You can record purchase of stock items attracting TCS. If it attracts TCS, the tax gets autocalculated. If it has TCS and non-TCS items, enter the tax amount manually in the invoice.
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● Purchase of stock items attracting TCS
● Purchase of stock items that attract TCS, along with items that are not taxable under TCS
Create the TCS ledger as shown below:
Note: If you are using a common TCS ledger for stock items attracting different TCS rates, leave the Percentage of calculation field blank. You can provide the TCS rates in the invoice.
Record a purchase invoice with stock item attracting TCS, as shown below:
The Balance Sheet appears with values as shown below:
In the Ledger Creation screen, press F12 and enable the option Allow creation of tax ledgers under other groups .
Create the TCS ledger as shown below:
Record a purchase invoice with stock item attracting TCS, as shown below:
The Balance Sheet appears with values as shown below:
If you have to calculate TCS on additional ledgers along with stock items attracting TCS, press F12 in purchase invoice, and enable the option Calculate tax on current sub-total .
Record purchase invoice with separately charged expenses and TCS ledger as shown below:
Create a TCS ledger under Duties & Taxes or Current Assets as required, to view the amount under the required section of Balance Sheet .
Record a purchase invoice and manually enter the TCS amount.
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