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How do I view the Computation of Additional Expenses Apportioned to Assessable Value in Sales Invoice? @ Tally.ERP 9

Enhancements in Tally.ERP 9

 

Tally.ERP 9 is now capable of providing total solution to VAT and other statutory related taxation issues. Now with Tally.ERP 9 the item assessable value can be arrived at inorder to levy the various taxes. This item assessable value can be calculated by using the following steps.

 

For example, Pentium IV Computers and LG Monitors are two items. The Sale price of Computers is Rs.20,000 and Monitors is Rs.2,000. The Discount allowed is on the basis of Sales Value of goods and the packing charges are charged on the basis of quantity of goods sold. The Computers are taxed @ 4% and the Monitors are @1%.

 

The Sale quantity of PIV Computers is 50 Nos. @ Rs.20,000 each and 25 Monitors @ Rs.2,000 each. The Discount allowed is Rs.50,000 (on sale value) and the Packing Charges are charged on the basis of Quantity Sold. These additional ledger values are distributed as per specification to each item for arriving at the Assessable to calculating the Tax.

 

The Discount will be distributed on the basis of the Value of goods. The total Sale value for Computers is Rs.10,00,000 and the Sale Value of Monitors is Rs.50,000. The ratio of distribution of discount is 100:5. So Rs.50,000 will come to Rs. Rs.47619.05 for computers and Rs. 2380.95 for Monitors.

 

The packing charges are distributed to two items basing on the quantity sold, i.e, in the ratio of 50:25. The value will amount to Rs.10,000 for Computers and Rs.5,000 for Monitors.

 

The Assessable Value can be calculated as below:

 

Pentium IV Computers : Rs.10,00,000 – 47,619.05 + 10,000 = 962380.95

LG Monitors                : Rs. 50,000 – 2380.95 + 5000 = 52619.05

 

The VAT can be calculated as below:

 

Computers @ 4% i.e. 962380.95*4% = 38495.24

LG Monitors @ 1% i.e. 52619.05*1% = 526.19

 

This can be implemented in Tally.ERP 9 by following the steps as below:

 

  1. Create a Party Ledger, Item Masters, Sales Ledger and Tax ledger as usual.
  2. While creating the Additional Expenses ledgers like Discount and Packing charges under Indirect Expenses, specify whether such ledger values need to be used for the calculation of Assessable Value for VAT or not.
  3. If these additional ledgers are used for Assessable Value Calculations, the basis of apportionment of these expenses to the items needs to be specified in the Expenses Ledger Master itself.
  4. If such expenses are to be apportioned on the basis of Quantity, the appropriate options need to be selected 
computation of additional expenses apportioned to assessable value in sales invoice? @ Tally.ERP 9
If such expenses are to be apportioned on the basis of Value, the appropriate option needs to be selected.
computation of additional expenses apportioned to assessable value in sales invoice? @ Tally.ERP 9
  1. Pass the sales entry by selecting the respective Sales Ledgers for each item
  2. After items select the additional ledgers (please give –ve sign for deductions from the item value).
  3. Enter the VAT ledgers as applicable
  4. Select the option 'Show Statutory Details' as YES
computation of additional expenses apportioned to assessable value in sales invoice? @ Tally.ERP 9
10. The Statutory Details screen will be displayed with the Assessable Value and the Total Tax amounts.
computation of additional expenses apportioned to assessable value in sales invoice? @ Tally.ERP 9
11. Press Alt+F1 for detailed view
computation of additional expenses apportioned to assessable value in sales invoice? @ Tally.ERP 9
  1. All the calculations will appear there. Accept it.
  2. Accept the Sales Voucher.
computation of additional expenses apportioned to assessable value in sales invoice? @ Tally.ERP 9
Presently the values as shown in the Statutory Details screen may not be captured in the VAT Return Forms as it is. But in a future release, the same can be used for capturing the values in the VAT Return Forms and for Computation.
 
 
 
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