Finance (Taxation And Accounting)

Tally is the software mostly used by many firm for their proper finance control. With the help of Tally we can record all Purchase transactions  Sales trasactions Payment through cash/Bank Receipts through cash/Bank Balance sheet preparation Profit and Loss preparation GSTR 3B-1 TDS calculations Payroll  Auditing,etc Today I will tell how to enter and maintain the payroll transactions by using Tally software. Please find below link for the complete details. https://drive.google.com/open?id=1z01g4mX4dXnHBxHm5vJuAIAxfOoIUrz9

Professional Tax Profession tax  the tax by the state governments in  India . Anyone earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, lawyer, doctor etc. are required to pay this professional tax. Different states have different rates and methods of collection. In India, profession tax is imposed evel. However, not all states impose this tax. The states which impose professional tax are  Karnataka ,  Bihar ,  West Bengal ,  Andhra Pradesh ,  Telangana ,  Maharashtra ,  TamilNadu ,  Gujarat ,  Assam ,  Kerala ,  Meghalaya ,  Odisha , Tripura , Madhya Pradesh , and  Sikkim . Business owners, working individuals, merchants and people carrying out various occupations come under the  purview  of this tax. Profession tax is levied by particular Municipal Corporations and majority of the Indian states impose this duty. It is a source of...

10 Documents required for E-filing Income Tax Return in India : Keep them ready ! Through this blog we shall be discussing some of the important  documents required for E-filing Income tax return or ITR.  Another Financial year is over and yet another due date is nearing by i.e. 31st July, the due date for filing your Income Tax returns or ITR. Following persons are supposed to file their  Income tax returns on or before 31st July  of the relevant assessment year* : Individual Hindu Undivided Family (HUF) Body Of Individuals (BOI) Association of persons (AOP) or Other non audit cases. *Relevant Assessment year is the year immediately succeeding the financial year for which the return is to be filed. So, Are you anywhere in the above list? If yes… Have you filed your Income Tax return for the Financial Year ? If not,have you at least collected all the documents that you require at the time of return filing  ? If the answer to the above tw...

Just In: Budget 2018 proposals 1.       Section  80D  deduction limit for health insurance premium and/ or medical expenditure increased from Rs  30,000/- to Rs 50,000/-  for senior citizens 2.       Section  80DDB  deduction limit for medical expenditure critical illness from: Rs 60,000/- in case of senior citizens Rs 80,000/- in case of very senior citizens, to  Rs 1 lakh  in respect of all senior citizens 3.       Deduction under Section  80TTB  introduced for senior citizens who can claim exemption of interest from banks, post office, etc upto Rs 50,000. Section 80 Deduction Table Section Deduction on FY 2016-17 Section 80C Investment in PPF Employee’s share of PF contribution NSCs Life Insurance Premium payment Children’s Tuition Fee Principal Repa...

                                         Difference Between TDS & TCS TAX DEDUCTED AT SOURCE TAX COLLECTED AT SOURCE TDS is the amount deducted before the payment of money by the employer to the employee, payment of rent, etc. TCS is the amount collected at the time of selling specified items as stated by the tax department of the government of India.  TREATED AS Tax Deducted at Source is treated as an expense to the company. Tax Collected at Source is treated as an income to the company.  APPLICABLE FOR TDS is mainly applicable to salary payments, interest payments, rents, the professional fee paid, lotteries, etc. TCS is mainly applicable on alcoholic beverages, forest products, timber selling, mines and quarries, toll plaza, etc. ...

Income Tax Return: Filing ITR before March 31? Don’t forget to do these 8 things Following persons are supposed to file their  Income tax returns on or before 31st July  of the relevant assessment year* : Individual Hindu Undivided Family (HUF) Body Of Individuals (BOI) Association of persons (AOP) or Other non audit cases But who is filed to file their  ITR they can file on/before 31-march-2018. Income Tax Return (ITR) filing: If you are one of those who have still not filed their income tax return (ITR) for AY2016-17 and 2017-18 or want to revise it, then you need to do it as soon as possible. For, you have very limited time to do so. The Income Tax Department has already warned taxpayers to ‘Come Clean’ and file their belated or revised ITRs latest by 31st March, 2018, or be prepared to face penalty or prosecution, depending on the case. While filing your income tax return, reconcile it with your Form 26AS so that you don’t miss any income alre...