Tax Collected at Source (TCS) in Tally.ERP9
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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
- Under Statutory & Taxation
- Set YES to Enable Tax Collected at Source (TCS)
- Set YES to Set / Alter TCS Details.
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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 :
- 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 : |
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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 : |
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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)
- Click TCS Helper on the toggle button bar or press ALT+R from the voucher creation screen to view TCS Filters.
- Ensure that the TCS Filters displays as shown :
- Press Enter, TCS Ledger with relevant details and the Amount is automatically displayed.
- Press Y or Enter to accept the Payment Voucher.
Challan Printing :
- From the Voucher Creation screen, Page Up and then Alt + P to view the Voucher Printing screen.
- 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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