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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. Press Ctrl+C and select the Name .

3. The Section number and Payment Code appears automatically .

4. Enter the Rate of TCS.

5. Enter the Threshold/exemption limit .

The TCS Nature of Goods screen appears as shown below:

6. 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: