06 July 2024
To record deferred tax in Tally, you typically use a journal entry. Here's how you can record it:
1. **Open Tally**: Launch Tally ERP 9 and select the company in which you want to record the entry.
2. **Navigate to Accounting Vouchers**: Go to "Accounting Vouchers" from the gateway of Tally.
3. **Create a Journal Voucher**: - Press **F7** or click on "Journal" from the right-hand side menu.
4. **Enter Details**: - **Date**: Enter the date as 31.03.2020. - **Debit**: Select the appropriate account where you want to record the deferred tax asset or liability. For example, if it's a deferred tax asset, select an asset account; if it's a deferred tax liability, select a liability account. - **Amount**: Enter the amount of deferred tax (Rs. 718.00 in this case). - **Credit**: Select the corresponding tax account (e.g., Deferred Tax Asset or Deferred Tax Liability). - **Amount**: Enter Rs. 718.00 under the credit side.
5. **Narration (Optional)**: You can enter a brief note or description if necessary.
6. **Save and Accept**: Verify the voucher details and save the entry by pressing **Ctrl + A** or selecting "Accept" from the button bar.
This example assumes the deferred tax amount is a deferred tax asset. Adjust the account names based on whether it's an asset or liability according to your specific financial statement and tax calculation.
Always ensure to consult with your accountant or tax advisor for precise guidance tailored to your company's specific financial and tax reporting requirements.