How to Create TCS Nature of Goods in Tally Prime?
Step: GOT > Create > TCS Nature of Goods > Enter
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After reaching by follow above step, screen of TCS nature of Goods will shown like that following screenshot:
Ø Fill all details like,
· Name – Type name TCS nature of Goods like, I type “Scrap”
· Section – Enter the section code of TCS nature of Goods like I enter “206C” which is section code of ‘Scrap’.
· Payment code – Type Payment code of TCS nature of Goods just like, I type payment
code of ‘Scrap’ “6CE”.
· Rate for Individual/HUF (with PAN) – Type TDS rates of Natures of Payments like I type
rate of Rent for land and building/Furniture & fixture “0.75%”.
· Rate for Individual/HUF (without PAN) – In this section type Double TCS rates or Flat 5% for those Collectee who have not PAN. Like I type double TCS rates “1.5%“for Scrap.
· Rate for Other Collectee types (with PAN) – Leave it “0.75%” for other Deductee types
· Rate for Other Collectee types (without PAN) – In this section leave it by default value that is 1.5%.
Ø Threshold/Exemption limit – Leave it’s as empty. It is not compulsory
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After filling all above details screen will shown like that following screenshot:
Ø Press Ctrl+A to save this screen
Note: If any option not shows in TCS nature of Goods creation screen then Press F12 & enable that option.
Ø Practice Exercise for Create TDS nature of Payments, for You
Name
Section
Payment code
Rate for Individual/HUF
(with PAN)
Rate for Individual/HUF
(without PAN)
Timber wood under a
forest leased
206C
6CB
1.875%
3.75%
Tendu leaves
206C
6CI
3.75%
7.5%
· Process 3: Create Stock Item for TCS Nature of Goods
