How can I add TCS to my bill?

Asked by: Maude Koepp  |  Last update: February 9, 2022
Score: 4.1/5 (39 votes)

How to create an invoice/purchase with TCS?
  1. Create a new tax account 'TCS', mention percentage as 1.18% instead of 1% because this 1% is computed on net value after CGST and SGST. ...
  2. Create a new Tax Group 'GST@18% + TCS' with SGST@9%, CGST@9% and TCS.
  3. Select this tax group while creating the invoice.

Can we charge TCS on invoice?

It is clarified under law that TCS on sales of goods will be collected when actual payment is received by the seller. However to collect TCS on sale of goods, the seller needs to raise sale invoice including the amount of TCS, account in the books as a TCS liability even in actual sense it is not payable.

How can I claim TCS in income tax?

Credit of TCS during the year has to be claimed in your ITR in a manner similar to that for TDS. To claim the TDS credit in ITR-1 available on the online platform, the details have to be filled in the 'Tax details' section of the form.

How can I add TCS to E bill?

Since Government has clarified that TCS amount should be included in 'Others' while generating E-Invoice, taxpayers can take similar call for E-way Bill and GSTR-1 as well. Hence, taxpayers can report TCS amount in 'Other Charges' on E-way Bill and 'Total Invoice Value' in GSTR-1.

How can add TCS in invoice in tally?

Enable TCS
  1. Go to Gateway of Tally > F11: Features > Statutory and Taxation .
  2. In the Company Operations Alteration screen, set Enable Tax Collected at Source (TCS) to Yes .
  3. Enable the option Set/alter TCS details . ...
  4. Press F12 .
  5. Set Enable surcharge and cess details for TCS to Yes .
  6. Enter the TAN registration number .

How to enable TCS on sale of goods in tally Erp 9.0 from 1st Oct 2020 | TCS in tally erp 9

19 related questions found

How do I claim TCS on foreign remittance?

The TCS will be collected by a dealer (which is usually a bank) at the time of receipt of the amount for remittance, or at the time of debiting the amount payable, whichever is earlier. TCS will apply only on the amount above Rs. 7 lakh in a financial year, instead of the total amount.

How can I deposit TCS Online?

How to file TDS/TCS challan online?
  1. Select Challan. For TDS select Challan ITNS 281.
  2. Choose Deductee type. Select Deductee type which will be based on TDS deducted by you. ...
  3. Enter TAN and Assessment Year. ...
  4. Fill up deductor details. ...
  5. Enter Nature of payment. ...
  6. Enter Details of payment.

Where is TCS applicable?

Where transaction value exceeds Rs 50 lakh and buyer's turnover exceeds Rs 10 crores in the earlier year, TDS would apply over TCS. For sale transactions involving motor vehicle, tendu leaves, scrap, etc., TCS continues to apply.

What is TCS charges in bill?

Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers.

Who can charge TCS on invoice?

As per finance Act 2020, section 206C (1H) is introduced by government. It states that every person whose turnover in preceding financial year is more than 10 crore and in previous year, consideration received from any customer of more than 50 Lakh, then seller is required to collect TCS at 0.1% from customer.

How can I collect TCS with example?

Tax Collected at Source or TCS -Example

If a buyer is purchasing a car that costs Rs 10.01 lakhs then an amount of Rs 10,010 would be payable as TCS. This amount would need to be submitted to a particular branch of the bank which has been given permission by the government for receiving such payments.

Can we claim TCS refund?

Yes, TCS can be claimed as refund in bank account. In this scenario, in most of the cases, GST liability will always be lower than ITC because the GST on Commission / courier charges of Flipkart, Amazon etc. will be 18%, apart from ITC on purchases, expenses etc.

Who is eligible for TCS in GST?

Registration requirements under TCS provisions of GST

Every person who supplies through an e-commerce operator, except those who make supplies notified under section 9 (5) of CGST Act.

How can I check my TCS Online?

Statement Status and default payable:

Status of TDS / TCS statements filed by a deductor can be checked by the log in Traces. This facility is available only to the registered users.

How do you pay outstanding demand?

The taxpayer can pay the demand by clicking the link under 'Pay Tax' option. On choosing 'Demand is partially correct', Enter the 'Amount which is correct' and the 'Amount which is incorrect' will be auto filled.

Where can I pay advance tax?

Advance tax can be paid through tax payment challans at bank branches which are authorised by the Income tax department. It can be deposited in authorised banks such as ICICI Bank, Reserve bank of India, HDFC Bank, Syndicate Bank, Allahabad Bank, State Bank of India and more.

Can I claim TCS on LRS?

Applicability: Under the Liberalised Remittance Scheme (LRS), the Bank is required to collect TCS at the rate of 5% on the aggregate remittance amount exceeding Rs. 7 lakhs during a Financial Year.

How can I record TCS purchase in Tally prime?

Record TCS on Sales in TallyPrime
  1. Gateway of Tally > Vouchers > press F8 (Sales). Alternatively, press Alt+G (Go To) > Create Voucher > press F8 (Sales).
  2. Select the Party A/c name. ...
  3. Select the Sales ledger.
  4. Select the taxable stock item.
  5. Enter the Quantity and Rate. ...
  6. Select the TCS ledger. ...
  7. Accept the screen.

What is TCS in Tally prime?

TCS (Tax Collected at Source) is the tax that a seller collects from the buyer during the sale of specific goods under provision 206C, or any other goods on the basis of realisation.

Can I claim TCS on car purchase?

Yes, TCS is to be collected, as the seller create a single invoice, it can be for two different parts of motor vehicle. So even though the individual value do not exceed Rs. Ten Lakhs, but if the invoice amount exceeds Rs. 10,00,000, then TCS is to be collected from customers.

How do I claim TCS back on my car?

In case the buyer has not any tax liability, then TCS amount will be refunded after filing of Income Tax Return. The TCS collected by the buyer is credited against the PAN of the buyer. Your tax statement 26AS will show it and you can claim credit for it by deducting it from total tax payable for the year.

What happens if TCS is not collected?

As per section 206C(7), if the person responsible for collecting tax does not collect the tax or after collecting the tax fails to pay it to the credit of Government within the due date prescribed in this regard, then he shall be liable to pay simple interest at the rate of 1% per month or part thereof on the amount of ...

Who is liable to collect TCS on sale of goods?

As per Section 206C(1H), A Seller, Having more than Rs. 10 Crores turnover in preceding financial year, is liable to collect TCS from Buyer on Sale of any goods; if amount received from buyer is crossing Rs. 50 lacs.