How will Tally 8.1 help to generate Statutory Returns?

With Tally 8.1 all you need to ensure is the accuracy of all your Purchase Invoices and Sales Invoices being recorded in your computer. Thereafter, at the press of a key, State specific statutory reports, documents and accounts will be directly generated, along with forms. These could then be directly printed for filing Statutory Returns.

Statutory Returns will need to be filed in a continuous form, either monthly or quarterly and then annually (a summary of the entire year's reports).

Since these are continuous reports, the Carry Forward Credit of the current report has to match that of the previous report. Furthermore, once the Returns are filed, changes cannot be made in the subsequent month/s without submitting detailed documentation.

Every Statutory Return, depending upon the State, could have up to 30 fields on the form. For each of the fields to be filled, one would need to do tedious and accurate calculations based on all the transactions of the given period ( but not with Tally 8.1 ).

In some States, the Statutory Returns could be a single-page and in other states there could be multiple pages, which would need the support of many transactional annexures. Just the process of filing Statutory Return and filling in the required reports and forms, would be similar to generating a Balance Sheet every month/quarter.

How will Tally 8.1 maintain the VAT Documents and VAT Accounts?

The basic requirement for VAT compliance is that businesses need to receive and raise VAT compliant invoices called Tax Invoices in order to claim input credit. The following Records and Accounts will be generated and maintained by Tally 8.1, accurately and in detail, for filing of Statutory Returns.

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