Recording Increase of Tax Liability (Odisha)

A journal voucher with nature of adjustment as Increase of Tax Liability is selected for adjusting 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 or CST 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.     to enable required options in the Stat Adjustment Details screen.

4.    Debit the expense ledger and enter the amount.

5.    Credit the ledger grouped under Current Liabilities. The journal voucher appears as shown below:

6.    Press Enter to save.