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Record Payment of TCS | TCS Payments

You can record a payment voucher to account for the TCS on payment made to the department.

  1. Gateway of Tally > Vouchers > press F5 (Payment).
    Alternatively, press Alt+G (Go To) > Create Voucher > press F5 (Payment).
  2. Press Ctrl+F (Autofill).
  3. Select Stat Payment as the Type of transaction.
  4. Select TCS as the Tax Type and provide the relevant details as Period From and Collected Till Date.
  5. Provide the relevant details of Section, Nature of Good(s).
  6. Select required Collectee Status from Deductee/Collectee Status.
  7. Select Residential Status.
  8. Select either bank or cash ledger in the Cash/Bank field. The Payment invoice will be automatically filled with the relevant details, as shown below:
  9. Accept the screen. As always, you can press Ctrl+A to save.
  10. Press Page Up > Alt+P (Print).
  11. Set the option Print as TCS Challan to Yes > enter the Filing Date.
  12. Press Ctrl+A to print the ITNS Challan.

 

Payment of Late Fee for TCS and TDS

Company will be liable to pay a late fee in the event of filing of the TCS/TDS returns late.

  1. Gateway of Tally > Vouchers > press F5 (Payment).
    Alternatively, press Alt+G (Go To) > Create Voucher > press F5 (Payment).
  2. Select cash or bank ledger in the Account field.
    As always, press Alt+C, to create a master on the fly. Alternatively, press Alt+G (Go To) > Create Master > type or select Ledger > press Enter.
  3. Select the TDS/TCS tax ledgers, and corresponding references for nature of payments/nature of goods.
  4. Select Late Fee ledger grouped under Indirect Expenses.
    As always, press Alt+C, to create a master on the fly. Alternatively, press Alt+G (Go To) > Create Master > type or select Ledger > press Enter.
  5. For TCS, set the option Is TCS applicable to Not Applicable.
  6. Select Late Fee from the list of payment types.
  7. Enter the amount.
  8. Enter Narration, if required. The late payment voucher for TCS appears as shown:

    The late payment voucher for TDS appears as shown:
  9. Accept the screen. As always, you can press Ctrl+A to save.

 

Payment of Interest and Penalty

Delayed payment of TCS to the department will attract interests and penalties. You can record them in payment vouchers.

  1. Gateway of Tally > Vouchers > press F5 (Payment).
    Alternatively, press Alt+G (Go To) > Create Voucher > press F5 (Payment).
  2. Select cash or bank ledger in the Account field.
  3. Select the interest ledger grouped under Indirect Expenses.
  4. Select Interest from the List of Payment Type. Enter the amount.
  5. Select the penalty ledger grouped under Indirect Expenses.
  6. Select Penalty from the List of Payment Type. Enter the amount.
  7. Accept the screen. As always, you can press Ctrl+A to save.
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