How to Enable TCS Finance Act 2020 in receipt

implement TCS on Goods Sold in receipt in Tally ERP 9 Introduction Finance Act 2020 introduced a new provision under Section 206C (1H) for the TCS

TCS on Goods Sold: Applivcablity of New Sections 206C(1H)  Implement in Tally ERP Applicable From 1 October 2020

Record TCS Sales using Receipt Voucher

You can record a TCS sales transaction using a receipt voucher instead of sales.
  • Go to Gateway of Tally ➤ Select Accounting Vouchers ➤ Press F6: Receipt. ➤ Press F12 for Enable Allow modification in TCS ➤ Press Yes Press CTRL + A for saving Screen and view screen appears as shown below:
Enable-TCS-Configration
  • Select the bank account into which the sales amount was received in the Account field.
  • Under Particulars, select the TCS sales ledger.
  • Specify the amount and press Enter. The amount is under the threshold limit.
Tcs-In-Receipt

  • The Item Allocations screen is displayed.
  • select item from the list.
Item-allocation-in-receipt
  • Press Enter to saves the Screen.
  • The TCS Collection Allocations screen is displayed.
  • Under Nature of Goods, select Not applicable since the amount is under threshold limit.
TCS-Nature-of-Goods

  • Press Enter to return to voucher screen and display voucher save options.
Accept-Receipt-entry

  • Press to save the transaction with overridden details.

When the same Client makes further transactions in the current financial year which makes the total amount for the sale of goods exceed the threshold limit, you have to charge TCS for the excess amount by selecting the appropriate TCS category in the transaction.

Record the second receipt voucher for the same party and TCS category for Rs 6,00,000 as below:

Go to Gateway of Tally ➤ Select Accounting Vouchers ➤ Press F6: Receipt and view screen appear as shown below:
  • Select the bank account into which the sales amount was received in the Account field.
  • Under Particulars, select the TCS sales ledger.
  • Specify the amount and press Enter. The amount is under the threshold limit.
Tcs-In-Receipt
  • The Item Allocations screen is displayed.
  • select item from the list.
Item-Allocation-in-receipt
  • The TCS Collection Allocations screen is displayed.
  • Under Nature of Goods, select the TCS category and enter the value of amount received that is over the threshold limit under Assessable Value.
TCS-Nature-of-goods

  • Press Enter to return to voucher screen and display voucher save options.
  • Select TCS duty ledger and press Enter to display the Client Details screen.
  • Enter the Party NameCollectee Type, and PAN details.
  • Party-Details
    The tax rate is applied based on the availability of PAN.

Press Enter to display voucher save options.

Save-Entry

  • Press save the voucher with overridden details.
  • Press Page Up key to view the saved voucher.

TCS Duty Payment

The TCS duty payment to be made to the department by on or before 7th of next month. You can record TCS duty payment transaction and see its effect in ITNS Challan 281 print.

How to View TCS Reports?

The transactions where the amount does not cross the threshold and marked as Not applicable in TCS Collection Allocations are treated as Excluded Transactions in returns. The transaction tagged with TCS category are treated as Included Transactions in returns.
TCS-Report

Click here for the Previous Page for TCS maintain in sale invoice.
For-More-Information


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