Below is a brief description about the nature of adjustments in Tally.ERP 9 release 5.5, and how each adjustment corresponds to the adjustment flags available in previous releases. Journal vouchers for accounting adjustments can be recorded using the various nature of adjustments provided in 5.5.
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VAT Adjustments - upto Release 4.93 |
Nature of Adjustment - From 5.5 |
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|---|---|---|
|
Nature of Adjustment |
Additional Details |
|
|
Adjustments Towards Interest, Penalty Or Other Dues |
Increase of Tax Liability |
Interest, Penalty, Other Dues |
|
Adjustment Towards CST |
Decrease of Input Tax |
Against CST |
|
Adjustment Towards Refund Claim |
Refund of Input Tax |
--- |
|
Balance Tax Credit on Capital Goods |
Input Tax Credit Admitted On Capital Goods |
--- |
|
Opening Input Tax Credit Available on Unsold Stock |
Increasing Input Tax |
Opening Stock |
|
Reverse Input Tax Credit on Capital Goods |
Reversal of Input Tax |
Capital Goods |
|
Tax Paid in Excess |
Decrease of Output Tax |
Excess Paid |
Newly introduced VAT adjustments
|
Nature of Adjustment - From 5.5 |
|
|---|---|
|
Nature of Adjustment |
Additional Details |
|
Reversal of Input Tax |
Goods Used in Telecom, Electricity and Other Power Generation |
|
Reversal of Input Tax |
Goods disposed off otherwise than by sale |
|
Reversal of Input Tax |
Purchases Used in Mfg. of Tax Free Goods |
|
Reversal of Input Tax |
Left in Stock on Closure of Business or Cancellation of Regn. |
|
Reversal of Input Tax |
Purchases from Un-Registered, Composition, Casual Dealers |
|
Reversal of Input Tax |
Goods Given As Gift, Free Sample |
|
Reversal of Input Tax |
Tax Adjustment Towards Transfer of Right to Use |
|
Reversal of Input Tax |
No Invoice or Non-Availability of Tax Details in Invoice |
|
Reversal of Input Tax |
Purchased on Concessional Rate of Tax |
|
Reversal of Input Tax |
Input Tax restricted Goods |
|
Reversal of Input Tax |
Others |
|
Reversal of Input Tax |
Fuels Used in Manufacture of Goods |
|
Reversal of Input Tax |
Tax Credit Disallowed in Respect of Branch/Consignment Transfer |
|
Decrease of Input Tax |
Tax Paid on Unsold Stock |
|
Decrease of Output Tax |
Purchase from exempted Unit |
|
Decrease of Output Tax |
Purchase of Schedule-C goods |
|
Tax on URD Purchase |
Purchase of Schedule-C goods |
|
Tax on URD Purchase |
Not Applicable |
|
Decrease Of CST |
Excess Credit Brought Forward From Previous Return |