Sale of Goods: Effective from 01.10.2020, IT Act
section 206C (1H) imposes the responsibility of collection of TCS on every person
whose total sales, gross receipts, or turnover during the preceding financial year
(i.e Fin Year 2019-20) is more than Rs.10 Cr. Such a person is liable
to collect TCS @ 0.1% on the amount exceeding Rs.50L during the financial year
in respect of the sale of goods made to a buyer. However, in Non-PAN/Aadhaar cases
the TCS rate shall be 1% as against 0.1% mentioned above. (Please note
that TCS Rate is been reduced to 0.075% for the period from 01.10.2020 to
31.03.2021 due to the COVID-19 pandemic).
of Sale consideration against goods above Rs. 50 lakh from the buyer during the
of Rs. 10 Crores and above of seller during FY 2019-20 and onwards
from: 1 October 2020
(All the above matter
regarding TCS picks through multiple websites. SWIL is not liable for its accuracy).
In this article, we have explained to you How to implement &
calculate TCS when applicable in Receipt/Sales/Purchase in Unisolve.
Please update your software to the latest version 16.3 or later:
Step1: Enter TCS parameters in TCS registration window in Utility
Company Name & Station & Software Reg. No.: Displayed automatically.
Password: If you are liable to charge TCS and want auto calculation of
TCS in sales invoice and/or want to auto-create debit note for receipts, you
need this password to register this option. It will run till 31st
Dec with a blank password. It is a chargeable option and you can connect with
your service provider for the same. Please keep this password blank & press
on the OK button, then It asks for Today’s Password. You can see Today’s Password details
in the following article:
Apply TCS: To enable auto calculation of TCS, set it yes. You should
create Debit Note for TCS as per your Receipts, from the Sales->Receipts menu.
Charge TCS in Invoice: To enable this option, first set the previous
option Apply TCS as Yes, When you enable this option, then software auto
calculate & charge TCS in Sales/Purchase Transaction. This entry is
generated in the billing heads option which can be seen by pressing Ctrl-K in the relevant transaction.
Applicable From: Please mention TCS Applicable Date & TCS Rates. By
default, the software takes 1.10.2020 as Date, 0.075 Rate in With PAN Option &
1.00 in without PAN Option.
Revised Date From Please mention TCS Revised Date & By
default software takes 1.04.2021 as Revised Date, 0.100 Rate in With PAN Option
& 1.00 in without PAN Option.
On Sales/Receipt Exceeding Amount: By Default, the software takes 50 Lacs in
TCS Collection A/c: By Default, software auto-generate a new
Account name with “TCSCOL” code. In
this Account software auto-posted your TCS Collection amount in sales invoice
or debit note created based on receipts.
TCS Paid A/c: By Default, software auto-generate a new Account name
with the “TCSPAY” code. In this Account
software, auto-posted your TCS Payment amount in the purchase invoice.
We have provided 2 different options to
charge TCS. In this article, we have explained to you both options for how to
implement TCS in Unisolve. Details as per the following:
SWIL preferred this option, In this the option you have done your all working like: (Receipt/Sales/Purchase) as per
regular basis, when you received Receipt amount more than 50 Lacs, then the software provides you a new option “Create
TCS Debit Note” in Sales-> Receipt menu. This option is work when you
enable only “Apply TCS” in the time of TCS Registration.
When you make any Customer’s Receipt more
than 50 Lacs then create Debit Note through this option. Select Date Range
& press OK then software opens a new window with Client Name, Receipt No.,
Receipt Date, Receipt Amount, TCS Applicable Amount, TCS Rate & TCS Amount.
When you press OK in this screen then software auto-generate a Debit Note
voucher in Accounts-> Transaction -> Voucher menu. Screen as per below:
Transactions-> Voucher: “Debit Note”
system showing TCS Debit Note enter in Party’s Account Statement. Screen as per
In this option when you make Sales
Invoice, then the software will auto charge TCS amount in Sales Invoice as per
given % in TCS Collection when any Customer’s Sales is more than 50 Lacs. In
that time Software shows a message for TCS Amount & make an entry for TCS
Collection under the Billing Head option. The software adds TCS Amount in this Invoice & Post-Bill Amount+TCS Amount in Customer’s
Ledger. Screen as per below:
Same Billing Head (Ctrl+K) option
provides you in Purchase/Sales Debit Note (Supplementary Invoice) &
Purchase Credit Note (Supplementary Invoice) menu.
Now enjoy working of
TCS in Unisolve Software.
For more details,
Please submit a support request at https://swildesk.com./