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 ledger in the field Party's A/c Name .
3. Select the sales ledger with Sales - Works contract as the Nature of transaction .
Note: For a common ledger, 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, as shown below:
4. Select the item, and enter the Quantity and Rate or Amount .
5. Enter the percentage or amount of deduction in the Deduction Claimed for Tax Calculation screen. The Deduction Claimed for Tax Calculation screen appears as shown below:
6. Select the VAT ledger.
7. Click A : Tax Analysis to display the Tax Analysis screen.
o Click F1 : Detailed to view in detailed mode. The Tax Analysis screen appears as shown below:
o Press Esc to return to the sales invoice.
The sales invoice appears as shown below:
8. Press Enter to save.
'Sales - Works Contract (Madhya Pradesh)' has been shared with