TALLY Tcs & excise ENTRY

1. TCS & EXECISE
ENABLE TCS & EXCISE BY PRESSING
F11 F3 ( STATUTORY & TAXATION)

2. CREATING “TCS tax Ledger”
• Name:- TCS ON TIMBER
• GROUP :- DUTIES & TAXES
• TYPE OF DUTY/TAX :- TCS
• (THEN SELECT appropriate category from list)
• Inventory values are effected :- no
TCS ONLY FOR SALES ; TCS TO BE PAID DIRECTLY ; NO ADJUSTMENT REQUIRED

3. CREATING “Excise” tax Ledger
• Name:- excise @16% (FOR BOTH SALES & PURCHASE)
• GROUP :- DUTIES & TAXES
• TYPE OF DUTY/TAX :- excise
• Inventory values are effected :- no
• In percent of calculation :- 16%
(then select “on total sales”)
SAME EXCISE FOR BOTH SALES & PURCHASE; EXCISE TO BE PAID DIRECTLY ;NO
ADJUSTMENT REQUIRED

4. CREATING “Education cess” tax Ledger
• Name:- Education cess @2%
• GROUP :- DUTIES & TAXES
• TYPE OF DUTY/TAX :- excise
• Inventory values are effected :- no
• In percent of calculation :- 2%
(then select “SURCHARGE ON TAX”)
SAME EDUCATION CESS FOR BOTH SALES & PURCHASE;
EDUCATION CESS TO BE PAID DIRECTLY ;NO ADJUSTMENT
REQUIRED