1. How to create TCS nature of goods?
2. How to create a party ledger?
3. How to create sales ledger?
1. How to record sale of goods attracting TCS?
2. How to record sale of TCS goods at lower rate?
3. How to record sale of TCS goods at zero rate?
4. How to record payment of TCS?
5. How to record payment of late fee?
6. How to record payment of interest and penalty?
As per Union Budget of financial year 2016-17, the following nature of goods are introduced:
● Sale of Motor Vehicle: Attracts 1% TCS if the value exceeds the threshold limit of Rs. 10,00,000.
● Sale in Cash of Any Goods (Other Than Bullion/Jewellery): Attracts 1% TCS if the value exceeds the threshold limit of Rs. 2,00,000.
● Providing of Any Services (Other Than Ch-XVII-B): Attracts 1% TCS if the value exceeds the threshold limit of Rs. 2,00,000.
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