Finance (Taxation And Accounting)

All about UIN : Unique Identification Number Updated on Sep 11, 2017 - 03:47:14 PM Unique Identification Number, UIN, is a special class of  GST registration  for  foreign diplomatic missions   and embassies  which are not liable to taxes in the Indian territory. Any amount of tax (direct or indirect) collected from such bodies is refunded back to them. CONTENTS: 1.       Who can apply for UIN under GST? 2.       What is the purpose of a UIN? 3.       What is the difference between GSTIN and UIN? 4.       How to register as a UIN? 5.       What returns should be filed by a UIN holder? 6.       What should a seller supplying to a UIN holder ensure? 7.       What is the last day for claiming a refund on purchases by a UIN holder? 1. Who can apply for UIN under GS...

Payment of TDS take place on or before 7th of every subsequent month, for eg: January month TDS should pay before 7th February. Filing of TDS takes place every quarter end. If you file after the due date then you have to pay the fee of Rs.200/-per day. If you delay in monthly payment then you have to pay Fee+Interest. So that file at least with one challan to avoid the heavy penalty within due date and later you can correct it through offline or online by using TDS Trace portal. Please find the below attachment to look how to file TDS quarter original filing and Corrections for the same with Java  RPU tool.(offline tool) https://drive.google.com/open?id=1WT5drWpIfxmLbVng8QJcZ0pxL6APlSvx

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...