Type search words and press enter
Seamless e-invoicing is now at your fingertips. Check out our self-help videos.
https://help.tallysolutions.com/docs/te9rel63/Tax_India/TCS/TCS_Budget_2016_17.htm

Budgetary Changes 2016-17

As per the Union Budget for the financial year 2016-17, three new natures of goods have been introduced, which are described below.

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.

To create the nature of goods

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

2. Press Ctrl+C to view the List of Nature of Goods .

3. Select Sale of Motor Vehicle .

4. Enter the Rate .

5. Enter the Threshold/exemption limit as 10,00,000. The TCS Nature of Goods screen appears as shown below:

6. Press Enter to accept.

Similarly, create the nature of goods for Sale in Cash of Any Goods (Other Than Bullion/Jewellery) and Providing of Any Services (Other Than Ch-XVII-B) as shown below: