You can enable advance configurations for TCS in party masters. This will allow you to configure surcharge exemption limits, and income exemption limits. You can also set a zero or lower rate of TCS for party masters.
In this topic
Ignore Surcharge exemption limit
Ignore income tax exemption limit
To ignore surcharge exemption limit
Click F12: Configure in the Ledger Creation screen.
Enable the option Allow advanced entries in TCS masters.
Press Ctrl + A to save the details. A new option Use Advanced TCS Entries will be available.
Enable the option Use Advanced TCS Entries.
Enable the option Ignore Surcharge Exemption Limit.
Press Ctrl + A to save the details.
Press Ctrl + A to save the party master.
To ignore income tax exemption limit
Click F12: Configure in the Ledger Creation screen.
Enable the option Allow advanced entries in TCS masters.
Press Ctrl + A to save the details. A new option Use Advanced TCS Entries will be available.
Enable the option Use Advanced TCS Entries.
Select Applicable in the Set/Alter Ignore Income Tax Exemption Limit.
Select the required TCS nature of goods from the List of TCS Nature of Goods.
Select End of List to exit the screen.
Press Ctrl + A to save the details.
Press Ctrl + A to save the party master.
To set zero or lower rate for TCS
Click F12: Configure in the Ledger Creation screen.
Enable the option Allow advanced entries in TCS masters.
Press Ctrl + A to save the details. A new option Use Advanced TCS Entries will be available.
Enable the option Use Advanced TCS Entries.
Select Applicable in the Set/Alter Zero/Lower Collection.
Select the required TCS nature of goods from the List of TCS Nature of Goods.
Select the Section Number.
Enter the Applicable From date.
Enter the Applicable To date.
Enter the rate of TCS in the TCS field.
Repeat steps 6 to 10 for the required TCS nature of goods.
Select End of List to exit the screen.
Press Ctrl + A to save the details.
Press Ctrl + A to save the party master.