WebEnabling TDS in Tally.ERP9 1. Go to Gateway of Tally > F11: Features > Statutory & Taxation 2. Set Enable Tax Deducted at Source (TDS) to Yes in the Company Operations Alteration screen as below : 3. Enable the option Set/alter TDS details ? to display TDS Deductor Details screen as below : WebStep-1 : ( Enabling TCS in Tally.ERP ) Go to Gateway of Tally.ERP à F11: Features à F3 : Statutory & Taxation Under Statutory & Taxation Set YES to Enable Tax Collected at Source (TCS) Set YES to Set / Alter TCS Details. Example : Swayam Timber Traders has the opening Timber Stock of 1000 MT.
How to Record Transactions with TCS in TallyPrime TallyHelp
WebRecord a purchase voucher with GST for the complete transaction, and then deduct TDS in journal voucher. Make the payment for the balance amount. These transactions will not appear in GST returns. Consider a scenario where Ajay Developers records sale of works contract to KM Council of India, worth Rs. 1,00,000. The transaction attracts 18% GST. WebMay 13, 2024 · TCS in GST to be Collected on What Amount TCS under GST has to be computed on the net value of taxable supplies. For this purpose, the net value of taxable supplies computation shall be made in the following manner: Rate of TCS Under GST The operator shall collect tax @ 1% of the net value of taxable supplies made through it by … kings camouflage outlet
How to Record TCS deducted by the Flipkart in Tally?
WebAug 5, 2024 · TDS Payable Entry in Tally Step 1: Open “Gateway of Tally” Step 2: Navigate to “Accounts info” info or press “A” Step 3: Go to “Ledgers” or press “L” on keyboard Step 4: … WebMar 30, 2024 · We know that Sales Entry is of Form Entry for Sales Party Dr 100000 To Sales 100000 Amount Received Bank Dr 100000 To Party 100000 In this case,TCS will be … WebSep 20, 2015 · For CLOSING ENTRIES article click here. Usually in normal course we used to pass one compound journal entry for closing income tax provision account. Let us understand this concept by taking illustration. Income tax provision = Rs.100000/- Advance tax = Rs.60000/- TDS & TCS =Rs.20000/-. kings campaign mix south