Tax Collected At Source (Tcs):

This 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 must collect tax from the
purchasers.

Step 1: Alt +F3  Company Info  Company creation

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Step 2: F11  Statutory and Taxation(F3)

Enable Tax Collected at Source : Yes

Set/Alter Tcs Details : Yes

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Step 3: Gateway Of Tally  Accounts Info  Single Ledgers  Ledger Creation

Name : Tax Collected at Source
Under : Duties and Taxes
Type of Duty Tax : Tcs
Nature of Good : Scrap

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Step 4: Gateway Of Tally  Accounts Info  Single Ledgers  Ledger

Creation
Name : Priya
Under : sundry debtors
Is Tcs Applicable : yes

Buyer/lessee : body of individual

Lower/no collection : yes
Section number : 206C
T&C lower reference : 6%
Ignore surcharge exemption limit: yes
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Step 5: Gateway Of Tally  Accounts Info  Single Ledgers  Ledger

Creation
Name : sales
Under : sales account

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Step 6: Gateway of Tally  Inventory Info  Stock Group  Stock Group

Creation
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Step 6: Gateway of Tally  Inventory Info  Units Of Measure  Units

Creation

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Step 7: Gateway of Tally  Inventory Info  stock itemstock item

Creation
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