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Implementation of tcs in tally erp 9 | Tally Implementation Services | Tally AMC | Tally Chennai

May 19, 2015

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  • 1. Implementation of TCS in Tally.ERP 9

2. The information contained in this document is current as of the date of publication and subject to change. Because Tally must respondto changing market conditions, it should not be interpreted to be a commitment on the part of Tally, and Tally cannot guarantee theaccuracy of any information presented after the date of publication. The information provided herein is general, not according toindividual circumstances, and is not intended to substitute for informed professional advice.This document is for informational purposes only. TALLY MAKES NO WARRANTIES, EXPRESS OR IMPLIED, IN THISDOCUMENT AND SHALL NOT BE LIABLE FOR LOSS OR DAMAGE OF WHATEVER NATURE, ARISING OUT OF, OR INCONNECTION WITH THE USE OF OR INABILITY TO USE THE CONTENT OF THIS PUBLICATION, AND/OR ANYCONDUCT UNDERTAKEN BY PLACING RELIANCE ON THE CONTENTS OF THIS PUBLICATION.Complying with all applicable copyright and other intellectual property laws is the responsibility of the user. All rights includingcopyrights, rights of translation, etc., are vested exclusively with TALLY SOLUTIONS PRIVATE LIMITED. No part of this documentmay be reproduced, translated, revised, stored in, or introduced into a retrieval system, or transmitted in any form, by any means(electronic, mechanical, photocopying, recording, or otherwise), or for any purpose, without the express written permission of TallySolutions Pvt. Ltd.Tally may have patents, patent applications, trademarks, copyrights, or other intellectual property rights covering subject matter in thisdocument. Except as expressly provided in any written licence agreement from Tally, the furnishing of this document does not give youany licence to these patents, trademarks, copyrights, or other intellectual property. 2009 Tally Solutions Pvt. Ltd. All rights reserved.Tally, Tally 9, Tally9, Tally.ERP, Tally.ERP 9, Shoper, Shoper 9, Shoper POS, Shoper HO, Shoper 9 POS, Shoper 9 HO,TallyDeveloper, Tally Developer, Tally.Developer 9, Tally.NET, Tally Development Environment, Tally Extender, Tally Integrator,Tally Integrated Network, Tally Service Partner, TallyAcademy & Power of Simplicity are either registered trademarks or trademarks ofTally Solutions Pvt. Ltd. in India and/or other countries. All other trademarks are properties of their respective owners.Version: Implementation of TCS in Tally.ERP 9/2.0/August 2010 3. ContentsIntroductionScope & Applicability ..........................................................................................................................................1TCS Nature of Goods...........................................................................................................................................1TCS on Transfer of Right....................................................................................................................................2Meaning of Seller..................................................................................................................................................2Meaning of Buyer.................................................................................................................................................2Time & Mode of Payment ...................................................................................................................................3Credit for Tax Collected at Source .....................................................................................................................3Issue of TCS Certificate .......................................................................................................................................3Returns under TCS ................................................................................................................................................3e-TCS Returns .......................................................................................................................................................3Returns & Timelines.............................................................................................................................................4TCS Features in Tally.ERP 9 ..............................................................................................................................5Lesson 1: Configuring Tally.ERP 9 for TCS1.1 Enabling TCS in Tally.ERP 9 ....................................................................................................................61.2 TCS Statutory Masters ..............................................................................................................................10 1.2.1 Collectee Types ..................................................................................................................................... 10 1.2.2 TCS Nature of Goods ............................................................................................................................ 12Lesson 2: Creating TCS Masters............................................................................................................................ 132.1 Creation of TCS Masters ..........................................................................................................................13 2.1.1 Ledger Classifications .......................................................................................................................... 132.2 Stock Item Classification ..........................................................................................................................21Lesson 3: TCS Transactions3.1 Sale of Goods Subject to TCS..................................................................................................................233.2 Sale of Goods Subject to TCS @ Lower Rate ......................................................................................293.3 Sale of Goods Subject to TCS @ Nil Rate ............................................................................................333.4 TCS on Transfer of Right to Use.............................................................................................................363.5 Sales Returns ...............................................................................................................................................393.6 Payment of TCS .........................................................................................................................................423.7 Challan Reconciliation..............................................................................................................................48 3.7.1 Form 281 Reconciliation/ TCS Reconciliation .................................................................................... 48Lesson 4: TCS Reports4.1 TCS Certificate...........................................................................................................................................50 4.1.1 Form 27D .............................................................................................................................................. 51 4.1.2 Form 27D Reconciliation ..................................................................................................................... 55 i 4. Contents4.2 eTCS Returns..............................................................................................................................................57 4.2.1 Form 27EQ ........................................................................................................................................... 57 4.2.2 Form 27E .............................................................................................................................................. 60 4.2.3 Form 27B .............................................................................................................................................. 61ii 5. IntroductionTax Collected at Source (TCS) refers to the collection of tax at source by the seller (collector) fromthe buyer (collectee/payee) on trading of the goods specified u/s 206C of the Income Tax Act,1961. It is collected when accrued or paid, whichever is earlier.Example:If purchase value of goods is Rs.10,000/-, the buyer will pay an amount of Rs.10,000/- + X (Xbeing the value of TCS as prescribed under Income Tax Act, 1961) to the seller. The seller willdeposit the Tax Collected at Source (TCS) at any of the designated branches of the authorisedbanks.Scope & ApplicabilityTax has to be collected at source by the seller, while debiting the amount payable by the buyer tobuyers account (or) at the time of receipt of such amount from the buyer in cash or by issue ofcheque/draft or by any other mode, whichever is earlier.TCS Nature of GoodsAs per section 206C (1), the list of goods covered under TCS and the Rate of tax is as shown: Sl.No. Nature of GoodsRate (%) 1Alcoholic liquor for human consumption 1% 2Tendu leaves 5% 3Timber obtained under a forest lease 2.5% 4Timber obtained by any mode other than under a forest lease2.5% 5Any other forest produce not being timber or Tendu leaves2.5% 6Scrap1% 1 6. IntroductionTCS on Transfer of RightAs per Sec 206C (1C), every person who grants a lease or license or enters into a contract orotherwise transfers any right or interest, either in whole or in part, in any parking lot or toll plaza ormine or quarry to another person, other than a public sector company (referred as licensee orlessee) for business shall, at the time of debiting of the amount or on actual receipt, whichever isearlier, collect from the licensee TCS at the rates specified in the following table. Sl.No Nature of contract, license, lease etc.Rate (%) 1 Parking Lot2% 2 Toll Plaza 2% 3 Mining or Quarrying2%Figure 1.1 Table showing Transfer of Rights under TCSMeaning of SellerSeller means Central Government State Government Any

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