{"id":111127,"date":"2021-02-26T15:44:45","date_gmt":"2021-02-26T10:14:45","guid":{"rendered":"https:\/\/www.vskills.in\/certification\/tutorial\/?page_id=111127"},"modified":"2024-04-12T14:31:20","modified_gmt":"2024-04-12T09:01:20","slug":"create-a-tax-ledger","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/create-a-tax-ledger\/","title":{"rendered":"Create a Tax Ledger"},"content":{"rendered":"\n<p><strong><u>Creating Party Ledger<\/u><\/strong><\/p>\n\n\n\n<p>To create a&nbsp;<strong>Tax Ledger<\/strong><\/p>\n\n\n\n<p>Go to&nbsp;<strong>Gateway of Tally&gt; Accounts Info.&gt; Ledgers&gt; Create<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Enter the<strong>Name<\/strong>&nbsp;of the Tax Ledger e.g.&nbsp;<strong>TDS \u2013 Contractors<\/strong><\/li><li>Select<strong>Duties &amp; Taxes<\/strong>&nbsp;from the List of Groups in the&nbsp;<strong>Under<\/strong><\/li><li>In<strong>Type of Duty \/Tax<\/strong>&nbsp;field select&nbsp;<strong>TDS<\/strong>&nbsp;from the&nbsp;<strong>Types of Duty\/Tax list<\/strong><\/li><li>In<strong>Nature of Payment<\/strong>&nbsp;field, select&nbsp;<strong>Payment to Contractors (Advertisement Contractors)<\/strong>&nbsp;from the&nbsp;<strong>List of TDS Nature of Payment.<\/strong><\/li><li>Set<strong>Inventory values are affected<\/strong>&nbsp;to&nbsp;<strong>No<\/strong><\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" src=\"http:\/\/www.vskills.in\/lms\/wp-content\/uploads\/2016\/12\/image182.gif\" alt=\"image182\" class=\"wp-image-76618\"\/><\/figure><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li>Press<strong>Enter<\/strong>&nbsp;to accept and save.<\/li><\/ul>\n\n\n\n<p><strong>Creating a TDS Party Ledger<\/strong><\/p>\n\n\n\n<p>To create a&nbsp;<strong>Party Ledger<\/strong>&nbsp;grouped under&nbsp;<strong>Sundry Creditors<\/strong><\/p>\n\n\n\n<p>Go to&nbsp;<strong>Gateway of Tally&gt; Accounts Info.&gt; Ledgers&gt; Create Set Up<\/strong><\/p>\n\n\n\n<p>In&nbsp;<strong>F12: Configure (Ledger Configuration):<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Set<strong>Allow Advanced entries in Masters<\/strong>&nbsp;to&nbsp;<strong>Yes<\/strong><\/li><li>Set<strong>Use Addresses for Ledger Accounts<\/strong>&nbsp;to&nbsp;<strong>Yes<\/strong><\/li><\/ul>\n\n\n\n<p>In the&nbsp;<strong>Ledger creation screen:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Enter the<strong>Name<\/strong>&nbsp;of the Party Ledger e.g.&nbsp;<strong>Pheonix Agencies.<\/strong><\/li><li>Select<strong>Sundry Creditors<\/strong>&nbsp;from the List of Groups in the&nbsp;<strong>Under<\/strong><\/li><li>Set<strong>Maintain balances bill-by-bill<\/strong>&nbsp;to<\/li><li>Enter the<strong>Default Credit Period<\/strong>, if required.<\/li><li>Set<strong>Is TDS Deductable<\/strong>&nbsp;to<\/li><li>In the<strong>Deductee Type<\/strong>&nbsp;field, select&nbsp;<strong>Association of Persons<\/strong>&nbsp;from the&nbsp;<strong>List of Deductee Type.<\/strong><\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" src=\"http:\/\/www.vskills.in\/lms\/wp-content\/uploads\/2016\/12\/image183.gif\" alt=\"image183\" class=\"wp-image-76620\"\/><\/figure><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li>Enter the<strong>Mailing Details<\/strong><\/li><li>Under<strong>Tax Information<\/strong>&nbsp;enter the&nbsp;<strong>PAN\/IT No.<\/strong>&nbsp;(<strong>PAN\/IT No.<\/strong>&nbsp;is mandatory for&nbsp;<strong>e-TDS<\/strong>). PAN is a 10 Digit Alphanumeric Number allotted by the Income Tax Department.<\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" src=\"http:\/\/www.vskills.in\/lms\/wp-content\/uploads\/2016\/12\/image184.gif\" alt=\"image184\" class=\"wp-image-76621\"\/><\/figure><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li>In the<strong>Name on PAN\/IT No.<\/strong>&nbsp;field, specify the name of the assessee mentioned on the&nbsp;<strong>PAN<\/strong><\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" src=\"http:\/\/www.vskills.in\/lms\/wp-content\/uploads\/2016\/12\/image185.gif\" alt=\"image185\" class=\"wp-image-76622\"\/><\/figure><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Creating Party Ledger To create a&nbsp;Tax Ledger Go to&nbsp;Gateway of Tally&gt; Accounts Info.&gt; Ledgers&gt; Create Enter theName&nbsp;of the Tax Ledger e.g.&nbsp;TDS \u2013 Contractors SelectDuties &amp; Taxes&nbsp;from the List of Groups in the&nbsp;Under InType of Duty \/Tax&nbsp;field select&nbsp;TDS&nbsp;from the&nbsp;Types of Duty\/Tax list InNature of Payment&nbsp;field, select&nbsp;Payment to Contractors (Advertisement Contractors)&nbsp;from the&nbsp;List of TDS Nature of Payment&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-111127","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - 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