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Activating and Configuring TCS in TallyERP9

Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers.

When the below-mentioned goods are utilized for the purpose of manufacturing, processing, or producing things, the taxes are not payable. If the same goods are utilized for trading purposes then tax is payable. The tax payable is collected by the seller at the point of sale.

The rate of TCS is different for goods specified under different categories :

Type of Goods Rate
Liquor of alcoholic nature, made for consumption by humans 1%
Timber wood under a forest leased 2.5%
Tendu leaves 5%
Timber wood by any other mode than forest leased 2.5%
A forest produce other than Tendu leaves and timber 2.5%
Scrap 1%
Minerals like lignite, coal and iron ore 1%
Bullion that exceeds over Rs. 2 lakhs/ Jewellery that exceeds over Rs. 5 lakhs 1%
Purchase of Motor vehicle exceeding Rs. 10 Lakhs 1%
Parking lot, Toll Plaza and Mining and Quarrying 2%

In this guide we will discuss TCS in Tally.ERP9

1. Enabling TCS in Tally.ERP9

To get started, you have to enable the Tax Collected at Source (TCS) module in Tally.ERP 9 and enter your company's registration details.

To Enable Service Tax

1.  Go to Gateway of Tally > F11: Features > Statutory and Taxation .

2.  In the Company Operations Alteration screen, set Enable Tax Collected at Source (TCS) to Yes .

3.  Enable the option Set/alter TCS details .

The Company Operations Alteration screen appears as shown below:

Activating TCS in TallyERP9
(Fig-1)

4.  Enter the TAN registration number .

5.  Enter the Tax Deduction Account Number (TAN) .

6.  Select the Collector Type .

7.  Enable the option Set/alter details of person responsible .

Company TCS Collector Details under Enabling TCS  in TallyERP9
(Fig-2)

Enter the details as shown below:

Enabling TCS in Tally.ERP9
(Fig-2)

8.  Press Enter .

9.  Enable Ignore IT Exemption Limit , if required.

10.  Press Enter .

The TCS Collector Details screen appears as shown below:

Enabling TCS in Tally.ERP9
(Fig-3)

11.  Press Ctrl + A to save the details.

2. Other Configurations for TCS in Tally.ERP9

You can configure surcharge details and alternative contact details for TCS.

(A) Show all Collector Types

By default, only Company and Individual/HUF appears in the Collector/Deductor Type list.

To enable all collector types for selection

1.  Go to Gateway of Tally > F11: Features > Statutory and Taxation

2.  Enable the option Set/alter TCS details .

3.  Click F12: Configure .

4.  Enable the option Show All Collectors type .

5.  Press Ctrl + A to accept. All the organisation types will appear in the Collector/Deductor Type list for the option Collector Type .

(B) Enable Surcharge Details for TCS

To enable surcharge details for TCS

1.  Go to Gateway of Tally > F11: Features > Statutory and Taxation

2.  Enable the option Set/alter TCS details .

3.  Click F12: Configure .

4.  Set the option Enable Surcharge Details for TCS to Yes .

5.  Press Ctrl + A to accept.

6.  Enable the option Provide surcharge details .

7.  Enter the surcharge details, as required.

The TCS Surcharge Details screen appears as shown below:

Enabling TCS in Tally.ERP9
(Fig-4)

8.  Press Enter .

9.  Press Ctrl + A to accept.

(C) Show Alternate Contact Details

To enable surcharge details for TCS

1.  Go to Gateway of Tally > F11: Features > Statutory and Taxation

2.  Enable the option Set/alter TCS details .

3.  Click F12: Configure .

4.  Enable the option Show Alternate Contact Details .

5.  Press Ctrl + A to accept.

6.  Enter the STD Code , Phone No. and E-Mail .

7.  Press Ctrl + A to save the details.

 
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