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TallyPrime 5.0 automates TDS calculation under Section 194Q, ensuring compliance with Finance Bill 2021. Easily calculate TDS on transactions, manage threshold limit and exemptions, and file returns seamlessly.
https://help.tallysolutions.com/docs/te9rel53/Tax_India/TCS/Getting_Started_with_TCS.htm

Enabling TCS

To get started, you have to enable the Tax Collected at Source (TCS) module in Tally.ERP 9 and enter your company's registration details.

To Enable Service Tax

  1. Go to Gateway of Tally > F11: Features > Statutory and Taxation.

  2. In the Company Operations Alteration screen, set Enable Tax Collected at Source (TCS) to Yes.

  3. Enable the option Set/alter TCS details.

The Company Operations Alteration screen appears as shown below:

  1. Enter the TAN registration number.

  2. Enter the Tax Deduction Account Number (TAN).

  3. Select the Collector Type.

  4. Enable the option Set/alter details of person responsible.

  5. Press Enter.

  6. Enable Ignore IT Exemption Limit, if required.

  7. Press Enter.

The TCS Collector Details screen appears as shown below:

  1. Press Ctrl + A to save the details.

For more TCS configurations, click here.

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