How to Record TCS on Purchase in TallyPrime
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How to Record TCS on Sales in TallyPrime
How to Record TCS on Sales in TallyPrime
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TCS is applicable on the sale of any car, which is valued at more than Rs. 10 lakh. The amount of TCS that is collected is 1% of the purchase price of the car. TCS is collected by the seller from the buyer, and it is mandatory for the seller to deposit it with the government within 30 days of the sale. You can claim TCS on car purchase if TCS has been Deducted and Deposit by the Car Dealer against your PAN Card to Govt. For the TCS Refund you need to file income tax return and have to show your
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