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Cot payable under composition scheme in karnatka (VAT)

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This query is : Open

Author : Anonymous

( Author )
15 June 2012

 Dear Sir/Madam,

Kindly help me out.

My question is, we are registered dealer in Banglore under composition scheme.

So our consultant have calculated COT amount like this:-
1. Turnover (incl of tax)= Gross turnover-Payment to subcontractor

2. COT=Taxable turnover x 4%

My problem is how to adjust the entries in tally

Kindly give your valuable suggestion if any

Thanks



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