Payment of Late Fee

In the event of late filing of the TCS returns will attract a Late fee.

Let us consider an example where TCS has to be filed on 15-07-2013. ABC Company file the returns on 16-07-2013. Hence, a late fee of Rs. 200/- is applicable. Let us see how this can be handled in Tally.ERP 9

Step 1: Create Late Fee ledger

Go to Gateway of Tally > Accounts Info. > Ledgers > Create

1. In the Name field enter the Ledger Name e.g. Late Fee

2. In the Under field select Indirect Expenses group

3. Set Inventory values are affected to No

4. Set Is TDS Applicable to No

5. Press Enter to save

Step 2: Create Payment Voucher

Go to Gateway of Tally > Accounting Vouchers > F5: Payment

1. Click S: Stat Payment to use the stat payment helper

2. In the Type of Duty/Tax field, select TCS and set Auto Fill Statutory Payments to No

3. In the Account field select Canara Bank

4. Under Particulars field select Late Fee from the List of Ledger Accounts and press enter to view Payment Type screen

5. In the Payment Type screen, select Late Fee from the Payment Type list

6. Enter the value in the Amount field. For example, 200

7. Set Provide Details to Yes

8. In the Payment Details screen that appears, enter details as shown below:

9. Press Enter to go to the Payment Voucher

10. Enter Narration, if required

The completed Payment transaction is as shown below:

Generating ITNS 281 for TCS

The Late Fee details, thus recorded will be captured in the TCS Challan - Challan No./ITNS 281 under the Fee under sec. 243E field. The Late Fee details will also be captured in E-TCS returns for form 27EQ.