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 .
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.
Nature of Goods
Alcoholic liquor for human consumption
Timber obtained under a forest lease
Timber obtain by any mode other than under a forest lease
Any other forest produce not being timber or Tendu leaves
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
Swayam Timber Traders has the opening Timber Stock of 1000 MT. It sold 500 MT of Timber to Sanjay Traders @ Rs.1000 per MT.
Step 1 :
Press Y or Enter to accept the Ledger Creation screen.
The complete TCS Ledger Creation screen displays as shown :
Swayam Timber Traders paid Tax Collected at Source of Rs. 14,163 by Cheque No-123456
Make an entry of the transaction in a Payment Voucher ( F5)
Challan Printing :
TCS Reports :
Form 27D , Form 27B, ETCS Form can be printed from Tally.ERP.
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