Difference between TDS and TCS in Tally 9

If you are operating tally 9 at its advance level, then you have already known what is the difference between TDS and TCS. Both are the statutory and taxation feature and both is used pursuance of the provision of TDS rules and TCS rules of income tax act 1961.

Differences between TDS and TCS

  1. TDS means tax deducted at source and TCS means tax collected at source. One of main example of TDS is amount of tax deducted from employee's salary . When an employee gets salary , it is duty of employer to deduct tds from his salary and deposit it in the account of Govt. When company pays salary , all salary is not given to employee but company's employer deducts tax from this payment , so tds is also part of company's expenses .It is also duty of employer to deposit this amount to the specific bank which is authorised by Income tax department . But there are also other payments like interest or commission on sale lottery tickets or brokerage or payment to contractor and subcontractor etc. But many other cases when company received certain amount, at this time tax amount is collected from employee and so it becomes TCS , Suppose , if company sells forest products and gets money with tax collected at source , this is the part of revenue .
  2. There are two button in Tally's statutory and taxation feature one is for TDS and other is for TCS , So , there are facility for using both facilities you have to write yes in both button because both are different from accounting point of view

3. Suppose Manoj is our debtor and we sell him forest product so , we have to write yes in apply tcp in the ledger creation of manoj .

4. When we have to pay sohan who is our creditor because we have to give commission on sale ticket so we have to write yes i n front of is TDS applicable in the ledger creation of sohan

5. Voucher entry of TDS will be in the payment voucher . Suppose if we have to pay Sohan 14000 , then we have to 10000 net and 4000 will transfer to TDS account ( Before making the voucher entry , ensure that you have made TDS account under Duty and tax group.)
6. Voucher entry of TCS will be in receipt voucher . Suppose we have gotten 14000 from manoj for sale of forest product , then you have to net receipt 10000 from manoj and other 14000 will transfer to TCS account .







access account accountant Accounting accounting definitions accounting ebook Accounting education accounting procedure accounting process outsourcing Accounting Software advance advertising africa Amalgamation amendments announcements Annuity assets audit auditing Australia B.Com. balance sheet bank Bank reconciliation banking basic accounting BBA benefits best bill black money blog bloggers book keeping bookkeeping Branch Accounting - full tutorial budget Budget variance business businessman CA calculator canada capital capital budgeting career cash cash book cash flow statement Chiense children china class coaching coins college commerce commerce students company computer computer accounting conference Contact vinod kumar corporate accounting cost cost accounting cost center cost centre CPA credit credit card cs currency data Debit and credit debit cards debt debtor degree depletion depreciation Diwali Messages documents dollar domain Downloads Dubai e-accounting earning education Education Loans email employee EPF ERP euromoney examination excel excise duty expenses facebook factor of loan fans feature fifo FII fiji finacle finance Financial financial accounting fire insurance flickr flow forensic forex formula france fraud free fun function fund GAAP GDP gdr germany gold goodwill goodwill accounting google google apps Google Adsense google apps google base google buzz google calendar Google docs google finance google fusion tables google talk govt. GST guide health Hindi Hindi Language history holding company How to treat FBT in Tally 9 HRA ICAI ICAWI ICICI Bank IFRS income income statement Income Tax India indian railway Indonesia inflation inflation accounting infographics information inspiration insurance insurance accounting Intangible interest international Internet Introduction of Tally 9 inventory investment investment in Shares invoice IT Japan Job costing journal entries Journal Entries eBook Help Kalculate keyboard kindle kuwait laptop law LBT learning lease lecture ledger leducation Leverage Analysis liabilities lifo linkedin loan logical point loss loss of profit M.Com. m.phil malaysia management accounting manual accounting manufacturing account market marketing mastercard material MBA MCA media migration mobile money ms word ms. excel multi currency in tally 9 Multicurrency Accounting mutual fund national security new and sacrifice ratio new york times new zealand news NGO nonprofit-accounting North Georgia Mountains NPV NSE odbc office oman online application online accounting Online Accounting Course otcei pakistan parents Partnership pay pal pdf Personal Finance pie chart pie chart of income pnb podcast ppf presentation price privacy policy prize money prof. vinod kumar profit profit and loss account project management provision purchase puzzles quickbooks Quote quotes quotes of svtuition rating agency ratio analysis RBI readers real estate rectification of errors remote control reports reserves responsibility accounting retirement revenue Revenue reserves review risk rupees salary sale saudi arabia saving sbi scholarship school SEBI security service tax share share trading Shares shri lanka singapore sms social accounting society solution South Africa stock stock exchange structure student students study subsidiary company svtuition swiss bank tally tally 9 Tally 7.2 Tally 9 Tally.ERP 9 tanzania tax Tax Accounting TDS teacher teaching technology test testimonial testimonials thailand tips trading trading on equity transaction trend trial balance truthfulness tuition twitter UAE UGC - NET Commerce UK United Arab Emirates university usa valuation VAT Video Voucher and vouching wikipedia working capital youtube
Accounting Education: Difference between TDS and TCS in Tally 9
Difference between TDS and TCS in Tally 9
Accounting Education
Not found any lecture VIEW ALL Continue reading Reply Cancel reply Delete By Home PAGES Lectures View All RECOMMENDED FOR YOU Category ARCHIVE SEARCH ALL Lectures Not found any lecture match with your request, please help to write it and send it to our email at vinod@svtuition.org for making this website free accounting and finance encyclopedia. Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock