TCS Made Simple: Handling Transfer of Any Rights Transactions in Tally Prime


TCS on Transfer of Right to Use

15th June 2023 Mukil Enterprises Pvt. Ltd. leased their parking space to Aadhi Motors Pvt. Ltd. and accounted vide Sale Bill No.22 on credit. The lease amount is ₹ 5,00,000 for 3 years.

19th June 2023 Mukil Enterprises Pvt. Ltd. Received an amount from Aadhi Motors Pvt. Ltd. against the Sales made on 15th June 2023.

15th June 2023 Mukil Enterprises Pvt. Ltd. leased their parking space to Aadhi Motors Pvt. Ltd. and accounted vide Sale Bill No.22 on credit. The lease amount is ₹ 5,00,000 for 3 years.

Lease Related of Sales

  • Navigate to Statutory Masters Creation:
    • Open Tally Prime software.
    • Go to the "Statutory" section.
  • Create New TCS Nature of Goods:
    • From the menu, select "TCS Nature of Goods" or "TCS Masters."
    • Choose "Create" to add a new TCS Nature of Goods entry.
  • Enter Details:
    • Name: Enter "Lease Related of Sales" as the name of the TCS Nature of Goods entry.
    • Section: Specify "206C" as the section for this TCS entry.
    • Payment Code: Input "6CF" as the payment code for this entry.
  • Set Rates:
    • Rate for Individuals/HUF:
      • With PAN: Enter the rate as "2%".
      • Without PAN: Enter the rate as "5%".
  • Rate for other collectee types:

    • With PAN: Enter the rate as "2%".
    • Without PAN: Enter the rate as "5%".
  • Save Changes:

    • After entering all the necessary details, save the TCS Nature of Goods entry
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Aadhi Motors Pvt Ltd

  • Navigate to Ledger Creation:
    • Open Tally Prime software.
    • Go to the "Accounts Masters" section.
  • Create New Ledger:
    • From the menu, select "Ledgers."
    • Choose "Create" to add a new ledger.
  • Enter Ledger Details:
    • Name: Enter "Aadhi Motors Pvt Ltd" as the name of the ledger.
    • Under: Select "Sundry Debtors" to categorize it correctly.
    • Maintain balances bill-by-bill: Set this to "Yes" to maintain balances bill-by-bill for this ledger.
  • Statutory Details:
    • Is TCS Applicable: Set this to "Yes" to indicate that TCS is applicable for this ledger.
    • Buyer/Lessee type: Choose "Company - Resident" to specify the type of buyer or lessee.
  • Save Changes:
    • After entering all the necessary details, save the ledger.
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Lease of Parking Lot

  • Navigate to Ledger Creation:
    • Open Tally Prime software
    • Go to the "Accounts Masters" section.
  • Create New Ledger:
    • From the menu, select "Ledgers."
    • Choose "Create" to add a new ledger.
  • Enter Ledger Details:
    • Name: Enter "Lease of Parking Lot" as the name of the ledger.
    • Under: Select "Direct Income" to categorize it correctly.
  • Statutory Details:
    • Is TCS Applicable: Set this to "Applicable" to indicate that TCS is applicable for this ledger.
    • Nature of Goods: Specify "Lease Related of Sales" as the nature of goods for TCS purposes.
  • Save Changes:
    • After entering all the necessary details, save the ledger.
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  • Navigate to Sales Voucher Entry:
    • Open Tally Prime software.
    • Go to the " Vouchers" section.
  • Enter Date and Voucher Details:
    • Set the voucher date as 15th June 2023.
    • Choose "Sales" as the voucher type.
  • Enter Party and Sales Ledger Details:
    • Party A/c Name: Aadhi Motors Pvt Ltd.
  • Enter Amount Details:
    • Lease of Parking Lot under Direct Income
    • Enter the lease amount as ₹500,000.
  • Enter TCS Details:
    • TCS
    • Enter the TCS amount as ₹10,000 (assuming TCS is 2% of the lease amount).
  • Save and Verify:
    • Save the sales voucher after verifying all the entries.
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Reports

Gateway of Tally -> Display More Reports -> TCS Reports -> Form27EQ

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19th June 2023 Mukil Enterprises Pvt. Ltd. Received an amount from Aadhi Motors Pvt. Ltd. against the Sales made on 15th June 2023.

  • Navigate to Receipt Voucher Entry:
    • Open Tally Prime software.
    • Go to the "Accounting Vouchers" section.
  • Enter Date and Voucher Details:
    • Set the voucher date as 19th June 2023.
    • Choose "Receipt" as the voucher type.
    • Ensure that the voucher mode is set to "Single Entry Mode."
  • Enter Transaction Details:
    • Account: Indian Bank .
    • Particulars: Aadhi Motors Pvt Ltd.
    • Enter the amount received from Aadhi Motors Pvt Ltd, which is ₹510,000.
  • Save and Verify:
    • Save the receipt voucher after verifying all the entries.
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Tally Prime

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