How to Record TCS on purchase entry in Tally ERP9.

How to Record Purchase voucher with TCS on Goods in Tally ERP9. Applicable From 1 October 2020.Section 206C (1H),Income Tax Act

How to Record Purchase voucher with TCS on Goods in Tally ERP9. Applicable From 1 October 2020.

Short Introduction:-  From October 1, 2020, our Government has introduced a new provision for collecting TCS for the sale of goods and depositing the same to the Government. These provisions are given in Section 206C (1H) of the Income Tax Act. according to the new provision, if Supplier turnover is more than 10 crores in the previous financial year then, from 1 of October 2020, he shall be liable to collect TCS @0.1% of the sale value from the buyer if the buyer purchase goods for the value exceeding Rs. 50 Lacs (Limit of Rs. 50 Lac shall be seen for each buyer separately). The rate of TCS is 0.1% and Presently due to corona Pandemic 25% discount has been given in this tax rate till 31 March 2021 and its effective rate is 0.075%.

How-to-Record-Purchase-voucher-with-TCS-on-Goods-in-Tally-ERP9.

All buyers who make purchases above Rs.50.00 Lakhs in this financial year then they liable to pay TCS 0.075% on the total purchase invoice amount.

How to Record Purchase voucher with TCS on Goods in Tally ERP9 

This is very complicated to make purchase voucher with TCS because Tally has not introduced any update according to this provision but we have some Tips and Tricks to Implement TCS in Purchase voucher. let's see how to record a purchase voucher with TCS. 

There are 2 methods for Record purchase invoice with TCS.

Method -1

Creation Tax Ledger under duties and taxes:-

Go to Gateway of Tally ➤ Click on Accounts Info➤Click on Ledger➤Write Ledger Name➤under Duties & Taxes➤Select Types and duty/tax-OthersPercentage of Calculation- 0.075%Method of Calculation- On Total Sales➤Choose Create and view screen appears as shown below:
Creation-Tax-Ledger-under-duties-and-taxes:-

  • Press  CTRL+A for save all Details

Setup and record Purchase Invoice with TCS:-

Go to Gateway of Tally ➤ Click on Accounting Voucher (Press v) ➤click on Purchase (F9) ➤ Click on F12: Configure ➤ Enable Calculate tax on Current Subtotal and view screen appears as shown below:
Setup-and-record-Purchase-Invoice-with-TCS

  • Press  CTRL+A for save all Details.
  • Select Party Name from Party List.
  • Select Purchase Ledger from the list.
  • Choose Items from List.
  • Select your Applicable Tax Ledger and after that Select Input Tax 0.075% 
  • view screen appears as shown below:
Record-Purchase-Voucher-with-TCS
  • Press  CTRL+A for save all Details.

Method:- 2

We can also Auto calculate TCS help of Voucher Class in Purchase Voucher let's see how to record a purchase voucher with TCS help of Voucher class.

Enable Voucher Class in Purchase Voucher:-

Go to Gateway of Tally ➤ Click on Accounts Info➤Click on the voucher Types ➤ Select Alter➤ Select Purchase ➤ Write Voucher Class name view screen appears as shown below:
Voucher-Class-Alteration
  • Press  Enter for Configuration of Voucher Class.
  • Select Purchase Ledger from list and press Enter.
  • Go to Additional accounts entries Like CGST, SGST, and other Taxes and Expences
  • Select All your Tax Ledger Regarding your Entries Like CGST, SGST, IGST.
  • Select Input TCS 0.075% then select the type of calculation on current subtotal
  • fill 0.075% in value basis section 
  • Press  CTRL+A for save all Details.
  • view screen appears as shown below:
TCS-Setup-in-voucher-class
  • Press  CTRL+A 2 times to save all Details.

Record TCS help of voucher class in Purchase voucher.

Go to Gateway of Tally ➤ Click on Accounting Voucher (Press v) ➤click on Purchase (F9) ➤ Select Voucher class and view screen appears as shown below:
Selection-Voucher-Class
  • Press  Enter for select 
  • Select Party Ledger from Party List.
  • Select your Items and now see all Tax and TCS are auto-calculate.
  • view screen appears as shown below:
Record-Purchase-Voucher-from-method-2
  • Press  CTRL+A  for save all Details.
I hope this article is helpful for you if have any query regarding this article or TCS please comment us




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