Here are the simplified TCS implementation (Configuration) steps for the India localization bundle:
1. Configure Customer Records for TCS
- Go to Lists > Relationships > Customers.
- Edit the customer record and check the TCS Eligibility box.
- Enter PAN (and optionally Aadhar Number and Tax Exemption Certificate).
- Save the customer record.
2. Configure Item Records for TCS
- Go to Lists > Accounting > Items.
- Edit the item and check the TCS Eligibility box.
- Select TCS Subsection Code and TCS Challan Code.
- Save the item record.
3. Create TCS Tax Rate Rule
- Go to Setup > India Localization > TCS Tax Rate Rules.
- Define the rule with details like Customer Type, Subsection Code, Challan Code, Tax Rate, and validity dates.
- Save the TCS tax rate rule.
4. Create New Challan Code (if needed)
- Search for New TCS Challan.
- Enter a name, select Subsection Code, and save the challan code.
5. Apply TCS on Transactions
- In Invoices or Cash Sales, select an item eligible for TCS.
- TCS details like Subsection Code and Challan Code will auto-populate.
- Save the transaction, and view TCS tax details under the Tax Details subtab.
These steps configure and apply TCS to customer and item records and transactions as per India’s tax requirements.