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Increase of Tax Liability (Karnataka)

Create a journal voucher for the increase in tax liability.

To create a journal voucher for interest payable

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 form.

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

o     Select Type of duty/tax as VAT.

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

o     Select the option Interest in Additional Details field.

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

o     Press Ctrl+A to accept and return to the voucher.

3.    Debit the expense ledger and enter the amount.

4.    Credit the ledger grouped under Current Liabilities.

The journal voucher appears as shown below:

5.    Press Enter to save.