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Recording Increase of Tax Liability - Interest (Telangana)

If there is an increase in tax liability for Telangana as an interest, you can record such increases in Tally.ERP 9 to reflect the updated values in your company records.

To record journal entry to account 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 or CST form.

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

o     Select the option VAT in the Type of Duty/Tax field.

o     Select the option Increase of Tax Liability in the Nature of Adjustment field.

o     Select Interest for the option Additional Details.

3.    Press Enter to return to voucher.

4.    Debit an expense ledger created under Indirect Expenses with option Is VAT/CST Applicable? set to Not Applicable.

5.    Credit the ledger created under Current Liabilities. The completed screen appears as shown below:

6.    Press Enter to save.