Company will be liable to pay a late fee in the event of filing of the TCS returns late.
Sujatha Timbers Company had to file their TCS returns on 15-05-2015. However, the returns were filed on 16-05-2015. Hence, a late fee of ₹ 200 is applicable.
To record payment of late fees
Go to Gateway of Tally > Accounting Vouchers > F5: Payment
Select cash or bank ledger in the Account field.
Select Late Fee ledger which is under Indirect Expenses group.
Select Late Fee from the List of Payment Type.
Enter 200 in the Amount field
Press Enter.
Enter Narration, if required.
The Payment invoice appears as shown below:
Press Ctrl + A to save the invoice.
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