TCS is the full form of Tax collected at source. It is the tax which have to be collected by company. It is a income for the company. Tax is collected from the person and deposited to the government account. TCS is not apply on all the items. It is applicable only few items like: Alcoholic liquor for human consumption, Tendu leaves, timber, cantractors like relating to mines, parking lots, toll plaza.
How TCS is activated in Tally?
- F11 --> F3(statutory and taxation)
- F3(statutory and taxation) --> activate tax collected at source.
Following information feed in this image when TCS is activated:
How to see the TCS nature of goods?
- Display --> statutory info.
- statutory info.--> TCS nature of goods
TCS is imposed on following items:
Supposed: When person will do the work related to timber then various items are created in ledger :
- TCS on timber
- Any party name which are under the sundry debtors.
- Any party name which are under the sundry creditors.
- Vat e.g 13.75%
In accounting voucher, When Vat are imposed then TCS is also included to calculate the amount of vat.
Go to :
- Inventory info.--> stock group --> create --> Timber items
- Inventory info.--> stock items--> create --> cheel, sagwan
- unit of measure --> Ton
Go to Accounting voucher: Purchaesd and sale voucher
F5: payment
TCS on timber a/c (against)
To cash a/c
ALT P = challan
How to see the detail?
- Display --> statutory report
- statutory report --> TCS report
- TCS report --> see form of TCS.