TCS under Section 206C
LedgerVision provides separate report on TCS under Section 206C. This report is provided for comparison of actual TCS and applicable TCS as per law. Report is listed under Tax Audit Related Reports Tab in LedgerVision Software.
TCS Categories
Following are the TCS categories and rates are available in TDS mapping window:
| SN | Category | Rate |
|---|---|---|
| 1 | TCS on Alcohol | 1% |
| 2 | TCS on Tendu Leaves | 5% |
| 3 | TCS Timber obtained under a forest lease | 2.5% |
| 4 | TCS Timber obtained by any mode other than under a forest lease | 2.5% |
| 5 | TCS on any other forest produce other than Timber/Tendu | 2.5% |
| 6 | TCS on Scrap | 1% |
| 7 | TCS on Minerals | 1% |
Map TCS Ledgers
User has to map respective TCS ledgers from dropdown list as shown in following below:
Map Sales Ledgers to TCS Category
Also user has to map respective sales ledgers as per TCS categories in last column of GST related ledgers configuration screen as shown below:
LedgerVision - TCS Section 206C Report
Report is generated in following manner:
| Ledger Group | Ledger Parent | Ledger | Sales Ledger | TCS Category | TCS Rate | Bill Amount | Actual TCS | Applicable TCS |
|---|---|---|---|---|---|---|---|---|
| Sundry Debtors | Scrap | ABC Corporation | Scrap Sales 1% | TCS on Scrap | 1% | 250000 | 1000 | 2500 |
This report is downloadable to excel format.
TCS report is based on mapping provided to user. As per Mapping provided, LedgerVision captures all TCS ledgers and prepares list of all debtors wherever such TCS ledger is credited.
TCS is calculated based on TCS category rates. Bill amount is derived from sales ledgers mapped to TCS category. Bill amount is multiplied by rate and Applicable TCS is calculated by the tool.
Actual TCS is amount of TCS credited to that particular Debtor. TCS report is comparison report about actual TCS amount and applicable TCS amount.
Note: LedgerVision do not comment on correctness of actual TCS amount. It is expected that User of the report should compare actual and applicable amount of TCS and take informed decision