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Recording Increase in Tax Liability (Assam)

Increase in tax liability can be adjusted by creating a journal voucher.

To account for increase in tax liability

1.    Go to Gateway of Tally > Accounting Vouchers > F7: Journal.

Note: You can create a journal voucher from Gateway of Tally > Display > Statutory Reports > VAT > select the VAT or CST form.

2.    Click J: Stat Adjustment. In the Stat Adjustment screen,

o     Select Type of duty/tax as VAT.

o     Select Increase of Tax Liability, as the Nature of adjustment.

o     Select the Interests in Additional Details section.

Note: Based on the selection made for Nature of Adjustments, the Additional Details option will appear or disappear.

o     Press Ctrl+A to return to the voucher.

3.    Debit the expenses ledger created under Indirect Expenses. Enter the amount.

4.    Credit the ledger created under Current Liabilities.

The journal voucher appears as shown below:

5.    Press Enter to save.