9.1 Introduction
9.2 Basic Concepts of TCS
9.3 TCS in TallyPrime
9.3.1 Activation of TCS in TallyPrime
9.4 Recording TCS Compliant Transactions
9.4.1 Sale of TCS Goods on Accrual Basis
9.4.2 Sale of TCS Goods at Lower Rate/Nil Rate
9.4.3 Sale of TCS Goods at Higher Tax Rate (Under Section 206CCA)
9.4.4 Accounting TCS Exemption for Buyers Deducting TDS
9.4.5 TCS on Transfer of Right to Use
9.4.6 Accounting for TCS on Advance Receipts and Adjusting Advances towards Bill
9.5 TCS Payment to Department
9.5.1 Resolving Uncertain Transactions
9.5.2 Payment of Tax to the Income Tax Department
9.5.3 Generating TCS Challan (ITNS 281)
9.5.4 Interest Payment to Income Tax Department on Delayed Tax Payment
9.6 TCS Reports
9.6.1 Form 27EQ
9.6.2 Challan Reconciliation
9.7 E-Return
9.8 Maintaining Books of Accounts as a Collectee
Conclusion
Key Takeaways
Shortcut Keys
Practice Exercises