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TCS Payment Transactions in Tally.ERP9

You can record the payment of TCS collected to department in a payment invoice using the Stat Payment button.

Example :

On 05-05-2019, Sujatha Timber Company paid TCS to the government.

To record a payment transaction

1.  Go to Gateway of Tally > Accounting Vouchers > F5: Payment

2.  Click : Stat Payment button.

3.  Select TCS as the Tax Type .

4.  Enter the Period From and To dates.

5.  Enter the Collected Till Date .

6.  Select the Section from the List of Section .

7.  Select the Nature of Good(s) .

8.  Select the Collectee Status .

9.  Select the Residential Status .

10.  Select either bank or cash ledger in the Cash/Bank field.

11.  Press Enter .

12.  Enter Narration , if required.

The Payment invoice will be automatically filled with the relevant details, as shown below:

TCS Payment Transactions in TallyERP9
(Fig-27)

13.  Press Ctrl + A to save the invoice.

2. Payment of Late Fee for TCS and TDS in Tally.ERP9

Company will be liable to pay a late fee in the event of filing of the TCS/TDS returns late.

To record payment of late fees

1.  Go to Gateway of Tally > Accounting Vouchers > F5: Payment

2.  Select cash or bank ledger in the Account field.

3.  Select the TDS/TCS tax ledgers, and corresponding references for nature of payments/nature of goods.

4.  Select Late Fee ledger grouped under Indirect Expenses .

  • For TDS, set the option Is TDS applicable to No .

5.  Select Late Fee from the list of payment types.

Payment of Late Fee for TCS in TallyERP9
(Fig-28)

6.  Enter the amount.

7.  Enter Narration , if required.

  • The late payment voucher for TCS appears as shown:

Payment of Late Fee for TCS in TallyERP9
(Fig-29)

  • The late payment voucher for TDS appears as shown:

Payment of Late Fee for TCS in TallyERP9
(Fig-30)

8.  Press Enter to save the invoice.

3. Payment of Interest and Penalty (TCS) in Tally.ERP9

Delayed payment of TCS to the department will attract interests and penalties. You can record these payments in a payment invoice.

Example :

Sujatha Timber Company had made a sale of Timber to  Ganesh  Traders  , and  TCS @ 2.5%  was collected. Delayed payment of TCS was made on  25-5-2019  , for which an interest of ₹  200  was applicable. Also, ₹  100 had to be paid as penalty for Late Payment.

To record payment of interest and penalty

1.  Go to Gateway of Tally > Accounting Vouchers > F5: Payment

2.  Select cash or bank ledger in the Account field.

3.  Select Interest ledger which is under Indirect Expenses group.

4.  Select Interest from the List of Payment Type .

5.  Enter 200 in the Amount field.

6.  Select Penalty ledger which is under Indirect Expenses group.

7.  Select Penalty from the List of Payment Type .

8.  Enter 100 in the Amount field.

9.  Press Enter .

10.  Enter Narration , if required.

The Payment invoice appears as shown below:

Payment of Interest and Penalty (TCS) in TallyERP9
(Fig-31)

11.  Press Ctrl + A to save the invoice.

 
TCS Purchase Transactions in Tally.ERP9 TCS Using Tally.ERP9 Form 27EQ TCS Report in Tally.ERP 9


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