TCS on Purchase transactions: Enable "TDS/TCS withholding tax group" defaulting from the master form without differentiating the nature of the transactionEnable the threshold hierarchy. To apply the TCS rate, based on whether a customer has a PAN, select the Enable threshold hie...
Complete TDS / TCS related latest resources and information. It covers Forms - 24Q, 26Q, 27Q, 27EQ, TDS & TCS certificates - Form 16, 16A, 27D
TCS on Purchase of goods deducted by vendor: In case TCS is deducted against the organization by the selling vendor, user must create separate withholding tax group “TCS on purchase of goods”. In the “Withholding tax group” under field group “Ap...
TCS on Purchase of goods deducted by vendor: In case TCS is deducted against the organization by the selling vendor, user must create separate withholding tax group “TCS on purchase of goods”. In the “Withholding tax group” under field group “Ap...
GST TDS/TCS Base AmountSpecify the GST TCS calculation base amount. GST TCSMark this field as True. For example, INR 1000 paid by the customer and 1% GST TCS (0.50% CGST, 0.50% SGST for Intra-State or Intra-Union Territory and 1% IGST for Inter State) has to be charged ...
TDS collected on the purchaseBefore the 7th of the following month TDS collected on the purchase of propertyBefore the 30th of the following month TDS collected in MarchOn 30th April Sellers can submit Challan 281 online or offline. Online TCS Submission Process ...
Form 26AS:The income tax e-portal has this form detailing all TCS and TDS paid to the government on your account. Other statements:You can view or download AIS and TIS (Annual Information Statement or Tax Information Statement) from the income tax e-portal to know about the TCS deducted ...
Revenue Collection:E-commerce platforms deduct a particular percentage of tax (currently 1%) from the total sale price as well as GST if the purchaser finishes a purchase. Remitting the Accumulated Tax Amount:For depositing the collected TCS amount with the government on behalf of the seller typi...
Apart from recording transactions based on realisation and accrual, you can also calculate TCS on advance receipt and record TCS-exempt transactions for government-listed buyers and buyers deducting TDS. You can view and track the status of your TCS-related transactions in Form 27EQ in TallyPrime...
Audit trail and edit logs for accounting software in India Tax engine GST GST overview GST on purchase GST on purchase return GST on journals/payment/application GST on sales GST on sales return GST on transfer GST on bank charge GST TDS/TCS GST TDS TCS overview GST TCS on pay...