TDS on Advertisement

Condition No .3

Expenses Party Subject to TDS

Step 1

Company Create

Bill-By-Bill -yes

Inventory -No

TDS -Yes

(Scenario Ad view Adverting Agency ने हमें बिल दिया1,12,360.00का लेकिन इस बिल में केवल 1,05,000.00 पर ही टैक्स लगना है बाकी 7,360.00 टैक्स फ्री है यानी 1,05,000.00 पर 2 प्रतिशत के हिसाब से2100.00 टैक्स बनेगा )

Step 2

GOT>Create >TDS Nature of  Payment

Name :  Advertisement agency

Control +I

Section : 194C

Code: 94C

Rate for individual /HUF (With PAN):1%

Rate without PAN: 20%

Rate for other deducatee types (With PAN ): 2%

Single bill Value: 30,000=00

Threshold /exemption limit: 1,00, 000=00

(Above three rates and amount fill form PDF rate Chart File )

Step 2

Ledgers Create

1. Mr.SC (Adview Advertising Agency)  A/c

Under: SC

Bill- By-Bill - Yes

TDS: Yes

Deductee Type : Co. Resident

Deductee TDS in Same Voucher: Yes

Nature of payment : Payment to Advertisement agency

PAN/It No: ASDFG1234T

2. Advertisement Expenses A/c

Under: Expenses Indirect

TDS: Applicable

Nature of Payment: Payment to Advertisement

3. TDS on Advertisement A/c

Under: Duties &Taxes

Nature: Payment to Contractors

Step:3

Voucher Entry

F7: Journal

F12: Configure >F12

Modify tax details for TDS: YES

Dr. Advertisement Expenses A/c 1,12, 360=00

Nature: Payment to Advertisements ( यही पर F12 Key Press करें)

F12: Allow modification of assessable amount :Yes

Assessable Value 1,05,000=00 (कितना amount पर टैक्स लगाना है)

Cr. Mr.SC (Adview Advertising Agency) A/c 1,10, 260=00

Cr. TDS on Advertisement A/c 2100=00

Press: O for Over Ride

Step:4

GOT> Display >Statutory >TDS Report >From 26Q