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Assists you in filing/efiling and Income Tax computation/management
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Processing Purchases & Sales Entries
1. In the Voucher Type Alteration
screen, enter the Name of Class as VAT Adjustment Class
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5. In the Accounting Details screen, select Purchases from URDs @ 1% from the List of Ledger Accounts . The VAT/Tax Class will automatically be displayed as Purchases From URDs Taxable Goods @ 1% 6. Select the next stock item as Insulators . Enter the Quantity as 5 and Rate as 320 7. In the Accounting Details screen, select Purchases from URDs @ 4% from the List of Ledger Accounts . The VAT/Tax Class will automatically be displayed as Purchases From URDs Taxable Goods @ 4% 8. Select the next stock item as Vacuum Cleaner . Enter the Quantity as 3 and Rate as 15,000 9. In the Accounting Details screen, select Purchases from URDs @ 12.5% from the List of Ledger Accounts . The VAT/Tax Class will automatically be displayed as Purchases From URDs Taxable Goods @ 12.5% Search The field Show Statutory Details will be set to No 10. Search History: default Bill allocations in the Bill-wise Details screen 11. Accept the 12. Enter Searching... the details in the field Narration , if required
Result 00 of 00 00 results for result for p.
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ii. Journal Adjustment Entry to Account for T on Purchase from URDs ax
Let us record the transaction in Tally.ERP 9. T create a journal adjustment entry to account for tax on purchase from URDs, o Go to Gateway of Tally > Accounting Vouchers > F7: Journal 1. Select Tax on URD Purchase as the VAT Adjustment Class in the Used for field 2. Debit the ledger Tax Paid on URD Purchases @ 1% . In the VAT Class Details screen, the VAT/Tax Class will be displayed as Purchase From URDs Taxable Goods @ 1% 3. Enter the amount as 400 (i.e., 40,000*1% VAT) in the debit field 4. Similarly, debit the ledger Tax Paid on URD Purchases @ 4% . In the VAT Class Details screen, the VAT/Tax Class will be displayed as Purchase From URDs Taxable Goods @ 4 5. Enter the amount as 64 (i.e., 1,600*4% VAT) 6. Debit the ledger Tax Paid on URD Purchases @ 12.5% . In the VAT Class Details screen, the VAT/Tax Class will be displayed as Purchase From URDs Taxable Goods @ 12.5% 7. Enter the amount as 5,625 (i.e., 45,000*12.5% VAT) 8. Search Credit Output VAT @ 1% ledger. 9. In the VAT Search History: Class Details screen, Output VAT @ 1% will be displayed in the VAT/Tax Class field. Enter the Assessable value as 40,000. Searching... the required commodity. Any number of Commodities can be selected in the Commod10.Select Result 00 of 00 field and assessable value can be specified for each such that the total tax value ity Name matches with for 00 results for result the amount debited. 11.Here select the Commodity as Jewellery with Assessable Value of 40,000 . Tax amount will be automatically calculated and displayed.
p.
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20.The credit amount will be automatically displayed 21.Enter the Narration if required
Search Search History: Searching... Result 00 of 00 00 results for result for 22. Press Y or Enter p.
2.5 Exports
Figure 2.35 Journal V oucher Tax on URD Purchase
to accept and save.
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Step 1: Let us create the necessary ledgers to account for export sales.
Creating Ledgers i. Exports Ledger Name Under Group Inventory values are affected Used in VA T Returns VAT/T Class Use for Assessable ax Value Calculation
Exports
Sales Accounts
Y es
Y es
Exports
No
ii. Refund on Exports Ledger Ledger Under Inventory values are affected Use for Assessable Value Calculation Used in VAT Returns
Refund on Exports
iii. Sundry Debtor Ledger
Indirect Incomes
No
No
No
Create the sundry debtor ledger Zeta Electronics by following the steps given in example 3.
iv. Foreign Currency Creation
In F11: Features > F1: Accounting To create a foreign currency,
Features set Allow Multi-Currency
to Yes
Search Go to Gateway Search History: of Tally > Accounts Info. > Currencies > Create Searching... Symbol Formal Number Show Is Symbol Put a SPACE of Amounts SUFFIXED between Result 00 of 00 Name Decimal in Million to Amount and 00 results for result for Places Amount Symbol p.
$ US Dollars 2 No Yes Y es
Decimal Places for Printing Amounts in Words
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2.4 Purchase from Un-registered Dealers for of 144 Download Embed D Implementation of Value Added Tax in TallyERP 9 Copy Lin
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Introduction Value Added Tax in India Search General Terminologies of VAT Search History: Composite Dealers Searching... Features 00 of 00in Tally.ERP 9 Result of VAT Lesson 1: Enabling VAT in Tally.ERP 9 00 results for result for 1.1 Creating a Company 1.2 Enabling VAT p. 1.2.1 Quick Setup
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Lesson 2: Processing Purchases & Sales Entries 2.1 Taxable Purchases and Sales 2.1.1 Purchase of Taxable Goods 2.1.2 Purchase Returns 2.1.3 Sale of Taxable Goods 2.1.4 Sales Returns 2.2 Purchase and Sale of Exempt Goods 2.2.1 Exempted Purchases 2.2.2 Exempted Sales 2.2.3 Sales Returns 2.3 Inter-state Purchases and Sales 2.3.1 Inter-State Purchases Against Form C 2.3.2 Interstate Purchases at Multiple CST Rates 2.3.3 Inter-state Sales Against Form C 2.3.4 Inter-State Sales at Multiple CST Rates 2.3.5 Inter-state Sales under Sec. 10 2.4 Purchase from Un-registered Dealers 2.5 Exports 2.7 Works Contract and Job Work Lesson 3: Reversal of Input Tax Credit 3.1 Goods used for Civil Structures 3.2 Goods used for Consumption 3.3 Purchase Automobile Spare Parts from Non-Dealer of Automobile 3.4 Purchase of Air Conditioners from Non-Dealer of Air Conditioners 3.5 Goods Distributed as Free Samples & Gifts 3.6 Goods Lost on Theft, Loss Etc 3.7 Loss of Inputs by Fire or Accident 3.8 Inputs Damaged in Transit or Destroyed before Manufacture 3.9 Unavailed Credit on Capital goods (Time Barred) 3.10 Consignment/Branch Transfers without Form F 3.10.1 Consignment Transfers without Form F 3.10.2 Reversal of Input Tax Credit on Consignment Sent without Form F 3.10.3 Sales Branch Transfers 3.10.4 Reversal of Input Tax Credit for Stock Transferred without Form F 3.11 Purchases for Production of Exempted Goods (Finished) 3.12 Interstate Sale without 'C form 3.13 ITC Availed for Finished Goods Subsequently Exempt 3.14 Others (specify) Lesson 4: Payment of VAT Liability 4.1 Advance Tax, Entry Tax and TDS Adjustment Entries 4.1.1 Adjustment Towards Advance Tax or Refund 4.1.2 Adjustment Towards Entry Tax Paid 4.1.3 Adjustment Towards TDS 4.2 Adjustment of ITC against Tax Payable 4.3 Adjustment Towards CST Dues Search 4.4 Payment of VAT Search History: Lesson 5: VAT Reports Searching... 5.1 VAT Computation Report Result 00 of 00 5.2 Statutory Returns and Annexures 00 results for result for 5.2.1 VAT Return Form I 5.2.2 VAT Return Form I-1 p. 5.2.3 Form W
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5.2.4 VAT Annexures Lesson 6: EVAT 6.1 Online Filing 6.2 Uploading in Excel Format More from This User Related Documents
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