Tax collected at source mean tax being collected from the source by the seller (collector) from buyer for goods traded u/s 206c (1) of the income tax act 1961.it is collected when accrued or when paid whichever occurs earlier. it is prescribed for any business or trade dealing with alcoholic liquor ,forest product, scrap etc..,
Finance bill 2020 has amended tax collection at source (TCS) provisions in order to widen and deepen its tax base by including remittance under liberalized remittance scheme, sale of overseas tour packages and sales of goods this change shall come in force from 1st October 2020.
Every seller whose total sales ,gross receipts or turnover from the business carried on by him exceed Rs. 10 corers during the FY 2019-20& onwards ,and if sales to buyer is exceeding Rs 50 lakes during the FY 2020-21 & onwards than seller has a to collect TCS tax for such buyer on the value exceeding the threshold limit.
Name | Sale of Any Goods |
Section code | 206C |
Payment code | Yet to provided by the department Note: As the payment code is not yet notified by the department this field will be left blak and the same will not be printed on ITNS challan 281. |
Rate of tax With PAN/Aadhaar 0.075% | No PAN /Aadhaar 1% Note: as per finance bill 2020, the TCS rate for this category with PAN is 0.1% and No PAN will be 1%.Due to COVID19 outbreak, department has reduced to 0.075% and No PAN remains as 1%. |
Threshold limit | Rs.50,00,000 |
Effective From | 01-10-2020 |
To get started with Tally Prime, you need to first create your company to keep a record of all your day-to-day business transactions. To create the company, you need the company name and financial year information. You can enter all other details such as contact information, security, while creating the company or any time later.
Ledgers in Tally Prime The ledgers in Tally Prime or in the Books of Accounts affect assets, liabilities, income or expenses. Tally Prime can generate a Profit & Loss A/c and Balance Sheet immediately after a transaction has been entered. It can also generate a range of comprehensive financial statements and reports.
There are 24 pre-defined voucher types in Tally Prime for accounting, inventory, payroll and orders. You can create more voucher types under these pre-defined voucher types as per your business needs.
For example, for cash payments and bank payments, the predefined voucher type is Payment Voucher. You can also have two or more sales voucher types in Tally Prime for different kinds of sales transactions. For example, credit sales, cash sales, and so on.
Apr 01 Purchasing the following goods from Mr. Kumaran Paste in, Tamil Nadu with supplier invoice SM123.
S.NO | Product | Qty | Rate | TAX | HSN Code |
1 | Dabur Red Paste | 1550 nos | Rs. 250 | 18% | 33061020 |
2 | Close up | 2625 nos | Rs 170 | 18% | 3306 |
3 | Dant Rakshak | 3850 nos | Rs. 100 | 18% | 33061020 |
4 | Colgate | 2560 nos | Rs. 70 | 18% | 330610 |
5 | Netsurf herbal | 2710 nos | Rs. 380 | 18% | 33021010 |
Apr 12 Purchase the following goods from Mr. Logesh World in paste company New Delhi with supplier invoice JK345.
S.NO | Product | Qty | Rate | TAX | HSN Code |
1 | Herbal Medicine | 2660 nos | Rs.250 | 18% | 33019090 |
2 | Austro | 2880 nos | Rs.300 | 18% | 33061020 |
3 | Sensodent | 2450 nos | Rs.390 | 18% | 10203306 |
4 | Herbal Ayurveda | 1475 nos | Rs.750 | 18% | 30049011 |
Whenever you purchase a product or service, you record the purchase entry. In tally, this is recorded through the purchase voucher. It is also one of the most widely used vouchers in tally. There are two modes for accounting in purchase vouchers- Invoice mode and Voucher mode, as mentioned in the sales voucher
You may do a simple cash purchase or purchase on credit. For each purchase transaction, you will need to keep a record of the items you bought, payments made, goods returned, and so on.
May 02 Sold the following goods to Mr. Mokesh Tamil Nadu with customer invoice DF234.
S.NO | Product | Qty | Rate |
1 | Dabur Red | 950 nos | Rs. 700 |
2 | Close up | 1525 nos | Rs 650 |
3 | Dant Rakshak | 2000 nos | Rs. 750 |
4 | Austro | 1880 nos | Rs.950 |
May 15 Sold the following goods to Mr. Ajith Gujarat with customer invoice DF234.
S.NO | Product | Qty | Rate |
1 | Colgate | 1460 nos | Rs. 270 |
2 | Netsurf herbal | 1410 nos | Rs. 600 |
3 | Herbal Medicine | 1560 nos | Rs.650 |
4 | Sensodent | 1350 nos | Rs.750 |
5 | Herbal Ayurveda | 1275 nos | Rs.950 |
Whenever you sell a product or service, you record sales entries. In tally, the sales are recorded through the sales voucher. It is one of the most widely used accounting vouchers in tally. There are two modes for accounting in sales vouchers- Invoice mode and Voucher mode.
A payment voucher is a way to record payments made to suppliers and maintain a history of payments that your business has made. Companies use vouchers to gather and file supporting documents that are required to approve and track payments of liabilities.A payment voucher is a way to record payments made to suppliers and maintain a history of payments that your business has made. Companies use vouchers to gather and file supporting documents that are required to approve and track payments of liabilities.
Payment voucher- It is also called a debit voucher. A payment voucher is used to keep a record of payments made in cash or through the bank.
May 24 TCS tax amount paid to Mr. MokeshRs. 50000.
If you want make a part payment settlement select the bill no and enter the amount value.
follow the above steps for following transaction.
June 01 Paid Salary Rs. 5000.
June 06 Paid Telephone Charge Rs. 2000
June 20 Paid Wage Rs. 2000.
The receipt is the act of receiving, or the fact of having been received while voucher is a piece of paper that entitles the holder to a discount, or that can be exchanged for goods and services.
May 28 Commission Received Rs.60000
follow the above steps for following transaction.
June 15 Interest Received Rs.30000
Profit and Loss A/c is one of the primary financial statements that you can use to monitor the health of your business. It summarizes the revenues, costs, and expenses for a specific period, such as a quarter or a year. Thus, you can easily gather the net result of the business operations.
Using the Profit and Loss A/c in Tally Prime, you can measure the ability of your business to generate profit. Accordingly, you can take various measures to increase revenue, reduce costs, and so on. What’s more, you can view the Profit and Loss A/c in the browser.
Balance Sheet is one of topmost financial statement prepared by the businesses. The financial details of the balance sheet help you and the external stakeholders to evaluate the financial performance of the business on a given date. Before knowing the steps to prepare a balance sheet and reading the balance sheet, it is important to be familiar with the components and format of the balance sheet.
Form 27EQ contains all details pertaining to tax that is collected at source. According to Section 206C of the Income Tax Act 1961, this form must be filed every quarter. The form has to be submitted by both the corporate and government collectors and deductors.
Displays the total amount of tax collected from parties of Individual/HUF - Resident and Individual/HUF - Non Resident buyer or lessee type for whom sale transactions were recorded. Total Pending. Displays the total outstanding amount of all TCS pending payment to be made.
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