Record Payment of Late Fee for TCS and TDS

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.