All the Tax deducted during a month is to be paid to the credit of Government on or before 7th of the next month. In case 7th of the month happens to be a Sunday or a bank holiday payment can be made on the next working day.
TDS amount shall be paid to the government account through any designated branches of the authorised banks, along with Income Tax Challan No.281.
In Tally.ERP 9, from Release 2.0 the Tax/Duty payments can be recorded using S: Stat Payment Button.
Example: ABC Company paid TDS (under section 194C) of Rs.10550 through cheque (no. 056330) for the month of April, 2009.
To record TDS Payment using the auto fill of statutory payment
Go to Gateway of Tally > Accounting Vouchers > F5: Payment
In F12: Configure (Payment Configuration)
Note: The Stat Payment button will be available only if Use Single Entry mode for Pymt/Rcpt/Contra? is enabled in the F12: Configure (Voucher Configuration).
In Payment Voucher
Press F2 and change date to 06/05/2009.
Press Alt+S or click S: Stat Payment button on the Buttons Bar to view Statutory Payment screen.
In Statutory Payment screen
Type of Duty/Tax: In this field select the Tax/Duty Type towards which tax payment entry is being recorded. Here we are recording TDS payment entry, hence select TDS from the Type of Duty/Tax
Note: The Types of Duty/Tax will be displayed based on the statutory features enabled in F11: Features for the company.
Auto Fill Statutory Payment: Set this option to YES to auto calculate and fill the duty payable to the Government. Set this option to NO, if the user wants to manually select the duty ledger and duty bills. ABC Company wants to auto fill tax details in payment voucher, hence the option Auto Fill Statutory Payments is set to Yes.
On setting the option Auto Fill Statutory Payments to Yes, based on the Duty/Tax Type selected Tally.ERP 9 displays the appropriate statutory payment fields to fill the details.
Deducted Till Date: In this field user may enter, till date of the period for which the TDS values should be computed and auto-filled.
Enter 30/04/2009 as the Till Date.
As per the Act, separate TDS challans to be submitted for the payment of tax under each section. In this field, Tally.ERP 9 displays all the Sections under which, Tax deducted is pending for payment.
Payment Code of the Section selected for TDS payment will be printed on the TDS Challan.
Example: If section 194C is selected in Section field and user has 2 Nature of Payments (viz. Advertisement contractors and Sub-contractors). Both the Nature of Payments can be selected for the payment of tax.
Select Payment to Contractors (Advertisement Contractors) as the Nature of Payment
Deductee Status: Select the Deductee Status as Non Company.
Cash/ Bank: Depending on the mode of payment (Cash or Cheque) Cash or Bank ledger will be selected. Select Canara Bank from the List of Ledger Accounts.
Set the option Provide Details to Yes to enter TDS payment details.
In the Payment Details Screen
From Date: In this field enter the From date of the period for which the tax is paid. Specify the appropriate Quarter period.
To Date: In this field enter the To date of the period for which the tax is paid. Specify the appropriate Quarter period.
Cheque/DD No: In this field user can enter either the cheque or the DD No through which the TDS payment is made. In this transaction payment is made through cheque no. as 056330.
Cheque/DD Date: In this field, the user can enter the date for which the cheque/DD is issued.
Name of the Bank: In this field mention the Name of the Bank through which the tax amount is paid to the Government. Select Canara Bank from the List of Banks.
In this field Tally.ERP 9 displays the List of Banks which lists all the banks which are already created to carry out the regular business, option (New Name) to create new Bank and the option Not applicable if the payment is made by Cash.
Note: New Name will be selected when the authorised bank through which the payment is made is different from the regular bank where the deposit account is maintained. The Bank name created here will not be available under the List of Ledgers.
Bank Account Number: Enter the bank account number in this field.
Branch Name: Enter the bank Branch name in this field.
BSR Code: Enter the BSR Code of the branch. BSR code is a 7 digit number allotted by Reserve Bank of India (RBI) to bank branch.
Note: Bank Account Number, Branch Name and BSR code details will be defaulted automatically, if the user selects the bank which is already created to carry out the regular business (with branch name and BSR code) in the Name of Bank field. User can change such defaulted details.
If the TDS payment challan details are not available at the time of recording the TDS payment entry, such details can be either by reconciling the TDS ledger or by altering the payment voucher.
Enter the Cheque number in the Narration field.
Press Enter to accept and save.
Note: User can enter TDS Payment entry in Double Entry mode also.
Printing TDS Challan
To Print the TDS Challan press Page Up to view the above Payment Voucher.
From The Payment Voucher screen press Alt+P or click on Print button to view Voucher Printing screen.
Ensure the Alt+I: Print Preview option is selected to view the print preview of TDS Challan
The Print Preview of TDS Challan ITNS 281 appears as shown
Note: If the concern is a proprietorship firm, then the name of the person responsible mentioned in the Company TDS Deductor Details screen will be captured in the Full Name field of the TDS Tax Challan. If the concern is not a proprietorship firm, then theCompany Name mentioned in the Company Creation/Alteration screen will be captured here.