Notional Tax Credit - Capital Goods (Chandigarh)

To record the notional tax credit on capital goods in journal voucher

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 notional input tax ledger.

Note: To identify a ledger for notional tax, in the ledger grouped under Duties & Taxes with Type of duty/tax set to VAT, set the option Use for Notional ITC to Yes.

4.     Select the purchase reference and enter the purchase details in Credit Settlement Details screen.

5.     Enter the tax amount.

6.     Credit the VAT ledger.

7.     Press Ctrl+A to save.