Opening balance for Input Tax Credit
How to provide the opening balance for Input Tax Credit in a new Company?
Yes, it is possible to provide the Opening Balance for Input Tax Credit in a newly created company by giving the amount in the Opening Balance field followed by Dr for the Input VAT Ledger grouped under Duties & Taxes and Type of Duty/Tax as VAT. The opening balance will be displayed in the VAT Computation and the respective Forms. Selection of Vat/Tax class is optional.
rajesh Said,
June 23, 2011 @ 3:59 am
input tax credit come under which group?
Tally Academy Said,
June 23, 2011 @ 11:54 pm
Dear Rajesh,
You can create input tax credit ledger under Current Assets or Duty and Taxes group