Purchases of stock items attracting TCS Create TCS ledger under Duties and Taxes and record transactions Create the TCS ledger as shown below: Note: If you are using a common TCS ledger for stock items attracting different TCS rates, leave the Percentage of calculation field blank. You can provide the TCS rates in the invoice. In this case, the last day with TCS was 30 September and hence Indian tax is applicable @Rs 43,412 for the six months of work. Hence, the net figure of 5,885 . Leave En-cash 43 days In the Company Operations Alteration screen, set Enable Tax Collected at Source (TCS) to Yes . 3. Enable the option Set/alter TCS details . The Company Operations Alteration screen appears as shown below: 4. Press F12 . Set Enable surcharge and cess details for TCS to Yes . There are certain new tax collection at source (TCS) rules that came into force from October 1, 2020 under the Income Tax Act 1961. While many of these provisions relate to goods and services ... 4. Rates of TCS. An e-commerce operator needs to collect tax @2% (1% CGST + 1% SGST) from the supplier on the net taxable value of intra state supply of goods or services supplied through its portal. Any dealer/traders selling goods/services online would get the payment after deduction of 2% tax.
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A caller who lost $20,000 in a bad investment asked Dan if there is any tax relief for them as a result of this financial loss. Dan explains that while you cannot write it all of in one year you ... **This video is not intended to be tax advice. Seek your own tax professional about your personal tax situation. ** Grab a copy of the Home Business Success ... New Books on GST & Tax : http://taxheal.com/new-releases-in-book-store How to file Form 13 online : Low / No TDS / TCS Certificate under Income Tax https://t... The Company is not an investment, financial, tax, or legal advisor or a broker-dealer and does not purport to provide personalized investment, financial, tax, or legal advice in any form. Professional Forex Trading Course ... Adam Khoo Recommended for you. 58:55. Stock Market Order Types (Market Order, Limit Order, Stop Loss, Stop ... Important For Tax Exam TCS Full Concept with ...