TDS Practical Scenario

We gives rent to the party and the rent amount crosses the exemption limit. We need to pay TDS duty to the Government. Firstly we deduct TDS from the party payment.

1.  Threshold /  Exemptions limit की भी लिमिट को इग्नोर कर सकते हैं, और TDS Tax काट सकते हैं

2.खर्चो का हम ग्रुप भी बना सकते हैं

Step 1

Co. Creations

Bill-by-bill: Yes

Inventory: No

TDS: Yes

TDS Details:Yes

F12 >1.Show all Deductor types :Yes

2. Enable surcharge and cess details for TDS :Yes 

(Notes: If amount is greater than 50,000=00, than surcharge and cess will be applicable)

TAN Registration number: ADLPJ0666R

Tax deduction and collection Account Number (TAN)

Deductor type : Company

Ignore it exemption limit for TDS deduction : No

Activate TDS for stock Items: No

Note:  जब कोई सर्विस को Item की तरह लेता है तो यहां Yes  करते हैं  जैसे -Computer repairing Services को कोई लोग item बना लेते हैं

Step 2

To create TDS Nature of Payment

Got >Create >TDS Nature of Payment

Name: Rent of land, Building or Furniture

Ctrl+I

Section: 1941

Payment Code: 94I

Rate for Individuals /HUF (With PAN):10 %

Rate for other deducate types (With PAN) :10%

Rate without PAN: 20 %

Threshold Limit : 2,40,000/-

Rate कम-ज्यादा हो सकती हे, वेबसाइट से आप conferm कर ले

Step 3

Rate हम  group wise भी दे सकते हैं ledger wise भी दे सकते हैं

Group >Create

Rent

Under: Expenses Indirect

Set /Alter TDS Details: Yes

Nature of Payment: Rent of land, Building or Furniture

Step 4

Ledger >Create

1. Rent of land A/c

Under: Rent

TDS Applicable: Applicable

Nature of payment: Rent of land, Building or furniture

2. Rent of Building A/c

Under: Rent

TDS Applicable: Applicable

Nature of Payment: Rent of land, Building or Furniture

3.Sai Agencies A/c (SC)

(यह जमीन व बिल्डिंग का मालिक है, जिसको हमें किराया देना है)

Under: Sundry Creditor

Maintain Balances bill-by-bill: Yes

Is TDS Deductible: Yes

Deductee type: Company –Resident

Deduct TDS in Same Voucher: Yes

F12 >Allows advanced entries in TDS Masters: Yes

Use advance TDS Exemption Limit: Yes

Ignore Income Tax Exemption Limit: Applicable

Nature of Payment Rent of Land, Building or Furniture

नहीं लिया होता या Allows advanced entries in TDS Masters :No करते तो TDS का Amount करवाते ही पिछले बार का Tax adjustment के लिए पूछ लेगा क्योंकि Rent etc Threshold Limit 2,40,000=00है

^A

PAN /It No : ASDFG 1234A

(Note: PAN No.  नहीं देते हैं , तो  TDS  20% कट जाता है। )

4. TDS on Rent A/c

Under: Duties &Taxes

Types of Duty /Tax :TDS

Nature of Payment: Rent of Land ,Building or Furniture

5.HDFC Bank A/c

Under: Bank

Step 5

Voucher Entry:

F7

Dr Rent of Building A /c 1,00,000=00

Nature of Payment: Lend

Cr Sai Agencies A/c 90,000=00

Cr TDS on Rent A/c 10,000=00

(Note: Sai Agencies Ledger >Create

Explain

F12>Allows advanced entries in TDS Masters: Yes

Ignore Income Tax-Exemption Limit: Applicable

Nature of Payment: Rent of Land, Building or Furniture

नहीं लिया होता या Allows advanced entries in TDS Masters: No करते तो TDS का Amount नहीं कटता