How to Create TDS Nature of Payment & TDS Ledger in TallyPrime?

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In the previous post we saw “How to enable TDS in TallyPrime?”, now we will see how to create TDS nature of payment & TDS Ledger.




Create TDS Nature of Payment

From the gateway of Tally press “C” then select “TDS Nature of Payments” under the Statutory Masters and press Enter.

OR

Press “ALT + G” select Create Master press Enter and select “TDS Nature of Payment” under the Statutory Masters and hit the enter button

After that Press “F12” [ Configure]

1. Set Allow transporter category to Yes, to capture the value of transaction recorded with party having PAN, under Exempt in lieu of PAN available in Form 26Q.

2. Set Allow tax rate without PAN to Yes, to enter the tax rates for Individuals/HUF for each nature of payment.

Press Enter or “CTRL + A” to save it.

Press Alt+H (Helper) to view the list of Nature of Payment

Note: This list will be visible in only license version and this image is taken from Tallysolutions website.

So we need to create TDS Nature of payment manually. From the TDS Nature of Payment Creation screen type:

In name: Fees for Professional or Technical Services

Section: 194J

Payment Code: 94J

Rate for Individuals/HUF: With PAN 10% ( This is an example actual TDS rate may be different)

Enter the Threshold/exemption limit as applicable

Press “CTRL + A” to save it.


Create TDS Ledger

To create TDS Ledger, from the Gateway of Tally press “C” select ledger and hit the enter button.

Enter the name of ledger: TDS on Professional or Technical Services

Select Duties and Taxes as the group name in the Under field

Select TDS as the Type of duty/tax. After that select the “Nature of Payment” as above we created.

Press “CTRL + A” to save it.

In the next post we will learn ‘How to record TDS entries in TallyPrime?’


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