Recording Increase of Tax Liability (Punjab)

To account for increase in tax liability

1.     Go to Gateway of Tally > Accounting Vouchers > F7: Journal.

2.     Click J: Stat Adjustment to enable the required options in the Stat Adjustment Details screen.

3.     Debit the expenses ledger, and enter the tax amount.

4.     Credit the ledger grouped under Current Liabilities and enter the amount.

5.     Set the option Provide VAT Details to Yes. Enter the Order No., Order Date and Assessment Year in Refund Adjustment Details screen as shown below:

6.     Press Enter to return to journal voucher. The journal voucher appears as shown below:

7.     Press Enter to save.