TCS Tax on Purchase 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.
 
You Need A Company In Tally Prime For Record TCS Tax Transaction In Tally. In This Post You Will Learn "How To Record TCS Tax Transaction In Tally Prime Step By Step Guide.

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 Alter Current Assets  Group 

Gateway of Tally > Alter > Voucher Type > Current Assets 
Use for calculation (Tax , Discount):  Yes 


Step 4 Create Following Ledger 

Gateway Of Tally >> Create >> Ledger 
1. TCS On Purchase Under Current Assets 
2. SKB PVT Ltd Under Sundry Creditor 
3. Purchase A/c Under Purchase Account

1. TCS On Purchase Under Current Assets 
Percentage of Calculation :  3%
Method of Calculation: On Total Sale 


2. SKB PVT Ltd Under Sundry Creditor 


3. Purchase A/c Under Purchase Account



Step 5 Create Item Unit (Nos)

Gateway Of Tally >> Create >> Unit


Step 6 Stock Item Creation

Gateway Of Tally >> Create >> Stock Item


Step 7 Take Purchase Voucher

Gateway Of Tally >> Vouchers >> Purchase


Step 8 Press CTRL H and Choose "Item Invoice" Voucher Mode



Step 10 Now Pass Purchase Voucher Like this Include TCS On Purchase Ledger
Gateway Of Tally >> Vouchers >> Purchase