hello,
we have purchased fixed assets like computer,telephones.
i have paid bill amount with vat and additional tax..now we are not taken credit of tax amount..
so i can make entry in tally like below..is right or not..
Computer Dr.25000
VAt12.5% Dr.3125
Add.Tax 2.5% Dr.625
Xyz Cr.28750
is this right or not.
If you are not taking credit for tax amount, then no need to debit the respective tax accounts. Debit Computer account with 28750.
What is the addl tax charged in the bill?
if any tax credit not taken than it will be our cost. and debit that asset A/c with whole amt.
CAclubindia
