Service tax entry in tally

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2012 Hi,

One of my client is providing IT services.

I want to pass accounting entry in tally

Base Invoice amt 135000
Service tax 16868
TDS 15169
Invoice raised amt is 151686.

What entry should i pass in tally 7.2

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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23 August 2012 accounting Treatment of Service Tax

At the time of booking of revenue
Debit - Customer (By gross invoice amount)
Credit - Income (By amount net of service tax)
Credit - Service Tax Liability (By service tax amount)

At the time of receipt of payment from customer
Debit - Bank a/c
Credit - Customer a/c

and

Debit - Service tax liability a/c
Credit - Service Tax payable a/c

At the time of payment of service tax
Debit - Service Tax Payable a/c
Credit - Bank a/c or service tax credit a/c

http://www.tallysolutions.com/website/CHM/TallyERP9/Service_Tax_New/accounting_opening_service_tax_bills.htm

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