Quick Setup for Tax Collected at Source in Tally.ERP 9 helps you to configure statutory setup required to maintain the financial records of Tax Collected at Source (TCS).
To configure statutory setup for Tax Collected at Source
Go to Gateway of Tally > Quick Setup > Tax Collected at Source . Quick Setup screen for Tax Collected at Source will be displayed as shown
From this screen you can make required basic configurations like, company TCS details and masters to account statutory transactions. It also allows making advance configurations wherever applicable.
Configuration details will be displayed below the setup options once the configuration is done other wise application will display the status as Not Configured for Company Setup and 0 of 0 Configured for other setups (Masters/Advanced setup).
Procedure to Quick Setup for Tax Collected at Source
1. Company setup
Company Setup guides you to update relevant TCS details . To know how to update TCS details click on the link, C:Company TCS Details Setup
C : Company TCS Details
Note: To move from one setup to another setup use Arrow (up and down) Keys.
2. Master Setup
Master Setup guides you to create masters like Stock Item,Tax ledgers and Customer ledgers by enabling relevant TCS options in the masters. For more details on master creation Click on the below links.
S : Stock Item
T : Tax Ledger
A : Party Ledger
3. Advanced Setup
Advance Setup is an optional (not a must) setup. Advance set up is required, only when you want configure for Lower/No Collection and if you want to calculate surcharge by ignoring the exemption limit.
Advanced Setup guides you to configure for lower/No Collection and to Ignore Surcharge exemption limits. For more details on configuring for lower/No Collection and to Ignore Surcharge exemption limits Click on the below links.
Note: To view the advance setup options press Enter from Advanced Setup or press F5 key or click on F5: Show Adv config button in the buttons bar.
L : Configure Lower /No Collection (Sec 206C)
S : Ignore Surcharge Exemption
4. Q : Quit
To quit from Quick Setup- Tax Collected at Source screen press Alt+Q or select Q: Quit and press enter.