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Creating Masters for TCS using TallyERP9

Using Tally.ERP9 , Ceating Masters both Ledgers and Stock Items for Accouting TCS involves the following Masters Creation ...

  1. Creating TCS Nature of Goods in Tally.ERP9

  2. Creating Party Ledger (TCS) with TCS Details in Tally.ERP9

  3. Creating Sales Ledger (TCS) with TCS Nature of Goods in Tally.ERP9

  4. Creating Stock Item Masters (TCS) with TCS Nature of Goods Classification in Tally.ERP9

  5. Creating TCS Duty Ledger in Tally.ERP9

1. Creating TCS Nature of Goods in Tally.ERP9

You can define the TCS nature of goods your business deals.

To create TCS nature of goods

1.  Go to Gateway of Tally > Accounts Info. > Statutory Info. > TCS Nature of Goods > Create .

2.  Press Ctrl+C and select the Name .

3.  The Section number and Payment Code appears automatically .

4.  Enter the Rate of TCS.

5.  Enter the Threshold/exemption limit .

The TCS Nature of Goods screen appears as shown below:

Creating TCS Nature of Goods in TallyERP9
(Fig-5)

6.  Press Enter to save the details.

2. Creating Party Ledger (TCS) with TCS Details in Tally.ERP9

You can create a ledger for your customers under sundry debtors and also set their TCS details.

To create a party ledger (Buyer)

1.  Go to Gateway of Tally > Accounts Info. > Ledgers > Create

2.  Enter the Name .

3.  Select Sundry Debtor as the group name in the Under field.

4.  Enable the option Maintain bill-by-bill , if required.

5.  Enable the option Is TCS Applicable .

6.  Select a Collectee Type in the Buyer/Lessee field.

7.  Enter the Name of the service provider under Mailing Details .

8.  Enter the Address .

9.  Select the Country from the List of Countries .

10.  Select the State from the List of States .

11.  Enter the PIN Code .

12.  Enable Provide Bank Details , if required.

13.  Enter the PAN under Tax Information .

14.  Enable the option Provide PAN Details to enter PAN details of the party.

The Ledger Creation screen appears as shown below:

Creating Party Ledger (TCS) with TCS Details in TallyERP9
(Fig-6)

15.  Press Ctrl + A to save the details.

(A) Advance Configurations for TCS in Party Masters in Tally.ERP9

You can enable advance configurations for TCS in party masters. This will allow you to configure surcharge exemption limits, and income exemption limits. You can also set a zero or lower rate of TCS for party masters.

In this topic ...

(I) Ignore Surcharge Exemption Limit

(II) Ignore Income Tax Exemption Limit

(III) Set Zero / Lower Rate for TCS

  • Click F12: Configure in the Ledger Creation screen.

  • Enable the option Allow advanced entries in TCS masters .

Advance configurations for TCS in party masters in TallyERP9
(Fig-7)

  • A new option Use Advanced TCS Entries will be available in Ledger creation screen.
    Advance configurations for TCS in party masters in TallyERP9
    (Fig-8)

  • Enable the option Use Advanced TCS Entries .

Advance configurations for TCS in party masters in TallyERP9
(Fig-9)

(I) Ignoring Surcharge Exemption Limit

To ignore surcharge exemption limit

1.  Click F12: Configure in the Ledger Creation screen.

2.  Enable the option Allow advanced entries in TCS masters .

3.  Press Ctrl + A to save the details. A new option Use Advanced TCS Entries will be available.

4.  Enable the option Use Advanced TCS Entries .

5.  Enable the option Ignore Surcharge Exemption Limit .

6.  Press Ctrl + A to save the details.

7.  Press Ctrl + A to save the party master.

(II) Ignoring Income Tax Exemption Limit

To ignore income tax exemption limit

1.  Click F12: Configure in the Ledger Creation screen.

2.  Enable the option Allow advanced entries in TCS masters .

3.  Press Ctrl + A to save the details. A new option Use Advanced TCS Entries will be available.

4.  Enable the option Use Advanced TCS Entries .

5.  Select Applicable in the Set/Alter Ignore Income Tax Exemption Limit .

6.  Select the required TCS nature of goods from the List of TCS Nature of Goods .

7.  Select End of List to exit the screen.

8.  Press Ctrl + A to save the details.

9.  Press Ctrl + A to save the party master.

(III) Set Zero/Lower Rate for TCS

To set zero or lower rate for TCS

1.  Click F12: Configure in the Ledger Creation screen.

2.  Enable the option Allow advanced entries in TCS masters .

3.  Press Ctrl + A to save the details. A new option Use Advanced TCS Entries will be available.

4.  Enable the option Use Advanced TCS Entries .

5.  Select Applicable in the Set/Alter Zero/Lower Collection .

6.  Select the required TCS nature of goods from the List of TCS Nature of Goods .

Advance configurations for TCS in party masters in TallyERP9
(Fig-10)

7.  Select the Section Number .

8.  Enter the Applicable From date.

9.  Enter the Applicable To date.

10.  Enter the rate of TCS in the TCS field.

11.  Repeat steps 6 to 10 for the required TCS nature of goods.

12.  Select End of List to exit the screen.

13.  Press Ctrl + A to save the details.

14.  Press Ctrl + A to save the party master.

3. Creating Sales Ledger (TCS) with TCS Nature of Goods in Tally.ERP9

You can create sales ledger with TCS nature of goods under Sales Accounts.

To create a sales ledger

1.  Go to Gateway of Tally > Accounts Info. > Ledgers > Create

2.  Enter the Name .

3.  Select Sales Accounts as the group name in the Under field.

4.  Set Inventory values are affected to Yes .

5.  Set the option Is TCS Applicable to Applicable .

6.  Select the Nature of Goods from the List of Nature of Goods .

The Ledger Creation screen appears as shown below:

Creating Sales Ledger (TCS) with TCS Nature of Goods in TallyERP9
(Fig-11)

7.  Press Enter to save the details.

4. Creating Stock Item Masters (TCS) with TCS Nature of Goods Classification in Tally.ERP9

You can create stock item masters for goods that are classified under the TCS nature of goods.

To create a Stock item for TCS

1.  Go to Gateway of Tally > Inventory Info. > Stock Item > Create .

2.  Enter the Name .

3.  Select a stock group from the List of Stock Groups in the Under field.

4.  Select a unit of measurement in the Units field.

5.  Set the option Is TCS applicable to Applicable .

6.  Select the Nature of Goods from the List of Nature of Goods .

The Stock Item Creation screen appears as shown below:

Creating Stock Item Masters (TCS) with TCS Nature of Goods Classification in TallyERP9
(Fig-12)

7.  Press Ctrl + A to save the details.

5. Creating TCS Duty Ledger in Tally.ERP9

You can create a duty ledger for accounting for TCS and also specify the nature of goods.

To create a TCS duty ledger

1.  Go to Gateway of Tally > Accounts Info. > Ledgers > Create .

2.  Enter the Name

3.  Select Duties and Taxes as the group name in the Under field.

4.  Select TCS as the Type of Duty/Tax .

5.  Select a Nature of Goods/Contract/License/Lease from the List of Nature of Goods .

6.  Press Enter .

The Ledger Creation screen appears as shown below:

Creating TCS Duty Ledger in TallyERP9
(Fig-13)

7.  Press Ctrl + A to save the details.

Activating and Configuring TCS in TallyERP9 TCS Using Tally.ERP9 TCS Sales Transactions in Tally.ERP9


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