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Record TCS on Purchase of Taxable Stock Items

Create the TCS ledger as shown below:

Note: If you are using a common TCS ledger for stock items taxable under different TCS rates, leave the Percentage of calculation field blank. You can provide the TCS rates in the invoice.

Record TCS in purchase invoice for the stock item taxable under TCS, as shown below:

The Balance Sheet appears with values as shown below:

 

Record Purchase under TCS for Taxable Current Assets

Create the TCS ledger as shown below:

Using TallyPrime, you can account for TCS under purchase when the purchased items fall under TCS norms.

The Balance Sheet appears with values as shown below:

 

Purchases with Calculation of TCS on Current Sub-Totals

If you have to calculate TCS on additional ledgers along with stock items attracting TCS, press F12 (Configure) 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:

 

Purchase of Taxable and Non-Taxable Stock Items

  1. Create a TCS ledger under Duties & Taxes or Current Assets as required, to view the amount under the required section of Balance Sheet.
  2. In the purchase invoice, select one stock item that is taxable under TCS, and another stock item that does not attract TCS.
  3. Select the TCS ledger. Manually calculate and enter the TCS amount applicable for the taxable stock item.
  4. Accept the screen. As always, you can press Ctrl+A to save.
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