Add Tax Collected at Source (TCS)

Add Tax Collected at Source (TCS)

Tax Collected at Source (TCS) is a type of income tax collected by the seller from the buyer on the sale of specified goods or services. The seller is responsible for collecting the tax at a prescribed rate and depositing it with the government.

How to Add TCS Deducted

If TCS has been collected on a purchase you made, you can add it to your tax profile by following these steps:
  1. Go to Save > Begin/Edit Tax Situation > Tax Credits > Add

  2. Select Tax Collected at Source and click Proceed

  3. Enter the following details:

    • Collector Name
    • Amount Collected

  4. Click Save after entering all the required information

Once added, your TCS will appear under tax credits and will be auto-adjusted while computing your taxes.

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