Simplified TCS Tax Payment in Tally Prime: A Step-by-Step Tutorial


05th July 2023 Mukil Enterprises Pvt. Ltd., have collected TCS Amount towards Multiple Nature of Goods in May-June 2023. The tax is paid to the government.

Return Period Incomes Received and Collected Month Monthly Tax Liability Amount (₹) Due Date for Payment Actual Payment Date Interest Rate (p.m) Form Type
4th Quarter May 23 10,950 7th June 23 5th July 23 1.5% Form 27EQ
June 23 10,071 7th July 23 5th July

Filing Due Dates for Form 27EQ
Periodicity (Quarter) Government and Non-Government Entities
April to June 15th July
July to September 15th October
October to December 15th January
January to March 15th May

05th July 2023 Mukil Enterprises Pvt. Ltd., have collected TCS Amount towards Multiple Nature of Goods in May-June 2023. The tax is paid to the government.

  • Navigate to Payment Voucher Entry:
    • Open Tally Prime software.
    • Go to the "Vouchers" section.
    • Choose "Payment" as the voucher type.
  • Autofill Options:
    • Since you want to autofill the details for TCS payment, select the option for "Autofill" available in the payment voucher.
  • Enter Transaction Details:
    • Type of Transaction: Specify as "Stat Payment" to indicate a statutory payment.
    • Tax Type: Select "TCS" to specify that it's a Tax Collected at Source payment.
    • Period From: Enter the starting date of the period for which the TCS payment is applicable, in this case, 1st May 2023.
    • Period Till: Enter the ending date of the period, which is 31st May 2023.
    • Collected Till Date: Specify the last date until which TCS was collected, which is 31st May 2023.
    • Section: Enter the applicable section, which is "206C" for TCS.
    • Nature of Good(s): Specify "All Item" to indicate that TCS applies to all items.
    • Collectee Status: Choose "All Item" to apply TCS to all types of collectees.
    • Residential Status: Select "Resident" to specify that the collectees are residents.
    • Cash/Bank: Choose "Indian Bank" to specify the mode of payment.
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  • Save and Verify:
    • Save the payment voucher after ensuring that all the details are correctly entered and autofilled.
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  • Navigate to Payment Voucher Entry:
    • Open Tally Prime software.
    • Go to the "Accounting Vouchers" section.
    • Choose "Payment" as the voucher type.
  • Autofill Options:
    • Since you want to autofill the details for TCS payment, select the option for "Autofill" available in the payment voucher.
  • Enter Transaction Details:
    • Type of Transaction: Specify as "Stat Payment" to indicate a statutory payment.
    • Tax Type: Select "TCS" to specify that it's a Tax Collected at Source payment.
    • Period From: Enter the starting date of the period for which the TCS payment is applicable, in this case, 1st June 2023.
    • Period Till: Enter the ending date of the period, which is 30th June 2023.
    • Collected Till Date: Specify the last date until which TCS was collected, which is 30th June 2023.
    • Section: Enter the applicable section, which is "206C" for TCS.
    • Nature of Good(s): Specify "All Item" to indicate that TCS applies to all items.
    • Collectee Status: Choose "All Item" to apply TCS to all types of collectees.
    • Residential Status: Select "Resident" to specify that the collectees are residents.
    • Cash/Bank: Choose "Indian Bank" to specify the mode of payment.
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  • Save and Verify:
    • Save the payment voucher after ensuring that all the details are correctly entered and autofilled.
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Print Invoice

  • Open Tally Prime:
    • Launch Tally Prime software on your computer.
  • Navigate to Voucher Entry:
    • Go to the " Vouchers" section.
    • Select Sales Voucher:
    • Choose the sales voucher for which you want to print the invoice.
  • Verify and Finalize:
    • Ensure that all the details in the sales voucher are accurate and final before proceeding to print the invoice.
  • Print Invoice:
    • Once you are ready to print the invoice, locate the print option. This is typically found in the menu bar or can be accessed using a keyboard shortcut (such as Ctrl+P or Alt+P).
  • Adjust Printer Settings:
    • Before printing, ensure that your printer is connected and turned on. Adjust any necessary settings such as paper size, orientation, and number of copies.
  • Preview and Print:
    • Tally Prime may provide a preview of the invoice before printing. Review the preview to ensure everything appears as expected.
    • Once you are satisfied with the preview, click the print button to initiate printing.
  • Save or Send:
    • After printing, you may choose to save a digital copy of the invoice or send it directly to the recipient via email or other means, depending on your requirements.
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Interest on TCS Late Payment

  • Navigate to Ledger Creation:
    • Open Tally Prime software.
    • Go to the "Accounting Vouchers" section.
  • Create New Ledger:
    • From the menu, select "Ledger."
    • Choose "Create" to add a new ledger.
  • Enter Ledger Details:
    • Name: Enter "Interest on TCS Late Payment" as the name of the ledger.
    • Under: Select "Indirect Expenses" to categorize it correctly.
  • Save Changes:
    • After entering all the necessary details, save the ledger.
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  • Navigate to Payment Voucher Entry:
    • Open Tally Prime software.
    • Go to the "Accounting Vouchers" section.
  • Enter Date and Voucher Details:
    • Set the voucher date as per the transaction date.
    • Choose "Payment" as the voucher type.
  • Enter Transaction Details:
    • Account: Indian Bank under.
    • Particular: TCS (Tax Collected at Source) with an amount of ₹50.
    • Particular: TCS with an amount of ₹10,900.
    • Particular: Interest on TCS Late Payment under Types of Payment “Interest” with an amount of ₹329.
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  • Save and Verify:
    • Save the payment voucher after ensuring that all the details are correctly entered.
    • Once you are satisfied with the preview, click the print button to initiate printing.
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Reports Challan Reconciliation

  • Open Tally Prime
    • Launch the Tally Prime software on your computer.
  • Navigate TCS Reports:
    • From the Gateway of Tally, go to "Display" (located on the left-hand side).
    • Then, select "More Reports" from the options.
  • Access TCS Reports:
    • Under "More Reports," choose "TCS Reports."
  • Select Challan Reconciliation:
    • From the TCS Reports menu, select "Challan Reconciliation."
  • Enter Challan Details:
    • In the Challan Reconciliation screen, enter the following details:
    • Quarter From Date: Specify the starting date of the quarter, which is 1st July 2023.
    • Quarter To Date: Specify the ending date of the quarter, which is 30th September 2023.
    • Bank Name: Enter the name of the bank where the TCS was deposited, which is Indian Bank.
    • Branch Name: Specify the branch name, which is TR Nagar.
    • BSR Code: Enter the BSR (Basic Statistical Return) Code for the bank branch, if applicable.
    • Bank Challan No: Input the bank challan number related to the TCS deposit, which is 0955213.
    • Challan Date: Enter the date of the challan, which is 5th October 2023.
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  • View Challan Reconciliation Reports:
    • After entering the necessary details, you can view the Challan Reconciliation report, which provides information about TCS deposits and reconciles them with the relevant challan details.
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Export Reports

  • Open Tally Prime
    • Launch Tally Prime software.
  • Navigate to TCS Reports:
    • Go to Gateway of Tally
    • Select "Display More Reports."
    • Choose "TCS Reports."
  • Select Form 27 EQ:
    • Click on "From 27 EQ" to generate the report.
  • Export the Report:
    • Once the report is displayed, press Alt+E to export.
    • Choose "E Return" from the export options.
  • Specify Export Settings:
    • Select "SDF (Fixed Width)" as the file format.
    • Choose "Export to: Local Drive."
    • Specify the folder path where you want to save the exported file, for example, "C:\Users\tutor\OneDrive\Desktop."
    • Enter the file name as "Tally.txt."
  • Additional Information:
    • Enter the date as 05-10-2023.
    • Specify whether a regular return was filed for the previous period (Y for Yes or N for No).
    • Enter the receipt number or token number if applicable.
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  • Complete Export:
    • Once all the details are entered, press Enter to export the report.
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