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TCS Sales Transactions in Tally.ERP9

TCS sales can be of following types, and this topic tells you how to record these transactions using Tally.ERP9.

  1. Sale of TCS Goods

  2. Transfer of Right to Use under TCS

  3. Sale of TCS Goods at Lower Rate

  4. Sale of TCS Goods at Zero Rate

1. Sale of TCS Goods in Tally.ERP9

Example :

Sujatha Timer Company trade in timber that is obtained from forest lease. This is subject to TCS at 2.5%. On 6-4-2015, Sujatha Timber Company sold 100 metric ton (MT) at ₹ 7,500/MT of timber to Chandra Furniture.

To record a Sales Transaction

1.  Go to Gateway of Tally > Accounting Vouchers > F8: Sales > Item Invoice

2.  Enter the Ref. , if required.

3.  Select Chandra Furniture in the Party's A/c Name field.

4.  Select the sales ledger from the List of Ledger Accounts .

5.  Select Timber from the List of Stock Items .

6.  Enter 100 in the Quantity field.

7.  Enter 7500 in the Rate field. The Amount will be automatically calculated.

8.  Press Enter from the Amount field.

9.  Press Enter .

10.  Select the TCS ledger which is created under Duties and Taxes . The TCS amount will get calculated automatically.

11.  Press Enter .

12.  Enter Narration , if required.

The Sales invoice appears as shown below:

Sale of TCS Goods in TallyERP9
(Fig-14)

13.  Press Ctrl + A to save the invoice.

2. Transfer of Right to Use under TCS in Tally.ERP9

Every person, who grants lease or a license or enters into a contract or otherwise transfers any right or interest (in any parking lot or toll plaza or mine or quarry) either in whole or in part to another person for the purpose of business, is liable to collect tax at source from the licensee or lessee of any such license, contract or lease at the prescribed percentage.

Example :

MAR Teck Park is renting out their parking lot to Prakash Enterprises for  ₹ 2,00,000 for the month of May.

To record the transaction

1.  Go to Gateway of Tally > Accounting Vouchers > F8: Sales > Accounting Invoice

2.  Enter the Ref. , if required.

3.  Select Prakash Enterprises in the Party's A/c Name field.

4.  Select the Rent (Income) ledger under Particulars .

5.  Enter 200000 in the Amount field.

6.  Press Enter .

7.  Select the TCS ledger which is created under Duties and Taxes . The TCS amount will get calculated automatically.

8.  Press Enter .

9.  Enter Narration , if required.

The Sales invoice appears as shown below:

Transfer of Right to Use under TCS in Tally.ERP9
(Fig-15)

10.  Press Ctrl + A to save the invoice.

3. Sale of TCS Goods at Lower Rate in Tally.ERP9

Where the Assessing Officer is satisfied that the total income of the buyer justifies the collection of tax at any lower rate than the relevant rate specified in Section 206C (1), Buyer (or licensee or lessee) will be allowed a lower rate of TCS on an application made by the buyer (or licensee or lessee) under  sub-section (9)  of  section 206C  in  Form No. 13 .

The certificate granted shall be valid for the assessment year specified and is valid only for the person named therein. In Tally.ERP 9, the user can record and compute TCS on transactions, on which lower rate of collection is applicable.

Example :

On 20-04-2015, Sujatha Timer Company sold 200MT of Timber at ₹ 7500/MT to Tirumala Timber at a lower rate of 1.5% TCS.

To record the transaction

1.  Go to Gateway of Tally > Accounting Vouchers > F8: Sales > Item Invoice

2.  Enter the Ref. , if required.

3.  Select Tirumala Timber in the Party's A/c Name field. To set lower rate of TCS for this party click here .

4.  Select the sales ledger from the List of Ledger Accounts .

5.  Select Timber from the List of Stock Items .

6.  Enter 200 in the Quantity field.

7.  Enter 7500 in the Rate field. The Amount will be automatically calculated.

8.  Press Enter from the Amount field.

9.  Press Enter .

10.  Select the TCS ledger which is created under Duties and Taxes . The TCS amount will get calculated automatically.

11.  Press Enter .

12.  Enter Narration , if required.

The Sales invoice appears as shown below:

Sale of TCS Goods at Lower Rate in Tally.ERP9
(Fig-16)

13.  Press Ctrl + A to save the invoice.

4. Sale of TCS Goods at Zero Rate in Tally.ERP9

In case, if the goods referred in Section 206C(1) are to be utilized for the purposes of manufacturing, processing or producing articles or things and not for trading purposes, the buyer by submitting a declaration in Form No. 27C, can get the approval for TCS at zero rate.

Such certificate shall be valid only for the person named therein and to claim the Benefit of zero rate, declaration should be furnished to the person responsible for collecting tax.

Example :

On 24-04-2015, Sujatha Timer Company sold 200MT of Timber at ₹ 7500/MT to Mahesh Timbers at a zero rate TCS.

To record the transaction

1.  Go to Gateway of Tally > Accounting Vouchers > F8: Sales > Item Invoice

2.  Enter the Ref. , if required.

3.  Select Mahesh Timbers in the Party's A/c Name field. To set lower rate of TCS for this party click here .

4.  Select the sales ledger from the List of Ledger Accounts .

5.  Select Timber from the List of Stock Items .

6.  Enter 200 in the Quantity field.

7.  Enter 7500 in the Rate field. The Amount will be automatically calculated.

8.  Press Enter from the Amount field.

9.  Press Enter .

10.  Enter Narration , if required.

The Sales invoice appears as shown below:

Sale of TCS Goods at Zero Rate in Tally.ERP9
(Fig-17)

11.  Press Ctrl+A to save the invoice. 

Creating Masters for TCS using TallyERP9 TCS Using Tally.ERP9 TCS Purchase Transactions in Tally.ERP9


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