Chanakya ERP Update Release 220.127.116.11
Updates Released in New Version of Chanakya ERP
- TCS on Sales implementation at the time or Invoice or Receipt (On User's Choice)
- Two Extra Column Added in Quotation for VehicleTCS on Sales implementation at the time or Invoice or Receipt (On User's Choice)
Who is required to collect TCS on sale of goods?
The seller (Whose ATO is above 10Cr.) of the goods who receives any amount as consideration for the sale of any goods of the value exceeding INR 50 Lakhs is required to collect TCS on the sale of goods under section 206C(1H) of the Income Tax Act from the buyer.
How to Activate and Implement TCS On Sales of Goods
- Activate TCS through Misc. Settings Using Tools Menu as shown in below image.
(Choose Invoice, if you want to implement TCS during invoice and Choose Receipt, if you want to implement TCS after receipt.)
- After Activation, Set TCS Percent through Applicable TCS Settings Using Tools Menu as shown in below image.
If you have configured TCS on Invoice then TCS will be calculated at the time of B2B Invoices whenever it will applicable as per act. (Sample image shown below)