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 ThisTan 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 >> Ledger1. 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
3. Purchase A/c Under Purchase Account
Step 5 Create Item Unit (Nos)
Gateway Of Tally >> Create >> Unit
Step 10 Now Pass Purchase Voucher Like this Include TCS On Purchase LedgerGateway Of Tally >> Vouchers >> Purchase
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
