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for basic description of tcs tax collected at source in tally erp 9
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Today, we talk about the TCS in this article and how to use TCS in Tally software. TCS Stands for “Tax Collected At Source”. TCS is an indirect tax collected at source by the seller while debiting the amount payable by the buyer. If you collect TCS from any party then it will necessary to issue tax collected certificate within 10 days. The certificate shall be in form number 27D. The payment of TCS to the government by the Income tax Challan 281.
The tax collected to be paid to the central government within one week of the last days of the month the tax was collected. This payment is made in any branch of Reverse bank of India, State bank of India or any other authorized bank. 1. The Quarterly returns are to be filled in Form Number 27EQ. 2. The Annual returns are to be filled in Form number 27E. 3. The electronic returns are to be filled in Form Number 27B.
How to use TCS Tax in Tally . You have to follow given steps to use TCS in Tally software: Have a look: Step 1: Press F11 > Statutory & Taxation (F3) > Enable TCS (Tax Collected at Source) – Yes Set / Alter TCS Detail – Yes Fill the required detail and save the information. Step 2: Create following ledger accounts from GOT > Accounts Info > Create option
1. Party Under – Sundry Debtor Is TCS applicable – Yes. 2. Sales a/c Under – Sales 3. TCS on ITEMS Under – Duties & taxes. Select TCS with TCS category. Note – Creation of product which has you collected TCS. Step 3: Make entry in Sales voucher (F8) with TCS.
How to view/ print report of TCS Tax: GOT > Display > Statement of Accounts > TCS outstanding. Step 4: Make entry in Receipt Voucher to Received amount of sales & TCS from the debtor. Step 5: Make entry in Payment Voucher for Payment of Outstanding TCS.