TAX INFORMATION NETWORK TIN PROCEDURE FOR DEPOSITING TIN

TAX INFORMATION NETWORK (TIN)

PROCEDURE FOR DEPOSITING TIN COLLECTIONS & REPORTING TO HO

DEPOSIT Daily Collection at the branch in cash, cheque or DD to be deposited in HDFC Bank, KDMSL account on daily basis through CMS Bank Name: HDFC BANK Account no: 00210340004676 CMS client Code: KDMSL CASH Deposit in HDFC Bank account using normal pay-in slip CHQUE/DD Deposit in HDFC bank using CMS Deposit slip only (FORMAT)

REPORTING REMITTANCE TO HO DEPOSIT THE AMOUNT IN HDFC BANK USING CMS FACILITY REPORT THE REMITTANCE MADE TO HO ON DAILY BASIS IN THE SPECIFIED FORMAT CLICK FORMAT

MONTHLY REPORTS TO BE SENT TO HO IN THE SPECIFIED FORMAT COLLECTION REPORT FREQUENCY MONTHLY BASIS ON OR BEFORE 27 TH OF EVERY MONTH CLICK FORMAT DEPOSIT DETAILS REPORT FREQUENCY MONTHLY BASIS ON OR BEFORE 27 TH OF EVERY MONTH CLICK FORMAT

CMS DEPOSIT SLIP

REMITTANCE REPORT FORMAT Sl. No. Bank Branch Date of Mode of Location where Deposit remittance deposited (Cash/Cheque) CMS Cheque No. Slip No. (if any) Amount Remarks

COLLECTIONS AND DEPOSIT REPORT FORMATS

ACCOUNTING POLICY FOR TINFC

ACCOUNTING AT REGIONS/ BRANCHES STEP 1 Regional office will record the cash collection entry in respect of cash collected at region office as well as branch offices as given below. Both the accounts heads are Balance Sheet items. Cost center need to be created branch wise for Tin (cash) Collection a/c. Cash 10000 To Tin (Cash) collection a/c 10000 ( Being cash collected at Branch on date _____)

STEP - 2 At the time of deposit of cash in bank the region would pass the following entries. Tin (Cash) collection a/c To Cash 10000 ( Being cash deposit with _____ bank on dtd _______ vide CMS slip no. ____)

ACCOUNTING AT HO 2. Accounting of the total liability towards NSDL for uploads done during the month would be as follows. This would be passed on the basis of statement provided by TIN back office team. . 1. At the time of receipt of cash/ cheque in bank, HO will pass the following entries. These entries are based on bank statement. Provisional NSDL Bank 10000 To Provisional creditor- NSDL creditor- 10000 (Being cash received from _______ br. On dtd ______ ) To NSDL account ( Being entry passed for amount collected on behalf of NSDL during the month of ___ as per the supporting attached)

CONTD…… 4. At the same time we would be realize our money from NSDL as the money is lying with us. Accounting treatment would be as follows. . 3. Revenue would be recognized on the basis of forms uploaded on the NSDL server and accounting would be as follows. NSDL- Debtor a/c 4500 To Service tax payable 450 To Income from TIN 4050 ( being invoice raised on NSDL for the uploads done during the month of ____ vide invoice no. _____ dt. ______) NSDL A/c 4500 To NSDL- Debtor a/c (Being amount realized from NSDL towards invoice no. ______ dtd _______ )

CONTD…… 5. In respect of payment made to NSDL , entries would be as follows 6. In respect of payment of service tax , following entries needs to be passed . NSDL a/c . . 5500 Service tax payable To Bank 450 5500 ( Being amount paid to NSDL towards outstanding for the week / month_____ as per document attached) ( Being amount paid towards service tax liability for the month of _____ vide ch no. _____ dt. ____) Note: Region has to coordinate with branches on daily basis for cash receipt and deposit information

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