ABC Company had made a sale of Timber to Ganesh Traders, and TCS @ 2.5% was collected. Delayed payment of TCS was made on 10-02-2014, for which an interest of Rs. 200/- was applicable. Also, Rs. 100/- had to be paid as penalty for Late Payment.
Let us see how TCS, Interest and Penalty payment can be done using the same Payment Voucher in Tally.ERP 9
Go to Gateway of Tally > Accounts Info. > Ledgers > Create
In the Name field enter the Ledger Name e.g. Interest
In the Under field select Indirect Expenses group
Set Inventory values are affected to No
Set Used in VAT Returns? to No
Set Used for Assessable Value Calculation to No
Press Enter to save
Go to Gateway of Tally > Accounts Info. > Ledgers > Create
In the Name field enter the Ledger Name e.g. Penalty
In the Under field select Indirect Expenses group
Set Inventory values are affected to No
Set Used in VAT Returns? to No
Set Used for Assessable Value Calculation to No
Press Enter to save
Go to Gateway of Tally > Accounting Vouchers > F5: Payment
Press F2 and change date to 10-02-2014
Click the button S: Stat Payment
In the Statutory Payment screen that appears, select TCS as the Type of Duty
Set Auto Fill Statutory Payment to No
Note: If Interest and Penalty are paid along with the tax amount, the Payment can be done without using S:Stat Payment Button
In the Account field select Canara Bank
Under Particulars, select the ledger TCS @ 2.5% ( TCS @ 2.5 % is selected in the Sales transaction recorded for the Sale of Timber Obtained Under Forest Lease)
In the Bill-wise Details screen, select Agst Ref as the Type of Reference and select the required TCS Bill reference for which payment is being recorded
Press Enter to accept the Amount pre-filled
Select End of List
In the Payment Voucher, select the Interest ledger under Particulars
Select Interest as the Payment Type from the List of Payment Types displayed
Enter 200 in the Amount field
Select the ledger Penalty under Particulars
Select Penalty as the Payment Type from the List of Payment Types displayed
Enter 100 in the Amount field
Press Enter
Set Provide Details to Yes
The Provide Details screen appears as shown below:
Note: Nature of Goods and Buyer/Lessee Status are captured based on the bill reference selected in the Bill-wise details screen
Enter Cheque/DD No, Date, Name of Bank, Bank Account Number, Branch Name, BSR Code, Challan No., and Challan Date as required
The Completed Payment Details screen appears as shown below:
Press Enter to go to the Payment Voucher
Fill in details in the Bank Allocation screen
Enter Narration if required
The completed Payment transaction appears as shown below:
Press Enter to accept
To Print the ITNS 281 Challan,
Open the Payment Voucher in alteration mode
Press Alt+P or click P: Print
In the Voucher Printing screen, set the option Print as TDS Challan to Yes
Save the Voucher Printing screen
The preview of ITNS 281 Challan is generated. Press F4 to zoom - in
You can see that the tax amount, interest and penalty payment made is captured in the ITNS 281 challan
'Payment of Interest, Penalty with TCS Ledger' has been shared with