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:
