In this lesson, We know about how can we create a TDS Challan shows Interest & Penalty with TDS Amount.
Now, Lots of Softwares available in market to make TDS returns and create challans in PDF, Excel or any other formats. But is it benefitial with passing an accounting entry. Only Tally.ERP9 provide the facility to do both work at the same time. Tally.ERP9 create TDS Challan and also you can create your Accounting Entry.
So how it is possible, Please see below tutorial
First of all we know about how to deduct TDS in Tally.ERP9
Above tutorial shows how to create TDS deduction entry,
A Example TDS deduction (Journal Entry) is below:
Now the process of create Interest/Penalty entry.
Go to ledger Creation & Create Interest ledger under Indirect Expenses and Save.
Go to ledger Creation & Create Penalty ledger under Indirect Expenses and Save.
Now Create a Payment Entry. Dr. TDS 6742-00, Dr. Interest, Dr. Penalty. (I put Rs. 170 as Interest & Rs. 170 as penalty also)
& Accept the Entry. Now open the Entry again and process the print command. It ask for you to print Challan like below image:
Its done, you can get the printout of the challan and submit into the bank. Hope this information is useful.