TCS Payable Account -2500 Sales Account -50000TCS calculation on multiple nature of goods in single invoiceFor example, invoice has been raised to customer for INR 1,00,000. INR 50,000 each towards two nature of goods 'Scrap' and 'Timber'.In this case TCS calculation will be as follo...
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 customer...
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 payments transactions are adjusted against Invoice amount. Currently in the system user must manually adjust the...
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 a...
TCS calculation considering threshold limits TCS threshold defines the threshold limit for each TCS Nature of Collection. TCS can be deducted only if the total transaction with the assessee exceeds the threshold limit in the financial year. If a payment under TCS Type A is below Threshold INR 20...
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...
and the same options for TCS calculation must be maintained for these roles. Features: When you create an sales and distribution document, release the document to accounting (that is, create and post a corresponding contract accounting document) so that the accumulation tables are updated and after...
In theTCS groupfield, select the TCS group for the calculation of withholding tax. OnSales order lines, clickProduct and supply, and then clickWithholding taxto open theTemporary withholding tax transactionsform. In theAdjusted withholding tax amount in totalfield, verify the calculated TCS amount,...
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The calculation and deduction rate of TCS is 1% of the net value of the goods or services supplied through the ecommerce operator. For instance, a supplier sells his product worth INR 10,000 through Amazon (total amount being 10,000 + GST@18% = 11,800). The entire amount would be col...