You can create a journal voucher to decrease output tax.
To create journal voucher for decreasing output tax
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 form.
2. Click J : Stat Adjustment . In the Stat Adjustment Details screen,
o Select the option VAT in the Type of duty/tax field.
o Select the option Decrease of Output Tax in the Nature of adjustment field.
o Select the option Tax Deferred in the Additional Details field.
o Press Enter to save and return to voucher screen.
3. Debit the VAT ledger created under the group Duties & Taxes .
o Enter the Rate and Assessable Value in the VAT Details screen.
o Press Enter to return to voucher screen.
4. Enter the amount in Debit column.
5. Credit the ledger created under the group Current Liabilities .
The journal voucher appears as shown below:
6. Press Enter to save.
'Recording a Transaction for Deferred Tax (Karnataka)' has been shared with