TCS Applicable

Here are the steps for TCS Applicable. To learn more, you can also watch this RADIX Online tutorial video:

TCS Applicable

For TCS Applicable in Radix, first select the desired company.

1. Go to Utilities > Settings > Co. Configuration.

2. Company Configuration form will open. Click on Defaults tab.

3. Tick on TCS Applicable option and then click on Save button. TCS will get applied in this company.

You can now apply TCS in Account Masters.

1. Go to Accounts > Masters > Masters.

2. Accounts entry form will open. In Name, press F4 key and select the Debtor/Creditor account in which you want to apply TCS, from the list of accounts displayed and then press Enter key.

3. Selected account's details will be displayed. Click on 2. Tax/Transaction tab.

4. Select the details here:

TCS Applicable - Tick on this option to apply TCS in this account.

TCS Rate - Here, by default the value will be '0'. However, to apply different TCS Rate for any party, enter the TCS Rate here.

Please Note: If TCS Rate is 0, then default rates will be applied i.e. 0.075% and 0.75% before 31-03-2021 date; and 0.1% and 1% after 31-03-2021 date.

Also, take care that the account in which TCS is applied should have PAN and Aadhar Card details, otherwise, 0.75% TCS Rate will be applied instead of 0.075%.

5. Once done, click on Save button. TCS will get applied in this account.

You can now create a Sales/Purchase Invoice. Here, we are creating a Sales Invoice.

1. Click on 3. Sales Invoice or press CTRL+3 shortcut key.

2. List of Sales Invoice day-books will be displayed. Select the day-book in which you want to apply TCS and click on OK button.

3. Entry form will open for the selected day-book. Enter details here:

Date - Enter the date here. Please note, TCS will get applied only on or after 01-10-2020 date.

Account - Press F4 key and select the account in which TCS is applied.

4. Enter all the other details and save the invoice by clicking on Save button.

5. On clicking Save button, TCS (Tax Collected at Source) form will open. You can view/edit details here such as:

TCS Taxable Value - Here, amount of Sales invoice after applying GST will be displayed. You can also edit the TCS Taxable Value here.

TCS Rate (%) - Here, 0.075% TCS Rate will be applied if party's PAN and Aadhar Card details are available, otherwise 0.75% TCS Rate will be applied.

TCS Amount - This amount will be calculated according to the TCS Rate that is applied on the TCS Taxable Value. You can also round off this value here.

Amount After Applying TCS - The amount of Sales Invoice after applying TCS will be displayed here. (i.e. TCS Taxable Value + TCS Amount)

Apply TCS on this invoice? - To apply TCS on this invoice, click on Yes button.

6. On clicking Yes button, invoice will get saved and Net Amount will be updated. You can also view TCS Payable value in the Bill Terms section.