Increase in Tax Liability (Rajasthan)

To record interest amount incurred, you can create a journal voucher for the Increase of 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 the option Increase of Tax Liability in the Nature of adjustment field.

o     Select the option Interest in Additional Details field.

o     Press Enter to save and return to voucher screen.

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.