The Real Success Comes Through Education

INTRODUCTION OF TDS TDS stands for "Tax Deducted at Source" Its an example of 'Direct tax', that is applied to different types of incomes,  therefore it's also an example of income tax. TDS INCOME EXAMPLES Interest on securities, Debentures Interest other than interest on securities Winnings from Lottery or Crossword Puzzles Winnings from horse races Insurance Commission Commission etc. on the sale of Lottery tickets Commission, brokerage etc Rent of Land, Building or Furniture Rent of Plant, Machinery or Equipment Fees for professional or technical services So on... FEATURES OF TDS 1. TDS is an example of direct tax because it's a type of income tax. 2. Its apply on certain types of incomes with a required minimum amount. 3. It consisted of (Income Tax, Surcharge, Education Cess, Sec. Education Cess). TDS COMPONENTS What is TAN? TAN stands for 'Tax Deduction Account Number' and its issue by Income-tax Department to all persons, who deducting

CGST AND SGST Company Name:  Kunal Electronic Store Ledger Entries Opening Amount Rs. 12,50,000 Cash At Bank Rs. 50,00,000 Loan Rec. a/c (10,00,000) Bad Debts. (Amount Rs. 5,00,000) Inventory Items Item name Company name Quantity Price Sales Price GST Pen drive HP 200 450 550 12% Mobile Samsung 150 12,000 12,750 18% Television Philips 100 15,000 16,000 18% Refrigerator Whirlpool 120 23500 25,000 28% Voucher Entries 1. Sold goods (2 Refrigerator) with 28% GST 2. Purchase Goods (100 Mobile, 70 Television) on credit with 18% GST, From Philips Store. 3. Withdraw cash Rs. 7,00,000 from bank to office use. 4. Sold goods on credit (2 Mobile) to Mr. Krishna with 18% GST 5. Receive Bad debts Amt. Rs. 2,00,000 by cheque 6. Sold goods on credit (2 Refrigerator)s to Umesh General Store with 28% GST 7. Sold goods (4 Mobile, 2 Television) with 18% GST 8. Sold goods (50 Pen drive) with 2% discount 9. Paid interest rate 3% on Lo

GST REPORT GST Reports consisted with GSTR1, GSTR2, AND GSTR3B GSTR1  is used to show only Sales GST details including local and interstate sales. GSTR2  is used to show only purchase GST details including local and interstate purchase. GSTR-3B  is used to show complete details about both Sales and Purchase. STEPS FOR GSTR-1 1. Open your company. 2. Click on "Display" 3. Click on "Statutory Report" 4. Click on "GST" 5. Click on "GSTR-1" 6. Click on "View Summary" or press "Alt + V" 7. Now click on "Detailed View" or press "Alt + F1" GSRT-3B REPORT This report is used to show both the sales and purchase GST details (Including local and interstate).

GST (SERVICE TAX) LOCAL SERVICE SALES LEDGER Ledger Name:  Advertisement Service (Local) A/c Under:  Indirect Incomes Is GST Applicable:  Applicable Set/alter GST Details:  Yes Types of Supply:  Services INTERSTATE SERVICE SALES LEDGER Ledger Name:  Advertisement Service (InterState) A/c Under:  Indirect Incomes Is GST Applicable:  Applicable Set/alter GST Details:  Yes Types of Supply:  Services INDIRECT EXPENSE LEDGER Ledger Name:  Courier Service Charge A/c Under:  Indirect Expenses Is GST Applicable:  Applicable Set/alter GST Details:  Yes Types of Supply:  Services VOUCHER ENTRY 1. Click on "Accounting Voucher" 2. Click on "Sales" voucher or press "F8" 3. Click on "Accounting Invoice" or press "Alt + I" 4. Enter the party name. 5. Enter income and tax ledgers. 6. Save the transaction (voucher entry)