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Record TCS on Sales

You can record transactions of TCS, and generate the required reports and returns. 

Sales of Taxable Goods

You can provide the rate of TCS in sales voucher.

  1. Gateway of Tally > Vouchers > press F8 (Sales).
    Alternatively, press Alt+G (Go To) > Create Voucher > press F8 (Sales).
  2. Select the Party A/c name.
    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 Sales ledger.
  4. Select the taxable stock item.
  5. Enter the Quantity and Rate. The Amount appears automatically.
  6. Select the TCS ledger. The TCS amount will get calculated automatically.
  7. Accept the screen. As always, you can press Ctrl+A to save.

 

Sales – Transfer of Right to Use

In case of lease or license or transfers of right or interest (in any parking lot or toll plaza or mine or quarry) either in whole or in part, TCS will be applicable.

  1. Gateway of Tally > Vouchers > press F8 (Sales).
    Alternatively, press Alt+G (Go To) > Create Voucher > press F8 (Sales).
  2. Press Ctrl+H (Change Mode) to select the required voucher mode (Accounting Invoice, in this case).
  3. Select the Party A/c name.
    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.
  4. Select the Income Ledger under Particulars, and enter the Amount.
  5. Select the TCS ledger. The TCS amount will get calculated automatically.
  6. Accept the screen. As always, you can press Ctrl+A to save.

Keeping track of your sales under TCS is simple in TallyPrime.  

Sale of TCS Goods at Lower Rate

When you need to charge lower rate of TCS under sales, under sub-section (9) of section 206C, to a specific buyer who has PAN, you can select Section 206C in the party master and record the transaction.

  1. Gateway of Tally > Vouchers > press F8 (Sales).
    Alternatively, press Alt+G (Go To) > Create Voucher > press F8 (Sales).
  2. Select the party ledger in which you have defined PAN, with lower rate of TCS.
  3. Select the Sales ledger.
  4. Select the stock item. Enter the Quantity and Rate. The Amount appears.
  5. Select the TCS ledger. Based on the TCS rate entered in the party master, the TCS amount gets calculated automatically.
  6. Accept the screen. As always, you can press Ctrl+A to save.

 

Sale of TCS Goods at Zero Rate

When you need to charge TCS at zero rate to a specific buyer who has PAN, you can select Section 206C in the party master and record the transaction.

  1. Gateway of Tally > Vouchers > press F8 (Sales).
    Alternatively, press Alt+G (Go To) > Create Voucher > press F8 (Sales).
  2. Select the party ledger in which you have defined PAN, with lower rate of TCS.
  3. Select the Sales ledger.
    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.
  4. Select the stock item. Enter the Quantity and Rate. The Amount appears.
  5. Accept the screen. As always, you can press Ctrl+A to save.

 

Purchases 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 a purchase invoice with stock item taxable under TCS, as shown below:

The Balance Sheet appears with values as shown below:

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