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 ThisTan 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 >> Ledger1. 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
Step 5. Pass Sales Voucher
Gateway Of Tally >> Vouchers >> Sales
