Two new nature of payments have been supported as per the Union Budget for the financial year 2017-18.
To create the nature of payments
1. Go to Gateway of Tally > Accounts Info. > Statutory Info. > TDS Nature of Pymt > Create.
2. Press Ctrl+C to view the Nature of Payment.
3. Select Payment for Call Centre Charges, as shown below:
4. Enter the Rate, and other information. The TDS Nature of Payment Creation screen appears as shown below:
5. Press Enter to save.
Similarly, select Payment of Cash Consideration by Real Estate Developer to Property Owner, as shown below:
Note: Payment code for Payment of Cash Consideration by Real Estate Developer to Property Owner is not provided by TRACES, hence this field will be left blank.
6. Enter the Rate, and other information. The TDS Nature of Payment Creation screen appears as shown below:
7. Press Enter to save.
To record a journal voucher
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
2. Debit the expense ledger predefined with the Nature of Payment as Payment for Call Centre Charges.
3. Credit the party ledger (predefined with PAN) and enter the amount. The TDS amount is calculated at 2% in the Bill-wise Details screen.
4. Credit TDS ledger predefined with the Nature of Payment as Payment for Call Centre Charges. The journal voucher appears as shown below:
5. Press Enter to save.
To record a journal voucher
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
2. Debit the expense ledger predefined with the Nature of Payment as Payment of Cash Consideration by Real Estate Developer to Property Owner.
3. Credit the party ledger (predefined with PAN) and enter the amount. The TDS amount is calculated at 10% in the Bill-wise Details screen.
4. Credit TDS ledger predefined with the Nature of Payment as Payment of Cash Consideration by Real Estate Developer to Property Owner. The journal voucher appears as shown below:
5. Press Enter to save.
To view Form 26Q
1. Go to Gateway of Tally > Display > Statutory Reports > TDS Reports > Form 26Q.
The Form 26Q report appears as shown below:
2. Press Enter to view the transaction details as shown below:
'Union Budget Changes for TDS - 2017-18' has been shared with
