Section 194C of Income Tax Act is amended to include TDS deduction of 1 % for individuals and Hindu Undivided Families owning more than 10 goods carriage, and at the rate of 2% in case of other payees.
For others not owning more than 10 goods carriage at any time during the previous financial year, and who has furnished a declaration to this effect along with his PAN, no TDS is applicable.
Note: A TDS of 20% is applicable for parties without a valid PAN.
Scenario: Rekha Traders availed transportation services from ABC Transporters (owns more than 10 goods carriers) on 24-4-15 on which a TDS of 2% is applicable.
To create a journal voucher
Go to Gateway of Tally > Accounting Voucher > F7: Journal.
Click F2: Date to change the date to 24-4-2015.
Debit Transport Expense ledger, by 50000.
Credit ABC Transporter, amount is automatically filled.
Enter the required details in the Bill-wise Details screen.
Press Ctrl+A to save.
Credit TDS ledger, amount is automatically filled.
Enter Narration, if required.
The journal voucher appears as shown below:
Press Ctrl + A to save the voucher.
Scenario: Rekha Traders availed transportation services from XYZ Transporters (owns less than 10 goods carriers) on 28-4-15.
To create a journal voucher
Go to Gateway of Tally > Accounting Voucher > F7: Journal.
Click F2: Date to change the date to 28-4-2015.
Debit Transport Expense ledger, by 30000.
Credit XYZ Transporters, amount is automatically filled.
Enter the required details in the Bill-wise Details screen.
Press Ctrl+A to save.
Enter Narration, if required.
The journal voucher appears as shown below:
Press Ctrl + A to save the voucher.
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