28 December 2017

Due date of filing TDS return



Due dates of TDS return for assessment year 2017-18 onwards, is now same for Govt. and Non-Govt. entities as follow:

For 1st Quarter (Apr-Jun) - Within 31st July.
For 2nd Quarter (Jul-Sep) - Within 31st October.
For 3rd Quarter (Oct-Dec) - Within 31st January.
For 4th Quarter (Jan-Mar) - Within 31st May.

27 December 2017

What is TCS? (in Hindi)

Tax Collected at Source or simply TCS is a income tax which should collected and paid by seller behalf of the buyer for selling some specified items. To know more about TCS watch the video below till the end.


03 December 2017

TDS in Tally ERP9 Video with "NATURE OF PAYMENT CHART"



In this video TDS is demonstrated step by step using tally ERP 9. Please watch the video till the end to learn the same. A chart including all TDS nature of payment with their relevant section, payment code & tax rate also given below:

TDS NATURE OF PAYMENT CHART

Section
Nature of Payment
Payment code
Tax Rate
192
Payment to Govt. Employees other than Union Government Employees
92A
10%
192
Payment of Employees other than Govt. Employee
92B
10%
193
Interest on Securities
193
10%
194
Dividend (other than Sec : 115-O)
194
10%
194A
Interest (other than interest on securities)
94A
10%
194B
Winnings from lotteries and crossword puzzles
94B
30%
194BB
Winnings from horse race
4BB
30%
194C
Payment of contractors and sub-contractors
94C
1% for individuals/HUF
2% for others
194D
Insurance Commission
94D
5% AY: 2017-18 onwards
10% till AY: 2016-17
194D
Payment in respect of life insurance policy
94DA
1% for 1st June,2016 onwards
2% till 31st May,2016
 194EE
Payments in respect of Deposits under National Savings Schemes
4EE
10% for 1st June,2016 onwards
20% till 31st May,2016
194F
Payments on account of Re-purchase of Units by Mutual Funds or UTI
94F
20%
194G
Commissions, prize etc., on sale of Lottery tickets
94G
5% for 1st June,2016 onwards
10% till 31st May,2016
194H
Commission or Brokerage
94H
5% for 1st June,2016 onwards
10% till 31st May,2016
194I
Rent
94I
10% for Land, Building, Furniture or Fittings
194I
Payment on transfer of certain immovable property other than agricultural land
94IA
1%
194J
Fees for Professional or Technical Services, Royalty or Remuneration/Fee/Commission to a Director
94J
10%
194LA
Compensation on acquisition of certain immovable property
4LA
10%
194LBA
Deducted by business trust from an unit holder while distributing any interest received/receivable from an SPV or any income received by renting/leasing an directly owned real estate asset.
4LBA
10%
194LBB             
Investment fund paying an Income to a Unit holder, other than income which is exempt U/S 10(23FBB)
4LBB
10%
194LBC
Income in respect of investment made in a securitization trust
4LBC
25% for Individual/HUF
30% for others
Note: 10 % for any Other Income

20 November 2017

What is TDS?


(watch this video till the end to understand TDS🎬)
Tax Deducted at Source or simply TDS is an tax imposed on income, which unlike normal assessment, deducted from the source of assessee's income by a deductor, and the deductor will become liable to pay the deducted tax to the government behalf of the assessee.

The deductor shall also issue TDS certificates to the assessee in Form 16 (for employer) or Form 16A (for all other than employer).

Although, if the assessee fallen under nill/lower tax bracket, then he/she is entitled to claim a refund for the tax, he/she already paid in excess of the payable amount, simply by filling an annual income tax return along with all TDS certificates received from the deductor.

12 November 2017

What is composition scheme in GST

Manufacturer or supplier of goods, restaurant service provider and who provides exempted service may opt composition scheme if there gross annual turnover is less than 1 Cr.

Unlike regular scheme they cannot avail input tax credit on their purchases but they can enjoy lower tax rate instead.


(Watch the video for full details.🎬)

Rate under composition scheme:
  • For manufacturer & traders: 0.5% CGST + 0.5% SGST
  • For supplier of foods & drinks for human consumption (Other than alcohol): 2.5% CGST + 2.5% SGST

07 November 2017

Five New Changes in GST



(You can also watch the video🎬)
  1. No reverse charge upto March, 2018.
  2. Turnover limit changed to 1 crore from 75 lakh, to registering under composition scheme.
  3. Return can be filled quarterly instead of monthly, if annual turnover not exceeding 1.5 crores.
  4. No tax for advance payment where no supply took place.
  5. For AC Restaurants, GST rate reduced to 12% from 18%.


05 November 2017

Major Impacts of GST over Indian economy

Watch the video till end for understand all these five impacts 🎬


As the biggest fiscal reform in taxation India ever had, GST implied with various impacts over Indian economy. Out of them, five major impacts are

1. GST impact on interstate business.
2. Impact over Documentation
3. GST impact over Tax Evasion
4. GST impact over Cascade tax.
5. GST impact over common man.



04 November 2017

GST at a glance !

Watch a short introduction to Goods and Service Tax.



Tips to use calculator in Tally ERP9

Tally ERP9 have a interacting calculator which you can use by pressing Ctrl + N. You can easily find Cash balance, profit or Loss or any other ledger balance by just typing the name. For more details please watch the video 🎬



26 October 2017

Difference between normal and online calculation in Tally ERP 9

In Tally ERP 9 you can use calculator in two way. Either you can use simple calculation or Online Calculation. 


(You can also watch our step by step video🎬)



To calculate in simple mode: Open calculator by pressing Ctrl + N > Make your calculation and remember the output > Close calculator by pressing Ctrl + M > Put the amount in the correct field.

To calculate in online mode: Make sure your selection is in the correct field where you want the result > Press Alt + C >   Make your calculation (in this case you are not required to remember the output) > Press Enter

Tally have a interactive calculator, hence you can also use it other than calculation purpose, I will make it clear in my next post.

21 October 2017

How to create a compound unit of measure in Tally ERP 9

Hi friends, to create a compound unit of measure, follow the steps mentioned below:
You can also watch our step by step video🎬  


πŸ‘‰ Go to Inventory info from Gateway of Tally > units of measure > create


πŸ‘‰ If you want to create a complex compound UOM you must have at least two simple UOM. Here you can directly create those from or you can create them online.


πŸ‘‰ Now go to the "type" field and select it as compound instead of simple.


πŸ‘‰ In the "First unit" field select the greater unit (or create, if you not created it already, by pressing Alt + C) [for example: kg.]


πŸ‘‰ In the "Conversion" field type the rate of 2nd unit [for example: 1000]


πŸ‘‰ In the second unit field select the smaller unit (or create if you're not created it already by pressing alt + c) [for example gm.]


πŸ‘‰ Finally save it and you are done. πŸ‘

18 October 2017

How to manage inventory in tally erp 9

In Tally ERP 9 you can you can manage all your trading inventories in deferent groups and categories. You may also wish to maintain multiple godowns. In this post I am going to show you uses of these elements.

You can also watch our step by step video 🎬 


1. Feature: To manage inventory/stock, first you need to enable the integration between accounts and inventory. To do so, follow the steps below:

πŸ‘‰ Press F11 > Select Accounting info (F1) > Set "yes" to the option "Integrate accounts and inventory".

2. Stock Groups: You may have stocks under deferent groups and you can create those groups in Tally. To do so, follow the steps below:

πŸ‘‰ Gateway of Tally > Inventory info > Stock Groups > Create > Type your group name > Save.
(You can select those groups as under of the relevant stock items.)

3. Stock Categories: You can also use Stock Categories to classify your stocks farther. Although these feature will be disabled by default but you can enable it any time if you need it. Follow the steps below:

πŸ‘‰ Press F11 > Inventory features (F2) > Set "yes" to the option "Maintain stock categories" >  Save & Back to Gateway of Tally > Inventory info > Stock categories > Create > Type the name of category you want > Save.

4. Godowns: If you have multiple godowns and you want to maintain them for allocating stock items, then you have to enable this feature also. To do so, follow the steps below:

πŸ‘‰ Press F11 > Inventory features (F2) > Set "yes" to the option "Maintain multiple godowns" >  Save & Back to Gateway of Tally > Inventory info >  Godowns > Create > Type the name of Godown you want > Save.

5. Units of Measure (UOM): Now this is a must to have element is you sold goods (not mandatory for service). Recognize all of the measuring units suitable for your stock items (like Pcs. , Kg. , Ltr. , Box etc.) . To do so, follow the steps below:

πŸ‘‰ Gateway of Tally > Inventory info > Units of Measure > Create > Type the symbol of UOM (Ex: Kg) > Type the formal name of UOM (Ex: Kilogram) > Save.
6. Stock Items: Finally you can create your stock items and assign all of the element above into each of them. To do so, follow the steps below:

πŸ‘‰ Gateway of Tally > Inventory info > Stock Items > Create > Type the symbol of Stock item > Select the under as relevant group > Select the relevant category > Select the relevant UOM > Put opening quantity (if any) in "Quantity" field & press Enter > Select the Godown > Put the rate of each item in the "Rate" field > Save (twice for both windows).
> Save.

So now all of your Inventories/Stock Items are ready for passing any purchase, sale, debit/credit note or any other inventory vouchers. You can also see them in "Stock summary" report (available in gateway of tally).