How to implement TCS in TallyPrime | | Release 1.1.4
In TallyPrime, you can enable TCS and configure nature of goods for different goods on which TCS is applicable. It also supports provision to handle the Sale of Any Goods introduced in the finance budget 20-21.
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In TallyPrime, you can configure TCS details in the form of masters called Nature of Goods. This nature of goods can be linked in sales ledgers, TCS duty ledgers, and stock items. This linking will ensure that the tax details configured in the nature of goods are applied in the transactions where these linked masters are selected.
In case the masters selected in a TCS sales transaction have different nature of goods linked, TallyPrime will apply the tax details from the sales ledger. The sales ledger is giving the highest priority.
Also, from this release it is enough to have TCS details in any one master selected in the transactions. In earlier releases both sales ledger and stock item had to be linked to nature of goods for the TCS to be calculated.
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In this video we will look at the steps to record some basic TCS transactions related to sale of any goods using TallyPrime. We will look the use of Nature of goods in calculating tax at the point of realisation or accrual. We will also witness the control TallyPrime provides to handle the sale of any goods provisions using nature of goods.
Finally, we will look the auto-fill facility provided in TallyPrime payment voucher to specify all the required TCS information in transactions recorded for payment of TCS duty to the government.
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In this video, we will learn about TCS advance receipt and TCS sales against the TCS advance receipt for realisation and accrual nature of goods. We will also see different scenarios for realisation and accrual TCS calculation.
Further, we will look that a transaction where both GST and TCS is applied.
Lastly, we will look at the different features offered by TallyPrime to override realisation tax calculations. Also, the features to exempt TCS for TDS deductors and government
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In this video we will look at some TCS reports, and changes made to these reports in release 1.1.4. We will also understand the process of generating TCS returns using TallyPrime.
Further, we will look at other TCS reports that help to provide missing TCS details.
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Steps to Enable TCS in TallyPrime | Release 1.1.4
How to implement TCS in TallyPrime
– How to create TCS related details
Setting up TCS Masters in TallyPrime | Release 1.1.4
– How to create TCS stock item in TallyPrime
– How to create TCS sales ledger in TallyPrime
Basic TCS Transactions in TallyPrime
– How to record sales transaction for sale of any goods
– How to record sales transaction for nature of goods with accrual where value is below threshold limit
Advanced TCS Transactions in TallyPrime
– How to record a TCS advance receipt for realization-based nature of goods
– How to record TCS sales against the advance received
– How tax can be calculated in both advance receipt and sales transactions for accrual nature of goods
– How to record TCS sales including additional charges and GST
TCS Reports and Returns in TallyPrime
TCS on Sale of Goods | TCS Changes in Budget 2020
New section 206 C is going to be applicable from 1 October 2020 - TCS on Sale of any Goods.
Watch this video to learn about TCS on Sales of Any Goods.
Every seller, whose total sales, gross receipts or turnover from the business carried on by him exceed Rs. 10 Crores during the FY 2019-20 & onwards, and if sales to buyer is exceeding Rs 50 lakhs during the FY 2020-21 & onwards, then seller has to collect TCS tax from such buyer on the value exceeding the threshold limit.
Note: No such TCS is to be collected, if the seller is liable to collect TCS under other provision of section 206C such as Section 206C (1), 206C (1F) and 206C (1G) or the buyer is liable to deduct TDS under any provision of the Act and has deducted such amount or export outside India.
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