INPUT VAT ENTRY IN A/C
This query is : Resolved
21 May 2011
Dear Sir
I need the guidance
Now days i am doing pending work of my client fin.year 2007-2008,for next month sales tax assesment.
the query is i am doing entry in a/c of local purchase bill's , in bill's the detail as below
1)
Material's 13333.33
OutPut Vat 12.50% 1666.67
Total Amount 15000.00
i am doing entry in tally as below
Cr. S.Creditors a/c 15000.00
Dr. Local Purchase a/c 13333.00
Dr. Input Vat 12.50% 1667.00
==========================================
2)
Material's 7658.65
OutPut Vat 4% 306.35
Total Amount 7965.00
i am doing entry in tally as below
Cr. S.Creditors a/c 7965.00
Dr. Local Purchase a/c 7659.00
Dr. Input Vat 4% 306.00
any criteria if i am doing entries as above in round of amount in input tax.
Waiting for reply
Thanks
Arshad
I need the guidance
Now days i am doing pending work of my client fin.year 2007-2008,for next month sales tax assesment.
the query is i am doing entry in a/c of local purchase bill's , in bill's the detail as below
1)
Material's 13333.33
OutPut Vat 12.50% 1666.67
Total Amount 15000.00
i am doing entry in tally as below
Cr. S.Creditors a/c 15000.00
Dr. Local Purchase a/c 13333.00
Dr. Input Vat 12.50% 1667.00
==========================================
2)
Material's 7658.65
OutPut Vat 4% 306.35
Total Amount 7965.00
i am doing entry in tally as below
Cr. S.Creditors a/c 7965.00
Dr. Local Purchase a/c 7659.00
Dr. Input Vat 4% 306.00
any criteria if i am doing entries as above in round of amount in input tax.
Waiting for reply
Thanks
Arshad
22 May 2011
rounding off can be done at any stage, either at posting time (for such rounding off check the VAT return and if found rounding off there, then do it), at end of period of return of vat or at end of Financial year,
23 May 2011
Thanks Sir
For your guidance
Arshad
For your guidance
Arshad
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