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Recording Increase in Tax Liability (Assam)

Increase in tax liability can be adjusted by creating a journal voucher.

To account for increase in tax liability

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 screen,

o Select Type of duty/tax as VAT .

o Select Increase of Tax Liability , as the Nature of adjustment .

o Select the Interests in Additional Details section.

Note: Based on the selection made for Nature of Adjustments , the Additional Details option will appear or disappear.

o Press Ctrl+A to return to the voucher.

3. Debit the expenses ledger created under Indirect Expenses . Enter the amount.

4. Credit the ledger created under Current Liabilities .

The journal voucher appears as shown below:

5. Press Enter to save.