QuickSetupforTCSinTally | Tally.NET Services | Tally Features | Tally Synchronization

7/31/2019 QuickSetupforTCSinTally | Tally.NET Services | Tally Features | Tally Synchronization

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Tally.ERP 9

Quick Setup for TCS in Tally.ERP 9

Did you know that in Tally.ERP 9, you can implement all statutory modules and Tally.NET servicefrom just a single screen?

Implementing company statutory modules in Tally.ERP 9 involves setting up of statutory

masters by entering the required details, creation of needed voucher types and going throughadvance setup if required. Similarly, setting up Tally.NET also requires creation of users withdifferent security levels and defining various authorization rights based on business requirements.Let us take an example. The standard steps required to implement statutory module for TaxCollected at Source is shown in the image below:

Remembering the sequence of creation of all these ledgers, voucher types and varioussettings is not a simple task. But, Quick Setup provides a one stop solution that allows users tocomplete all these requirements in a sequential manner from a single screen. It helps users savetime, prevent errors and makes implementing statutory modules in Tally.ERP 9 a stress-freeexperience.

Currently, Quick Setup feature in Tally.ERP 9 is available for 7 different modules and inthis article lets implement Quick Setup for Tax Collected at Source. To do this:

Go to Gateway of Tally.ERP 9 > Quick Setup > Tax Collected at Source

Here, the screen has three different sections Company Setup, Master Setup and AdvancedSetup. It also shows the configuration details and status.


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Tally.ERP 9

Company Setup: The Company Setup isan option to update TCS details. To dothis:

Click C: Company TCS DetailsSetup

Enter the required details

Accept the screen

Master Setup: The master setup helps users create stock Items with TCS details, tax ledger andparty ledger. These are required in Tally.ERP 9 for TCS related transactions to generate variousTCS reports and check exemption limit.

Stock Items: Various stock items are classified based on the TCS Nature of Goods with

different tax rates. Here, you can specify their individual group name and units ofmeasurement.

Tax Ledgers: The tax ledgers are captured in Sales and Purchase transactions which in

turn will automate the tax calculation. Here, you can create TCS ledger, specify the type of

duty and select the relevant Nature of Goods (or contracts or license or lease).


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Tally.ERP 9

Party Ledgers: The party ledgers are created forbuyers and sellers. Here, you can create

party ledgers for Sundry Debtor or Sundry Creditor, specify their group, TCS applicability,

the collectee/deductee type and PAN/IT number.

To show, how simple the TCS process is using the Quick Setup, lets create a stock item withrelevant TCS details as shown below:

Press Alt+S to open Stock Items Setup screen

Enter Name of Item > Select Primary from the list of groups in Under

Select appropriate unit of measurement in Units

Select the appropriate TCS Nature of Goods

Press Enter to save

In the same way, you can create tax ledgers and party ledgers from Master Setup.Advanced Setup: The advanced setup is an optional setup and it can be used for variousspecific requirements as follows:

Configure Lower / No Collection (Sec 206C): You can enter party name, select

appropriate group, specify collectee type, enable Lower / No Collection and enter details

like Section number and TCS lower rate.

Ignore Surcharge Exemption: When the turnover of the buyer/collectee exceeds the

threshold limit prescribed by the government, the assesse is liable to pay Surcharge.

Using this option, you can setup the party ledger to calculate surcharge calculation by

ignoring this exemption limit.

For example, if a party with a certificate for lower rate of TCS has applied for TCS lower rate, youcan set up Lower / No Collection (Sec 206C) of TCS as follows:

Press Alt+L > Select the relevant party

Set Yes to Set Lower / No Collection

On the new screen, enter the tax rate specified in the certificate for Lower / No Collection

in TCS Lower Rate (%) > Accept the screen

Enter PAN or IT No

You can set up Lower / No Collection details for multiple party ledgers from this screen

and once you are done, accept the screen


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Tally.ERP 9

Similarly, you can set up party ledgers to ignore surcharge exemption from the advancedsetup screen.

Hence now the Quick Setup wizard is here to help you through, with a simple solution forimplementing all the statutory modules and Tally.NET.

Get more Tally Tips on Tally.ERP 9 at www.tallysolutions.com/website/html/contactus/tally-tips.php

QuickSetupforTCSinTally | Tally.NET Services | Tally Features | Tally Synchronization

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