Type search words and press enter
"Use Edit Log for transactions/masters, and digital signature for invoices/reports with Release 2.1. Download NOW!"

Recording Purchase Works Contract (Tamil Nadu)

If you have availed work contract services, you need to record a transaction for the purchase of works contract. You can record all deductions applicable in the works contract. While recording works contract transactions the deduction percentage can be entered and tax will be calculated on the remaining amount.

To record a works contract transaction

1. Go to Gateway of Tally > Accounting Vouchers > F9: Purchase .

2. Enter Supplier Invoice No. and Date .

3. Select supplier ledger in the Party's A/c Name field.

4. Select the Purchase Ledger with Purchase - Works Contract as the Nature of transaction .

Note: If common purchase ledger is being used:

Click F12: Configure in the invoice and set the option Allow Modification of Tax Details for VAT? to Yes .

Select Purchase - Works Contract in the VAT Classification Details screen displayed on selecting the common purchase ledger.

5. Select the stock item.

6. Enter the Quantity and Rate .

7. Enter the percentage or amount of deduction in the Deduction Claimed for Tax Calculation screen.

8. Press Ctrl+A to accept.

9. Click A : Tax Analysis to display the Tax Analysis screen.

o Click F1 : Detailed to view the names of stock items. The Tax Analysis screen appears as shown below:

o Pres Esc to return to purchase invoice screen.

10. Enter Narration , if any.

The purchase invoice appears as shown below:

11. Press Enter to save.