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 .
2. Select the Party's A/c Name .
3. Select the sales ledger with Sales - Works Contract as the nature of transaction .
● If the sales ledger is predefined with this nature of transaction, it need not be selected in the invoice.
● If common ledger is being used,
o Click F12: Configure in the invoice and set the option Allow Modification of Tax Details for VAT to Yes .
4. Select Sales - Works Contract in Classification / Nature in VAT Classification Details screen displayed on selecting the common sales ledger.
5. Select the stock item, enter the amount.
6. Enter the percentage or amount of deduction in the Works Contract Details screen.
7. Select the VAT ledger.
8. Click A : Tax Analysis button to display the Tax Analysis screen.
o Click F1 : Detailed button to view the names of stock items.
The Tax Analysis screen appears as shown below:
o Press Esc to return to sales invoice.
The sales invoice appears as shown below:
9. Press Enter to save.
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