![]() Invoice you could indicate the delivery date and docket number in theĭescription column. Invoice several days later, use the date you prepare the invoice. If you deliver a product and only prepare the Start with something like 4001 or 0002510 rather TCS to be calculated on sales return (sales return order or sales credit memo)įor example, sales return from customer for INR 10,000 on which 1% TCS is applicable for Nature of collection “Scrap”. Customer has a certificate of income tax at Zero rate 0% on Scrap instead of normal rate. Customer has a certificate of income tax at Lower rate 0.5% on Scrap instead of normal rate.įor example, invoice has been raised to customer for INR 1,00,000 towards sale of Scrap. INR 50,000 each towards two nature of goods 'Scrap' and 'Timber'.įor example, invoice has been raised to customer for INR 1,00,000 towards sale of Scrap. TCS calculation on multiple nature of goods in single invoiceįor example, invoice has been raised to customer for INR 1,00,000. ![]() But if there is no PAN available for customer then higher TCS of 5% is applicable. TCS calculation on higher rate if customer is not having PANįor example, invoice has been raised to customer for INR 50,000 on which 1% TCS is applicable for Nature of collection 'Scrap'. Exchange rate considered for this example is 1 USD = 65 INR. All foreign currency amounts will get converted into INR based on currency exchange rates. TCS to be calculated on non-resident customer invoice in foreign currencyįor example, invoice has been raised to foreign customer for USD 10,000 on which 1% TCS is applicable for Nature of collection 'Scrap'. TCS is calculated after adjusting the TCS amount which was earlier calculated on advance payment. GL Entries for TCS on Customer Invoice using Sales Invoice against advance payment, will be as following: Particulars GL Entries for TCS on Customer advance payment using Cash Receipt Journal, will be as following: Particulars For example: If TCS base amount was 10,000.00 in advance payment and line amount is 20,000.00 on sales invoice, then TCS will be calculated on 10,000.00 on sales invoice. System should check the TCS base amount on which TCS has been calculated on advance payment with the line amount of Sales Invoice and TCS will only be calculated on the line amount which is more than the TCS base amount. TCS will not be calculated on Customer Invoices if advance payment, on which TCS has already been calculated, is applied to the invoice. TCS which has been calculated on advance payment can be adjusted while creating Sales Invoice against that advance payment. TCS to be calculated on customer advance payment (through general journal, cash receipt journal)įor example, advance payment received from customer for INR 10,000 on which 1% TCS is applicable for Nature of collection 'Scrap'Īdjustment of calculated TCS on advance payment against sales invoice GL Entries will be as following: Particulars In this case TCS calculation will be as following: Component TCS to be calculated on customer invoice (through general journal, sales journal, sales invoice or sales order)įor example, invoice has been issued to customer for INR 10,000 on which 1% TCS is applicable for Nature of Collection 'Scrap'. TCS Nature of Collection, Location Code and T.C.A.N No.Select G/L Account or Item Code on Sales Order, Sales Invoice, Sales Return Order or Sales Credit Memo line. ![]() Select Customer, Location Code on Sales Order, Sales Invoice, Sales Return Order or Sales Credit Memo header. ![]() Choose the icon, enter Sales Invoice, Sales Order, Sales Return Order or Sales Credit Memo, and then choose the related link.Select relevant TCS Nature of Collection in journal line.Account Type and select relevant expense account in Bal. Select G/L Account or Bank Account in Bal.Select Customer in Account Type and select relevant customer code in Account No.Choose the icon, enter General Journal, Sales Journal, Cash Receipt Voucher or Bank Receipt Voucher, and then choose the related link.TCS calculation on general journal, sales journal, cash receipt journal, sales invoice, sales order, sales return order, sales credit memo.Ĭreate General Journal, Sales Journal, Cash Receipt Journal or Bank Receipt Journal TCS calculations can be done through following documents: TCS can be collected on goods (Items) and services (G/L Account) transactions.
0 Comments
Leave a Reply. |