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FAQ-13 ( TCS ):

How to Enable TCS in Tally.ERP 9?

In Tally.ERP 9, activate TCS in F11: Features screen. The F11: Features button is available in almost all the screens of Tally.ERP 9.

Gateway of Tally > F11: Features button or Press the F11 Key >Statutory & Taxation

 

  1. Set Enable Tax Collected at Source (TCS)  to Yes
  2. Setting the option Set/Alter TCS Details? to Yes will display the dialog window provided below:

 

Enable TCS in Tally.ERP 9

   [14-1]

 

iTax Assessment Number: Enter the Tax Assessment Number (TAN) in this field. The Tax Assessment Number (TAN) is a ten-digit alphanumeric number, issued by the Income Tax Department (ITD) to the deductors.

 

Only one TAN is required for different types of deductions.  TAN must be quoted on ITNS 281 Challan,  TCS Certificate i.e Form No.27D and e-TCS Returns also other correspondences with Income-tax Department.

 

The format of the 10 digit TAN is something like this BLRM00123A  

-          BLR indicates the location code of the TAN allotment center (Eg: BLR for Bangalore)

-          M indicates the first alphabet of the deductor name

-          00123 is the number within each location

-          A is the check digit for security and verification

 

(ii) Income Tax Circle/Ward (TCS): Enter the Income Tax Circle/Ward (TCS).  The Income Tax Department issues Income Tax Circle/Ward (TCS).

 

(iii) Collector Type: Depending on your organisation, you may select the Deductor Type (Government or Others) from the list.

 

(iv) Name of person responsible: Enter the name of the authorised person responsible to file the TCS returns of your company.

 

Note: If Tally has a security feature enabled then this field is automatically filled with the user name.

 

(v) Designation: Enter the designation of the authorised person filing the TCS returns.

 

FAQs on TCS - Tally.ERP 9

Query

Not able to validate the e-TCS in Tally.ERP 9. Why?

Answer

1. Ensure you have download the latest FVU from NSDL website.

2. Check, the e-TCS file generated is for the appropriate period.

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Query

Can I calculate TCS on purchases? or How to handle TCS in Purchases?

Answer

Tax Collection at Source is collected by the seller from the buyer of the goods. As per Income Tax Act 1961 it is mandatory on the part of the buyer to pay a predetermined value of TCS to the seller, while purchasing a particular commodity.

In case of purchases, TCS will become a part of his purchase expense and the same need to be paid to the seller. Hence in Buyer books TCS can be grouped under Expense / any group as required, since the same is not eligible for set off.

To claim the Refund for TCS on purchases (similar to refund on TDS), a TCS Receivable Ledger, grouped under Current Assets can be created and used for recording purchase transactions, and the TCS amount can be entered manually. Once Refund of TCS is received from the Department, the same can be reversed.

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Query

Can a TCS Certificate number be generated automatically?

Answer

TCS Certificate number cannot be automatically generated since,  TCS certificate is a report and not a record.
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Query

I am unable to change the TCS rates during a voucher entry, even though the option ' allow TCS alteration in vouchers' has been set to YES. Why?

Answer

The option ‘Allow Alteration of TCS Rates’ available at F12 Configuration in voucher entry is only for modifying the ‘Lower Collection application’. 

At the ledger creation screen (while creating the supplier’s a/c) enable the option ‘Is Lower/No Collection Applicable?’. This would allow you to modify TCS for lower Collection. Please note that the statutory figures of TCS cannot be modified.

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Query

Form 27D is blank. Please suggest a solution.

Answer

Please follow the entry procedure, select the appropriate TCS ledger and then take a print out of Form 27D.

For example:

 

1.     Book the Sales with full amount (Sales Voucher) including TCS to be collected.

2.     Use TCS Helper (Alt+S) for TCS payment entry.

3.     Reconcile the TCS Account

4.     Print Form 27D. While printing the Form, select the appropriate TCS ledger, Date (From & To) and the Challan Till Date

 
 
 
 
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