Tax Collected at Source (TCS) Deposit in Tally
TCS Deposit with Government in Tally
After collection of TCS through Sales Invoice, the TCS collected has to be deposited with government within specified period. For Deposit of TCS, create a Payment Voucher (in Single Entry Mode), as explained earlier.
TCS Payment Voucher Entry in Tally
At Payment Voucher entry screen, click S:Stat Payment button to get Statutory Payment Screen .
TCS Statutory Payment Button in Tally
At Statutory Payment Screen, enter as follows :
- Duty/Tax Type : At Type of Duty /Tax, select TCS
- Entry Method : At Auto Fill Statutory Payment, set :
- Manual Method : No to create voucher manually (not using Auto Fill)
- Auto Fill Method : Yes to create voucher using Auto Fill, to get further prompts to enter the details
TCS Deposit entry in Manual Fill Method in Tally
TCS Deposit Voucher Entry in Tally
TCS Deposit Voucher Entry may be done in 2 Methods :
- Manual entry method : All details are entered in Voucher
- Auto Fill method : Pre entered data are auto carried for reference.
TCS Deposit Voucher entry in Manual Method in Tally
After you set No at Auto Fill Statutory Payment at Statutory Payment Screen, you get back the Main Voucher Entry screen . At Particulars column, select the TCS Ledger Account to get Tax Bill Ref selection screen .
Tax Bill Ref selection in TCS Deposit Voucher entry in Manual Method in Tally
Select the Bill Ref of the Sale Voucher for which Tax to be deposited to get Tax Bill Ref Entry screen showing the selected Bill Ref. The Tax Amount to be deposited against the selected Bill is shown. This way, select all the References of Bills for which Tax to be deposited.
Tax Bill Ref Entry in TCS Deposit Voucher entry in Manual Method in Tally
TCS Deposit entry in Auto Fill Method in Tally
At Statutory Payment screen, set Yes at Auto Fill Statutory Payment, to get further prompts as follows, to enter the Payment Details :
- TCS Ledger : At TCS Ledger, select the Ledger Account for the list
- Buyer / Lessee: At Buyer / Lessee Status, select the status of the Buyer / Lessee, from the list
- Date : At Date, enter the End Date for which the payment is being deposited (not the deposit date or voucher date).
TCS Deposit details entry under Auto Fill method in Tally
On entry of details in Statutory Payment screen, you get back to the main voucher entry screen, where the TCS Ledger Account and the corresponding TCS Payable amount is auto carried in the Payment Voucher screen.
TCS Deposit Details entry in Auto Fill Method in Tally : After entry of Bill References / Statutory Payment details , you get back to the main voucher entry screen . At main voucher entry screen, type Yes at Provide details, to get Payment Details entry screen.
TCS Deposit Details Auto Fill display in Tally
At Payment Details entry screen . enter the following details:
- Period : Enter the Period for which TCS is being deposited at From Date & To Date fields
- Cheque Number : At Cheque / DD No, enter the Cheque / DD No by which the Payment is deposited to designated Bank
- Cheque Date: At Cheque / DD Date, enter the Date of the Cheque / DD being deposited
- Bank Name : At Name of Bank, select the Name of Designated Bank , or select New Bank and enter Bank Name, if the name of the Bank is not listed.
Bank List selection in TCS Deposit entry in Tally
- Bank Account Number : At Bank Account Number, enter the Bank Account Number into which the Cheque is being deposited
- Bank Branch Name : At Branch Name, enter the Branch Name of the Bank into which the Cheque is being deposited
- Bank BSR Code : At BSR Code, enter the BSR Code of the Bank into which the Cheque is being deposited.
- Challan Number : At Challan Number, enter the Challan Number as allotted by Bank (if available)
- Challan Date : At Challan Date, enter the Bank Challan Date (if available)
These info are printed in the Bank Challan, Forms & Return
TCS Deposit Challan Printing in Tally
After entry of payment Voucher as explained, at Payment voucher screen, click P:Print button to get Payment Voucher Printing screen.
TCS Deposit Challan Printing Screen in Tally
At Payment Voucher Printing Screen, set as follows :
a.TCS Challan Printing: To get the printed challan, at Print as TCS Challan field, Set Yes, and then set as follows :
– At TCS Regular Assessment field, set Yes if this is regular assessment being filed. Set No if it is filed in compliance of any notice.
- At Filing Date, enter the Date of Filing
TCS Deposit Challan in Print in Tally
b. TCS Deposit Advice Printing: To print TCS Payment Advice, at Payment Voucher Printing screen, at Print as TCS Challan field, Set No, and then enter the details related to payment Advice.
TCS Deposit Advice Printing in Tally