TCS: Tax Collected at Source is the Tax Collected by the Seller from the Buyer during the Sale of Specified Goods. <br />This Provision is Governed by Section 206C of the Income-Tax Act. <br />The Seller Collects a Specified Percentage of Tax from the Buyer, which is then deposited with the tax authorities. <br />---------- <br />FAQ 1: What is TCS Adjustment? <br />Ans: TCS Adjustment is applicable for any correction of the TCS Amount, TCS Rate and TCS Base Amount already calculated but Not Paid to the Government Authorities. <br /><br />FAQ 2: What is TCS Adjustment in Income Tax? <br />Ans: As per Section 206CCA, a Buyer will be subjected to a Higher Rate of Tax Collection at Source (TCS) if the following conditions are met, <br />The Buyer has Not filed Income Tax Returns (ITR) for the Two Financial Years preceding the relevant financial year in which TCS is to be collected. <br />------ <br />Hint: You may use TDS Adjustment Journal, following the Same Steps. But main point is, you need to use TDS related Setup and Pages (Screen/Window). <br />----- <br />Read the Short-Blog Post: ➡️https://navisionfunctionalexpert.com/short-blog/f/tcs-entries-in-navision-%7C-business-central
