Creating Nature of Goods (TCS)

You can define the TCS nature of goods your business deals.

To create TCS nature of goods

1.    Go to Gateway of Tally > Accounts Info. > Statutory Info. > TCS Nature of Goods > Create.

2.    Enter the Name.

3.    Enter the Section number.

4.    Enter the Payment Code.

5.    Enter the Rate of TCS.

6.    Enter the Threshold/exemption limit.

The TCS Nature of Goods screen appears as shown below:

7.    Press Enter to save the details.

In the text file generated as per File Validation Utility (FVU) version 5.6, the letter C appears as remarks when transactions are recorded for all TCS natures when the party PAN is entered as:

●     PANAPPLIED

●     PANINVALID

●     PANNOTAVBL