option Is Service Tax Applicable to Yes

  • In Default Service Category select Any

Note: From Rel 4.8 an option to provide Bank Details is provided in the Ledger Master.


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  • Press Enter to Accept

2. Create Interest Ledger

To create Interest ledger

Go to Gateway of Tally > Accounts Info. > Ledger > Create

  • In Name field enter the ledger name - Interest

  • In Under field select Indirect Expenses

  • Set the option Inventory values are affected to No

  • Set the option Is Service Tax Applicable to Yes

  • In Default Service Category select Any

  • Press Enter to save.

3. Record the transaction in Payment Voucher

To record a Payment Voucher

Go to Gateway of Tally > Accounting Vouchers > F5: Payment

  1. Press F2 to change the date to 6-8-2012

  2. In Account field select Canara Bank

  3. Under Particulars select service tax ledger - Service Tax @ 12%

  4. In Service Tax Details screen

  5. In Type of Ref field select Agst Ref

  6. In Name field select Sale/12-1. Based on the bill selected Category and Amount will be defaulted.


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  1. Under Particulars select education cess ledger - Education Cess @ 2%

  2. In Service Tax Details screen

  3. In Type of Ref field select Agst Ref

  4. In Name field select Sale/12-1. Based on the bill selected Category and Amount will be defaulted.

  1. Under Particulars select secondary education cess ledger - Secondary Education Cess @ 1%

  2. In Service Tax Details screen

  3. In Type of Ref field select Agst Ref

  4. In Name field select Sale/12-1. Based on the bill selected Category and Amount will be defaulted.

  1. Under Particulars select Arrears Ledger - Service Tax Arrears

  2. In Service Tax Payment Type screen, select Others as the Payment Type

  3. In Arrears Details screen

  4. In Type of Ref field select New Ref

  5. In Type of Payment field select Arrears from Type of Payment list

  6. In Category field select Event Management Service from the List of Service Categories

  7. In Amount field enter Rs. 5,000


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  1. Under Particulars select interest ledger - Interest

  2. In Service Tax Payment Type screen, select Others as the Payment Type

  3. In Arrears Details screen

  4. In Type of Ref field select New Ref

  5. In Type of Payment field select Interest from Type of Payment list

  6. In Category field select Event Management Service from the List of Service Categories

  7. In Amount field enter Rs. 800


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  1. Set the option Provide Details to Yes to provide Service Tax Payment Details


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  1. Press Enter to save.

Printed G.A.R.-7 Challan will be displayed as shown


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Tally.ERP 9 Reference Manual LIBRARY
1.
Installation of Tally.ERP9
2.
Site Licensing of Tally.ERP9
3.
Shortcut Keys in Tally.ERP9
4.
Maintaining Company Data
5.
Creating Masters
5a. Accounts Information [Creating Masters]
5b. Inventory Information [Creating Masters]
6.
Voucher Entry
7.
Reports in Tally.ERP9
8.
Excise for Dealer
9.
Excise for Manufacturer
10.
Reports [ Excise for Manufacturer]
11.
Excise for Importer
12.
Service Tax in Tally.ERP9
13.
Tax Collected at Source (TCS) in Tally.ERP9
14.
Tax Deducted at Source (TDS) in Tally.ERP9
15.
Value Added Tax (VAT) in Tally.ERP9
16.
Central Sales Tax (CST) in Tally.ERP9
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
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