Record purchase works contract details in vouchers with Purchase - Works Contract as the Nature of Transaction. Deduction can be claimed for tax calculation.
To record a works contract transaction
1. Go to Gateway of Tally > Accounting Vouchers > F9: Purchase.
2. Click F12: Configure.
In the Voucher Configuration screen,
o Set the option Allow modification of Tax Details for VAT? to Yes.
o Press Ctrl+A to save.
3. Enter Supplier Invoice No. and Date.
4. Select the Party's A/c Name.
5. Select Purchase Ledger from the List of Ledger Accounts.
6. Select the Purchase - Works Contract as Classification/Nature in VAT Classification Details screen.
7. Select the stock item, enter the Quantity and Rate.
8. Press Enter to open the Works Contract Details screen.
o Enter Description of Contract, Deduction for Labour Charges, and Other Allowable Deductions.
The Works Contract Details screen appears as shown below:
o Press Enter to save.
9. Select the VAT ledger.
10. Press Esc to return to purchase invoice. The purchase invoice appears as shown below:
11. Press Enter to save.
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