Type search words and press enter
GSTR-1 upload is now as easy as 1-2-3! Upload your returns on the GST portal right here from TallyPrime. Don't worry about opening the portal or doing any other manual activity.
https://help.tallysolutions.com/docs/te9rel51/Tax_India/TDS/tds_on_fixed_asset.htm

TDS on Fixed Asset

Scenario: Neeha Traders purchased a machinery for Rs 5,00,000. To use this machine they require platform, civil structure, pipelines connections, electrical connections, fabrication works, etc., at the cost of Rs. 1,00,000. On these expenses tax to be deducted at source.

To book all the labour charges transactions related to this machine Neeha Traders has created a ledger - Capital Work in Progress (Machine) grouped under Fixed Assets. After completing all the required work and calibration, this expense will be capitalized (added to the purchase cost).

On 1-4-2015 Neeha Traders received a bill for Rs.60000 from AK Enterprises towards electrical and fabrication works.

To create a journal voucher

  1. Go to Gateway of Tally > Accounting Voucher > F7: Journal

  2. Click F2: Date to change the date to 1-4-2015.

  3. Debit Capital Work in Progress (Machine) fixed asset ledger, by 60000.

  4. Credit AK Enterprises, amount is automatically filled.

  5. Enter the required details in the Bill-wise Details screen.

  6. Credit TDS - Contract ledger, amount is automatically filled.

  7. Enter Narration, if required.

The journal voucher appears as shown below:

  1. Press Ctrl + A to save the voucher.

 

Mail this article