TCS Transactions in TallyPrime
In TallyPrime, you can record transactions on which TCS is applicable, based on the nature of goods, type of transaction, and applicable TCS provisions. You can record TCS on sales, purchases, advance receipts, and other applicable transactions, and handle specific scenarios such as buyers deducting TDS, government-listed parties, and specified persons subject to a higher TCS rate.
Record TCS on Sales
Record TCS on sales for taxable goods, transfer of right to use, and sales where a lower or zero rate of TCS is applicable.
Record TCS on Purchases
Record TCS on purchases of taxable stock items and account for the applicable TCS.
Record TCS on Advance Receipts
Record TCS on advance receipts when a buyer makes an advance payment for future sales.
Record TCS When Buyer Deducts TDS
Record TCS when the buyer deducts TDS while making payments.
Record TCS Exemption for Government-Listed Parties
Record TCS exemption for government-listed parties when the buyer belongs to a government-listed category eligible for TCS exemption.
Record TCS for Specified Persons at Higher Rate
Record TCS for specified persons at a higher rate when TCS needs to be collected at the higher rate applicable to specified persons under Section 206CCA.
Record Sales of Goods Without TCS
Record sales of goods without TCS when TCS is not applicable to the transaction following the removal of Section 206C(1H) effective from 1 April 2025.
Record TCS Payment
Pay TCS to the government and account for applicable late fee, interest, and penalty.
