Tax Collected at source (TCS) is Income Tax which is required to be collected by the seller (Collector) from the Buyer along with the Price of Goods and applicable taxes. Provisions relating to tax Collected at Source has been enumerated in section 206C of the Income Tax Act, 1961.

TCS 206C (1H) – Setup & Masters

DYNAMICS NAV 2016 PLUG-IN

TCS Setup:

• First, Set TCS Threshold Amount Limit in below Setup. (Currently we set TCS Threshold Amount: 1,00,000.00)
• We Click on Calc. Over & Above Threshold for TCS (206C).
• If we click on PAN Based, System will calculate TCS based on Multiple Customer with Same PAN
• Applicable Interim Tick will manage TCS Interim Account in Sales Invoice Time
• MAP TCS Payable Interim Account No. and TCS Payable Account

NOD/NOC: Left Blank Threshold Overlook:

TCS 206C (1H) – End User Manual

DYNAMICS NAV 2016 PLUG-IN

TCS Calculation Based on “Sales of Goods”- INTERIM

 Sales Invoice time Required Field for TCS Calculation

Sales Invoice: Statistics

 

Sales Invoice: Preview Posting

 

System will calculate TCS Payable Interim based on- “Sales of Goods”.

Finally, Post the Sales Invoice.

TCS Calculation Based on “Collection”- TCS Payable

While Receipt of Payment from Customer

Bank Receipt: Preview Posting

TCS Payable Interim will be reversed and TCS Payable will be generated.

Finally, Post the Bank Receipt

Posted Voucher Print