Finance Bill 2021 introduced Section 206CCA of the Income Tax Act which will take effect from 1st July 2021. It is a special provision for the collection of tax at source at a higher rate for the non-filers (Specified ...

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. Tally...

You can record transactions of TCS, and generate the required reports and returns.  Sales of Taxable Goods You can provide the rate of TCS in sales vo...

As per the TCS rules, the TCS amount paid on purchases is not required to be shown in the TCS returns. Hence, while recording purchases made by paying TCS, you need to use the tax ledger created under Duties & Taxes, with Type of Duty/Tax as O...

TallyPrime provides you with a facility to calculate TCS on transactions as per TCS changes in budget 2020. Based on the TallyPrime version that you have installed, the process for aligning with the TCS changes in Budget 2020 will differ. There ca...

Set Up Your Books For Tax Collected at Source (TCS) You can enable the Tax Collected at Source (TCS) feature in TallyPrime, provide surcharge details, and create the masters required to record transactions.   ...

Record TCS Transactions You can record transactions of TCS, and generate the required reports and returns. Sales of Taxable Goods Ga...

Generate TCS Reports You can generate the required reports and returns based on the masters and transactions recorded for TCS. TCS Outstanding Report...

TCS Changes in Budget 2020 Finance Bill 2020 has amended Tax collection at Source (TCS) provisions in order to widen and deepen its tax base by including remittance under liberalised remittance scheme, sale of overseas tour packages and s...