Tally.ERP 9 facilitates defining TCS details at different levels. This provides the convenience of applying tax rules at the highest level, which is the company level, as well as the flexibility to modify, override or define details at the lower levels, based on one's business requirement.
The rules can be inherited as follows:
Stock Group
Stock Item
Ledger Group
Ledger
Transaction
Transaction Entry
Note: The rules that are defined at the voucher type or voucher type class level will be used as template, thereby it will be used ONLY to fill the values in the transaction by default in create mode.
The application migrates all the TCS Nature of Goods that were used in your previous version of Tally.ERP 9. However, to adapt to the new approach a few configurations have to be done.
I don't maintain inventory. I manage only accounts in my company.
For a company which maintains only accounts, TCS rates can be defined at the sales or purchase level.
To define TCS details in the sales/ purchase ledger
Go to Gateway of Tally > Accounts Info. > Ledgers > Alter
Select the sales/purchase ledger.
Set the option Is TCS Applicable to Applicable.
Press Ctrl+Enter on the Nature of Goods to set the tax rate.
Enter the TCS rate in the TCS Nature of Goods screen.
Press Ctrl+A.
I deal with goods for which every stock item has a different TCS category.
For a company that deals with stock items that are tagged to a different TCS category, the TCS rate details have to be defined at the stock item level.
To define TCS rates at the stock item level
Go to Gateway of Tally > Inventory Info. > Ledgers > Alter
Select the stock item.
Set the option Is TCS Applicable to Applicable.
Press Ctrl+Enter on the Nature of Goods to set the tax rate.
Enter the TCS rate in the TCS Nature of Goods screen.
Press Ctrl+A.
I maintain multiple stock items under each TCS category.
A company that has multiple stock items under each stock category, the TCS rates can be defined at the stock group level.
To define TCS rates at the stock group level
Go to Gateway of Tally > Inventory Info. > group> Alter
Select the stock group.
Enable Set/ Alter TCS Details to Applicable.
Press Ctrl+Enter on the Nature of Goods.
Enter the TCS rate in the TCS Nature of Goods screen.
Press Ctrl+A.
TCS applicability has to be specified for all sales and income ledgers
To alter TCS applicability in sales/ income ledgers
Go to Gateway of Tally > Accounts Info. > Ledgers > Alter
Select the sales/income ledger.
Set the option Is TCS Applicable to Applicable.
Press Ctrl+Enter on the Nature of Goods to set the tax rate.
Enter the Section, Payment Code, and TCS Rate in the TCS Nature of Goods screen.
Press Ctrl+A.
Next:
'Configuring TCS Masters' has been shared with
