Payment of TCS to government authorities
The TCS collected from various transactions, needs to be deposited to the government. Payment of TCS is handled through Payment Journal/Bank Payment Voucher. Provision to select the TCS Entries, which assessee needs to pay to the government authorities depends on the basis of filters, for example, T.C.A.N, Assesses, Date, etc.
- Choose the
icon, enter Payment Journal or Bank Payment Voucher, and then choose the related link. - Select the relevant TCS payable account in Account No. field > select the relevant TCAN in the T.C.A.N No. field > Navigate > Tax Payments > TCS > then select TCS.
- Select entries and the system generates TCS payment entry on the journal line.
On posting of the payment journal, TCS Entries are marked as 'Paid'.
GL Entries are as following:
Particulars Amount TCS Payable Account 10000 Bank Account -10000