If you have availed work contract services, you need to record a transaction for the purchase of works contract. You can record all deductions applicable in the works contract.
To record a works contract transaction
1. Go to Gateway of Tally > Accounting Vouchers > F9: Purchase.
2. Enter Supplier Invoice No. and Date.
3. Select the Party's A/c Name.
4. Select the purchase ledger with Purchase - Works Contract as the nature of transaction.
Note: If a common purchase ledger is being used, click F12: Configure in the invoice, and set the option Allow Modification of Tax Details for VAT? to Yes. Select Purchase - Works Contract in the VAT Classification Details screen.
5. Select the stock item, and enter the amount.
6. Enter the percentage or amount of deduction. The Deduction Claimed for Tax Calculation screen appears as shown below:
7. Click A: Tax Analysis to display the Tax Analysis screen.
o Click F1: Detailed to view the stock items. The Tax Analysis screen appears as shown below:
o Pres Esc to return to purchase invoice screen.
The purchase invoice appears as shown below:
8. Press Enter to save.
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