TCS Tax on Sales in Tally Prime | Taxation in Tally Prime

TCS Full Form Is Tax Collected at Source, TCS is tax that is payable by the seller, but which is collected from the buyer.

TCS Rate and Section 206C of the Income Tax Act Mention?

Section 206C of the Income Tax Act, 1961 covers goods on which sellers must collect TCS (Tax Collected at Source) from their purchaser. However, it is only applicable for specified goods. It includes scrap, alcohol for human consumption, forest produce, minerals like coal and iron ore, timber, and tendu leaves. 


Step 1. Enable TCS In Tally Prime By Press F11 Key

First Of All You Have To Enable TCS Tax Feature in Your Tally Prime For Record TCS Tax Transactions. Press F11 Key For Enable TCS Tax In Tally Prime.

Enable Tax Collected at Source:    (Yes)

As You Tap Yes Then You Have To Fill TDS Details.

Step 2. Set TCS Details 

As You Press Yes - On Enable Tax Deducted At Source (TDS), Here Fill These Details Like This

Tan No: PDES03028F
Tax Deduction and Collection A/c No: ABCD12345E
Deductor Type: Company

Step 3. Create "TCS Nature Of Goods Scrap

Gateway Of Tally >> Create >> TCS Nature Of Goods >> Create

Step 4. Create Following Ledger 

Gateway Of Tally >> Create >> Ledger
1. Shubham Pvt Ltd Under Sundry Debtor 
2. TCS On Sale Under Duties and Taxes 
3. Sales A/c Under Sales Account

1. Shubham Pvt Ltd Under Sundry Debtor 

2. TCS On Sale Under Duties and Taxes

3. Sales Ledger Creation Sales A/c

Step 5. Pass Sales Voucher

Gateway Of Tally >> Vouchers >> Sales