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Tax Collected At Souce (TCS)

TCS is collected by a Seller of certain specified goods at the specified rates on the purchase of the Goods and is remitted to the treasury .

 

Example :

On purchasing goods of Rs.10,000 the buyer pays an amount of Rs.10,000 + X ( X being the value of TCS as prescribed under the Income Tax Act, 1961 ) to the seller. The seller deposits the Tax Collected at Source (TCS) at any of the designated branches of the authorized Banks.

Percentage of Tax Collected at Source (TCS)

 

SL. No.

Nature of Goods

Percentage

1

Alcoholic liquor for human consumption

10 %

2.

Tendu Leaves

5%

3.

Timber obtained under a forest lease

2.5%

4.

Timber obtain by any mode other than under a forest lease

2.5%

5.

Any other forest produce not being timber or Tendu leaves

2.5%

6.

Scrap

1%

Tally.ERP’s TCS feature enables you to record transactions related to Tax Collected at Source with ease. It also helps you generate necessary reports and returns such as Form 27D, e-TCS Forms ( Form 27E, Form 27EQ) and Form 27B.

Step-1 : ( Enabling TCS in Tally.ERP )

Go to Gateway of Tally.ERP à F11: Features à F3 : Statutory & Taxation

  1. Under Statutory & Taxation
    • Set YES to Enable Tax Collected at Source (TCS)
    • Set YES to Set / Alter TCS Details.

 


Example :

Swayam Timber Traders has the opening Timber Stock of 1000 MT. It sold 500 MT of Timber to Sanjay Traders @ Rs.1000 per MT.


Solutions :

Step 1 :

  1. Create the following :
    • Unit of Measurement – ‘MT’
    • Stock Item – ‘Timber’ with Opening Balance – 1000 MT with Unit – MT
    • Ledger : ‘Sanjay Timber’ under Sundry Debtors

 

The TCS Details screen of Sanjay Timber displays as shown :

Press Y or Enter to accept the Ledger Creation screen.

 

    • Ledger – Sale of Timber (under Sale Account)
    • Ledger – TCS ( under Duties & Taxes) –
      • Type of Duty / Taxes – TCS
      • Nature of Goods / Contract/License/Lease : Timber Obtained Under Forest Lease.
      • Press Y or Enter to accept the Ledger Creation screen.

 The complete TCS Ledger Creation screen displays as shown :

 

Example :

Swayam Timber Traders paid Tax Collected at Source of Rs. 14,163 by Cheque No-123456

 

Solutions :

 

Step 1 :

Make an entry of the transaction in a Payment Voucher ( F5)

 

  1. Click TCS Helper on the toggle button bar or press ALT+R from the voucher creation screen to view TCS Filters.
  2. Ensure that the TCS Filters displays as shown :
  1. Press Enter, TCS Ledger with relevant details and the Amount is automatically displayed.
  2. Press Y or Enter to accept the Payment Voucher.

Challan Printing :

 

  1. From the Voucher Creation screen, Page Up and then Alt + P to view the Voucher Printing screen.
  2. Accept the Voucher Printing screen , then the TCS Challan will be displays or Prints.

TCS Reports :

Form 27D , Form 27B, ETCS Form can be printed from Tally.ERP.

 

Go to Gateway of Tally.ERP à Display à Statutory Reports à TCS Reports à g(Select the required Forms) à Select Sanjay Timbers.
 
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