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TCS Purchase Transactions in Tally.ERP9

You can record purchase of stock items attracting TCS.

If it attracts TCS, the tax gets autocalculated.

If it has TCS and non-TCS items, enter the tax amount manually in the invoice.

1. Purchase of TCS Items in Tally.ERP9

Step-1 : Create TCS ledger under Duties and Taxes and Record Transactions using Tally.ERP9

Create the TCS ledger as shown below:

Creation of  TCS ledger under Duties and Taxes and Record Transactions using TallyERP9
(Fig-18)

Note: If you are using a common TCS ledger for stock items attracting different TCS rates, leave the Percentage of calculation field blank. You can provide the TCS rates in the invoice.

Record a purchase invoice with stock item attracting TCS, as shown below:

Purchase of TCS Items in TallyERP9
(Fig-19)

The Balance Sheet appears with values as shown below:

Balance Sheet displaying TCS Value on Purchase of TCS Items in TallyERP9
(Fig-20)

Step-2 : Create TCS Ledger under Current Assets and Record Transactions using Tally.ERP9

In the Ledger Creation screen, press F12 and enable the option Allow creation of tax ledgers under other groups .

Create the TCS ledger as shown below:

Creation of TCS Ledger under Other Group and Record Transactions using Tally.ERP9
(Fig-21)

Record a purchase invoice with stock item attracting TCS, as shown below:

Purchase of TCS Items in TallyERP9
(Fig-22)

The Balance Sheet appears with values as shown below:

Balance Sheet displaying TCS Value on Purchase of TCS Items in TallyERP9
(Fig-23)

Step-3 : Record Purchases with Calculation of TCS on Current Sub-Totals using Tally.ERP9

If you have to calculate TCS on additional ledgers along with stock items attracting TCS, press F12 in purchase invoice, and enable the option Calculate tax on current sub-total .

Purchase Invoice Configuration for Calculation of Tax on Current Sub-total in TallyERP9
(Fig-24)

Record purchase invoice with separately charged expenses and TCS ledger as shown below:

Purchase of TCS Items with Expenses charged separately in TallyERP9
(Fig-25)

2- Purchase of TCS and Non-TCS Items in Tally.ERP9

Create a TCS ledger under Duties & Taxes or Current Assets as required, to view the amount under the required section of Balance Sheet .

Record a purchase invoice and manually enter the TCS amount.

Purchase of TCS and Non-TCS Items in TallyERP9
(Fig-26)

 
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