In this case TCS calculation will be as following: ComponentValue TCS Base Amount10000 TCS Amount100 (10000*1%) GL Entries will be as following: ParticularsAmount Customer Account10100 TCS Payable Account-100 Sales Account-10000 TCS to be calculated on customer advance payment (through general jo...
In the withholding tax group, you can include the GST tax component and charges in the base amount for TCS calculation. PAN-based accumulation of transactions for multiple customers In the case of TCS on sales of goods, TCS will be deducted based on PANs. If multiple cust...
Open the TCS Allocation Details screen from the sales/receipt voucher. Press F12 (Configure) > Override Tax calculation of realisation-based Nature of Goods > Yes. Set the option Based on Realisation to Yes/No, as per your requirement. This will override the original method of TCS calculation...
Every time the seller receives part of the sale consideration in advance, the seller is mandated to deduct TCS under Section 206C(1H). The difficulty arises in the calculation of the amount when TCS is deducted on multiple advance payment transaction an...
TCS on Advance receipt of payment: Every time the seller receives part of the sale consideration in advance, the seller is mandated to deduct TCS under Section 206C(1H). The difficulty arises in the calculation of the amount when TCS is deducted on multiple advance payment transaction and when...
In the customer payment, on the General tab, notice that GST that was calculated on the invoice amount is excluded from the GST TCS calculation.The following illustration shows the posted journal voucher.The GST TCS on payment that the e-commerce operator makes to the vendor is posted to the...
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Location Codefield should not be blank on bothSales Invoiceheader and line. Select the advance payment inApplies to Doc. No.field onSales Invoiceheader. GST calculation will appear in the Fact Box, as following: ComponentAmount GST Base Amount20000 ...
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