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In this video tutorial, viewers learn how to delete a company in Tally using two methods. First, users are instructed to open Tally, enter their vault password, and log in. They then access Company Info by clicking or pressing Alt+F3, select the company to delete, and use Alt+D to initiate deletion, confirming via popup messages. The second method involves configuring settings by pressing F12, checking the data file location, and identifying the folder corresponding to the company intended for deletion. This ensures the correct folder is selected before deletion. The tutorial concludes by suggesting that users can create a new company afterward.