Tax collected at source
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Tax collected at source

Today, we talk about the TCS in this

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.


Tax collected at source

The tax collected to be paid to the central

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

bank.

1. The Quarterly returns are to be filled in Form

Number 27EQ.

2. The Annual returns are to be filled in Form

number 27E.

3. The electronic returns are to be filled in

Form Number 27B.


Tax collected at source

How to use TCS Tax in Tally

.

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


Tax collected at source

1. Party

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.


Tax collected at source

How to view/ print report of TCS Tax:

GOT > Display > Statement of Accounts > TCS

outstanding.

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

Outstanding TCS.


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