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.
T o 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
