Record sales works contract details in vouchers with Sales - Works Contract as the Nature of Transaction. Deduction can be claimed for tax calculation.
To record a works contract transaction
1. Go to Gateway of Tally > Accounting Vouchers > F8: Sales > Tax Invoice.
2. Select the Party's A/c Name.
3. Select the Sales Ledger with Sales - Works Contract as the Classification/Nature.
If common ledger is being used:
● Click F12: Configure in the invoice and set the option Allow Modification of Tax Details for VAT to Yes.
● Select Sales - Works Contract in the VAT Classification Details screen displayed on selecting the common sales ledger.
4. Select the stock item, enter amount.
5. Enter the percentage or amount of deduction in the Deduction Claimed for Tax Calculation screen as shown below:
6. Select the VAT ledger.
7. Click A: Tax Analysis to display the Tax Analysis screen.
8. Click F1: Detailed to view the names of stock items in Tax Analysis screen.
9. Press Esc to return to sales invoice. The sales invoice appears as shown below:
10. Press Enter to save.
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