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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.