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Value Added Tax

Did you know that you can provide the opening balance for Input Tax Credit of a new Company?

Yes, it is possible to provide the Opening Balance for Input Tax Credit in a newly created company by giving the amount in the Opening Balance field followed by Dr for the Input VAT Ledger grouped under Duties & Taxes and Type of Duty/Tax as VAT. The opening balance will be displayed in the VAT Computation and the respective Forms. Selection of Vat/Tax class is optional.



Service Tax

Did you know that you can raise bills for services and calculate the rates on per man hour basis?

Some services wish to raise bills on number of man hours spent for a project/service and calculate service tax on the bill amount. It can be handled in simple manner through Tally.ERP 9.

  • Create the required Service as a Stock Item
  • Mention the Units of measure as Hour or Man Hours
  • Set the Costing Method to At Zero Cost in Behaviour

  • Create Service Ledger under Sales Account/Direct Incomes as required
  • Set Is Service Tax Applicable to Yes
  • Select the required Service Category



In case you are creating the Service Ledger under Direct Incomes/Indirect Incomes ensure the following:

  • Set Inventory Values are affected to Yes in Service Ledger Master
  • From Gateway of Tally > F12:Configure > Voucher Entry and set Allow Income Accounts in Sales Vouchers to Yes



      • Enable Service Provider/Receiver for Party Ledger

  • Record a Sales Transaction





  • Save the Sales Voucher
  • To print the Service Bill press Alt+P.



Tax Deducted at Source

Did you know that you can start Tax Deduction at Source from the First Rupee ignoring the Exemption limit of the required Nature of Payments for a deductee.

As per Income Tax rules Tax needs to be deducted at source on crossing the exemption limit. However, TDS needs to be calculated for the entire amount including the exempted amount

Example:
    Nature of Payment    : Rent of Land, Building or Furniture
    Exemption limit         : Rs. 1,20,000.00/-

On 5th of every month ABC Company makes a payment of Rs. 15,000/- to the landlord Mr A towards Rent. The exemption limit is likely to be over by the month of December. However, on crossing the exemption limit ABC Company needs to deduct Tax on whole amount i.e., Rs. 1,35,000/- at the rate of 10% amounting to Rs. 13,500/-. During the month of December the landlord will receive Rs. 1500/- as rent after deducting the Tax.
In order to avoid this situation Mr. A – landlord has requested ABC Company to deduct tax from the first rupee.

While creating the landlords’ ledger Account Mr. A, press F12 and set Allow ADVANCED entries in TDS Masters to Yes.



In the Ledger Creation screen

  • Set Is Tax Deductible to Yes
    • Set Deductee Type to Individual/HUF Resident
    • Set Use Advanced TDS Entries to Yes



The Advanced TDS Entries screen appears

  • Enable Set Ignore Income Tax Exemption Limit as shown

  • In Ignore Income Tax Exemption Limit select All Items to ignore Income Tax Exemption limit for all Nature of Payments for the required ledger or select the required Nature of Payments



Payroll

Did you know that you can E-Mail Pay Slips to all the employees at the click of a button?

To E-Mail the Pay Slips to all Employees

  • Go to Gateway of Tally > Display > Payroll Reports > Statements of Payroll > Pay Slip
  • Select Multi Pay Slip and press Enter
  • Select the required Employee Category and Employee Group
  • Press Alt+M and specify the required details and press Enter

The Pay Slips will be emailed to all Employees.

Support Centre

Did you know that you can post a product related query or an issue from the product?

To post a query or an issue

  • Click H: Support Centre
  • Login by providing the Account/Site Administrator’s email id and password
  • Click N: New Issue
  • In Post Your Support Query enter the required subject in Subject field and enter the query or issue descriptively in Description

The Query/Issue gets listed in the Support Centre which is responded within the stipulated period. The query along with the solution is available for reference on your computer at any point of time in future.



Backup

Did you know that you can take a backup of all the companies available within a same folder?

It is possible to take a backup of all the companies available within the same folder by selecting the option All Items displayed in List of Companies.



Accounting Reports – Index Page

Did you know that you can print an Index Page to Multiple Ledgers and Items?

Yes, it is nor possible to print an Index page to summaries page wise printing of Ledger Accounts/Items. This serves as Table of Contents and helps identify the required Ledger Accounts/ Items without going through the entire printout.
Index Page can be viewed and printed while printing All Ledger Accounts/All Items and Group of Accounts/Group of Items from Multi Account Printing.


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