for basic description of tcs tax collected at source in tally erp 9
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article and how to use TCS in Tally
software. TCS Stands for “Tax Collected
At Source”. TCS is an indirect tax
collected at source by the seller while
debiting the amount payable by the buyer.
If you collect TCS from any party then it
will necessary to issue tax collected
certificate within 10 days. The certificate
shall be in form number 27D. The payment
of TCS to the government by the Income
tax Challan 281.
government within one week of the last days of
the month the tax was collected. This payment
is made in any branch of Reverse bank of India,
State bank of India or any other authorized
1. The Quarterly returns are to be filled in Form
2. The Annual returns are to be filled in Form
3. The electronic returns are to be filled in
Form Number 27B.
You have to follow given steps to use TCS in
Tally software: Have a look:
Step 1: Press F11 > Statutory & Taxation (F3) >
Enable TCS (Tax Collected at Source) – Yes
Set / Alter TCS Detail – Yes
Fill the required detail and save the information.
Step 2: Create following ledger accounts from
GOT > Accounts Info > Create option
Under – Sundry Debtor
Is TCS applicable – Yes.
2. Sales a/c
Under – Sales
3. TCS on ITEMS
Under – Duties & taxes.
Select TCS with TCS category.
Note – Creation of product which has you collected TCS.
Step 3: Make entry in Sales voucher (F8) with TCS.
GOT > Display > Statement of Accounts > TCS
Step 4: Make entry in Receipt Voucher to Received
amount of sales & TCS from the debtor.
Step 5: Make entry in Payment Voucher for Payment of