TCS Applicable

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

TCS Applicable

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

1. Go to Utilities > Edit Company Information and press Enter key.

2. Company Configuration Editing form will open. Press Enter key.

3. In TCS Applicable option, enter 'Y' and when Rely prompts, 'Do you Confirm?', select Yes option and press Enter key to save the settings. TCS will get applied in this company.

You can now apply TCS in Account Masters.

1. Go to Master > Account > Add/Edit and press Enter key.

2. Accounts entry form will open. In Name, press Enter 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. Press Enter key.

4. Select the details here:

TCS Applicable - Enter 'Y' here 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. When Rely prompts, 'Do you Confirm?', select Yes option and press Enter key to save the settings. TCS will get applied in this account.

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

1. Go to Transaction > Sale and press Enter key.

2. List of Sales Invoice daybooks will be displayed. Select the daybook in which you want to apply TCS and press Enter key.

3. Entry form will open for the selected daybook. Enter details here:

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

Account - Press Enter key and select the account in which TCS is applied, from the list of accounts displayed.

4. Enter all the other details and save the invoice.

5. On Saving the invoice, 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)

Do you Confirm? - To apply TCS on this invoice, select Yes option and press Enter key.

6. On selecting Yes option, Net Amount will be updated. When Rely prompts, 'Do you Confirm?', select Yes option and press Enter key to save the invoice.