Tds entry in tally erp 9 with example pdf

#TDS ENTRY IN TALLY ERP 9 WITH EXAMPLE PDF UPDATE#
#TDS ENTRY IN TALLY ERP 9 WITH EXAMPLE PDF FREE#

Next, select the required stock item and set Is TCS Applicable? To Applicable. Got to Gateway of Tally > Inventory Info > Stock Items > Alter Single Item.

Next step to configure TCS in Tally ERP 9 is to configure stock items for which TCS will be applicable.

You have to repeat this for all sales ledgers on which you will be collecting TCS. In Nature of Goods, you have to select the option that you have just created in Steps 15 and 16 as shown in the images below and press Ctrl+AВ to save and exit. Select your sales ledger and set Is TCS Applicable? To Applicable.

You now, have to configure your Sales Ledgers for TCS.

This needs to be repeated for all customers from whom TCS will be collected.

#TDS ENTRY IN TALLY ERP 9 WITH EXAMPLE PDF UPDATE#

You have to update the partyвЂ™s PAN number too if not done so earlier.

Enter the additional details relevant for TCS as shown in the image above.

Press Esc twice > Ledgers > Alter Single Ledger.

After that, you need to configure your existing party masters for TCS.

Now the important part in configuring TCS in TallyвЂ¦

You must fill all relevant details as shown in the image below and press Ctrl+AВ to save.

Next, to configure TCS in Tally, go to Accounts Info > Statutory Info > TCS Nature of Goods > Create.

Press Ctrl+AВ to save and go back to Gateway of Tally.

No, if you want to consider the IT exemption limit.

Yes, if you donвЂ™t want to consider the IT exemption limit.

Enter the relevant details in the screen as shown below:

Enable the option Set/alter details of person responsibleВ to display the Person Responsible DetailsВ screen.

Enter the Tax deduction and collection Account Number (TAN).

After that enable the option Set/alter TCS details.

Next, in the Company Operations AlterationВ screen, set Enable Tax Collected at Source (TCS)В to Yes.

Go to Gateway of TallyВ > F11: Features > Statutory & Taxation To begin with, youвЂ™ll first need to enable and configure TCS in Tally ERP 9.

Minerals, being coal, or lignite or iron ore,.

Alcoholic liquor for human consumption,.

on goods that are specifically covered under sub-section (1), (1F) or (1G) of section 206, i.e.:.

where the buyer is required to withhold taxes and such buyer has done withholding of required amount.TCS on sale of goods under section 206(1H) shall not apply: TCS would not apply to transactions in electricity, renewable energy certificates and energy saving certificates traded through power exchanges.

#TDS ENTRY IN TALLY ERP 9 WITH EXAMPLE PDF FREE#

These include applicability of TCS provisions on deemed exports within India to Special Economic Zone (SEZ) and Export Oriented Units, free of cost sales and warranty replacements. There are a few ambiguities as on date that need more clarity. Who is required to collect TCS?Д®very seller whose total sales, gross receipts or turnover from his business exceeds INR 100 million in the immediately preceding Financial Year. In case the buyer fails to provide PAN/Aadhar, TCS shall be collected at the rate of 1 per cent. The law says that a Seller who receives any amount as consideration for sale of any goods aggregating to 5 million Indian Rupee (INR) or more in a financial year from a buyer, at the time of receipt of such amount is required to collect tax at source (TCS) at the rate 0.1 per cent on the sale consideration exceeding INR 5 million as income-tax. LetвЂ™s look at a few basic points and see how you can implement TCS in your Tally. What is TCS and how do we implement it in Tally? This has become a very important topic for consideration with lots of confusion.

Tds entry in tally erp 9 with example pdf