Ram Avtar Singh says:
“Tax Collected at Source or TCS, as the name implies, means collection of tax at source by the Seller or Collector, from the buyer of the goods. As prescribed under Income Tax Act 1961, it is mandatory on the part of the Buyer to pay a predetermined value of TCS to the Seller, while purchasing a particular commodity. TCS is generally set for business or trade in alcoholic liquor, forest produce, scrap, etc. Various lease, license and contracts related to areas like parking lot, mines and toll plaza also falls under the umbrella of TCS in India”.
COMPANY NAME: TCS & Co.
ACTIVATION :
F11 : Features
Statutory and Taxation
Enable Tax Collected at Source (TCS) =Yes
Set/Alter TCS details = Yes--->
Accept.
EXERCISE:
Opening Stock as follows:
Monitors : 100 at Rs.1200 each
CPUs : 95 at Rs.2000 each
Keyboards : 90 at Rs.75 each
Mouses : 110 at Rs.50 each
02.05.2017 Sale of Computer scraps to Venkat & Co. as follows and 10% TCS was deducted on sales.
Monitors : 100 at Rs.1200 each
CPUs : 95 at Rs.2000 each
Keyboards : 90 at Rs.75 each
Mouses : 110 at Rs.50 each
01.06.2017 TCS paid to Government.
HOW TO VIEW THE REPORT:
1. Gateway of Tally
2. Display
3. Statutory Reports
4. TCS Reports
5. Form 27
