Company will be liable to pay a late fee in the event of filing of the TCS/TDS returns late.
To record payment of late fees
1. Go to Gateway of Tally > Accounting Vouchers > F5: Payment
2. Select cash or bank ledger in the Account field.
3. Select the TDS/TCS tax ledgers, and corresponding references for nature of payments/nature of goods.
4. Select Late Fee ledger grouped under Indirect Expenses .
● For TDS, set the option Is TDS applicable to No .
5. Select Late Fee from the list of payment types.
6. Enter the amount.
7. Enter Narration , if required.
● The late payment voucher for TCS appears as shown:
● The late payment voucher for TDS appears as shown:
8. Press Enter to save the invoice.
'Record Payment of Late Fee for TCS and TDS | Tally.ERP 9' has been shared with