21 May 2018

How to prepare Bank Reconciliation Statement ?

Preparation of Bank Reconciliation Statement is important to match the bank balance as per company book with the balance as per Pass book. This statement or report should be prepared for each month, in addition to Cash Book (Bank column), to arrive the balance shown in Pass Book (the book maintained by bank).
Steps to be followed to prepare a Bank Reconciliation Statement:
At first get ready with the statement of bank transactions maintained by you (ie: The bank column of a double/triple column cash book) and the book maintained by the bank (ie: An updated pass book)
Remember, Whatever entry is recorded on the Debit side of your Cash book, is indicates inflow of money and should be also reflected in the Credit side of the Pass book.
Likewise, Whatever entry is recorded on the Credit side of your Cash book, is indicates outflow of money and should also be reflected in the Debit side of the Pass book

Prepare a good format of Bank Reconciliation Statement like this:

BRS Format

Find all the records , recorded either in cash book only or in pass book only. Since you can’t change the balance of the pass book, (as it is maintained by bank) you have to made the necessary entries, that along with your cash book balance, will arrive as per the pass book balance in the BRS statement...
Follow this two thumb rules to make the necessary entries:
1. Debit all those transactions, which are not debited in Cash book but credited in Pass book and which are credited in Cash book but not debited in Pass book.

2. Credit all those transactions, which are not credited in Cash book but debited in Pass book and which are debited in Cash book but not credited in Pass book.

Now enter the closing "Balance as per Cash book"
Then enter the Debit and Credit "Amount not reflected in Bank"
And enter the “Balance as per Pass book".
Finally, the “Balance as per Cash book” will arrive at the “Balance as per Pass book”, when combined with the “Amount not reflected in Bank".

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15 May 2018

eFiling of TCS return in India

Although e-filing of TCS return is not so complicated to a person who have some know-how about the taxation and eFiling , but if you never file a return before, then you should get advised from a charter accountant. Anyway, in this educational article you should learn , how to file return for Tax Collected at Source...

[ At first make sure that your machine have 'Java Runtime Environment (JRE)' pre-installed. You can get it from java.sun.com ]

Step 1: Visit www.tin-nsdl.com, -> click on service tab -> go to "e-TDS/e-TCS”.

Step 2: Download the latest version of "e-TDS/e-TCS RPU” & “File Validation Utility”.

Step 3: Extract the RPU first. -> open the extracted folder -> find the “TDS_RPU.jar” file & run it…

Step 4: Select Form No. as 27EQ. -> Select the type of statement to be prepared. -> Click on “Click to Continue” button.

Step 5: Now fill up the Form; Challan and Annexure I (Collectee details)...

Step 6: After filing all the details, click on the “Create file” button situated at the bottom side of the form. Now select the .CSI input file (How to get CSI file?). -> Define the output/report file path. Just avoid the consolidated file path in case of regular return. -> Click on the “Validate” button.

Step 7: Now extract & open the FVU (.jar) file (downloaded in Step 2). -> Select the TCS input file (the output file you just got from Step 6). -> Select the .CSI input file. -> Define the output/report file path. Again avoid the consolidated file path in case of regular return. -> Click on the “Validate” button.
Congrats! You have done it… Now if you are sure about the correctness of all information given by you, then you can upload the .FVU file (Generated in Step 7) at https://www.incometaxindiaefiling.gov.in (login required) or you can submit at your nearby TIN Facilitation Centre (TIN-FC).

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What is CSI file

If you ever file TCS/TDS return , then you should know that a .csi file is needed for validation (No idea about TCS?). This CSI file is an encrypted file that contain all your challan/payment details for a specific return period.
If you obtain a TDS deductor or TCS collector, then you should have a TAN number (Tax Deduction/collection Account Number), and you can easily download the CSI file from tin-nsdl.com.

How to get CSI file?

At first visit at: https://www.tin-nsdl.com -> Mouse hover/click over "Services". -> Click on "OLTAS"
Click on "Challan Status Inquiry" from the left side menu...
Click on the "Challan Status Inquiry" link.
Click on "TAN Based View" button.
Enter your TAN number. -> Define the period. -> Type the CAPTCHA/Spam protecting code. -> Click on "Download Challan file" button...
Congrats! you are successfully downloaded the CSI file... Now you can use it as input in the Return Preparation Utility (RPU) & File Validation Utility (FVU).

[155 Words]
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14 May 2018

Important Interview tips for freshers

So you need some interview tips? well, friends I must say those tips, but before that I want to say you something, that knowledge & self confidence is your unreplacable asset. There is no tips or techniques, that can replace the same. Now Friends, remember that if you do any work, no matter for yourself or your interviewer, you should must have enough Confidence to perform the job. and there is no short cut method to crack an interview without having these qualities. However this interview tips will definitely boost your performance in front of an interviewer. So lets begin

1. Do no begin with “My Name Is…"
My friend, you already provide your Name & basic details through your CV to your Interviewer, Now think, does it make any sense to say your name again and again? So, never do that, instead say something about your interest that indirectly related with the prospective job.

2. Thinking Style.
In most of the cases, when the Interviewer ask a thoughtful question to a candidate, the candidate often looks at Upside while thinking, but friends, just imagine, if he/she facing a little bit downside instead upside? Yes, now that looks much better… So, always look downside while thinking...

3. Eye Contact.
Having eye contact with the interviewer is very necessary but it also important that you should not make your interviewer uncomfortable by overdoing that. So Friends Keep a normal Eye Contact with a Confident Smile on your face…

4. Avoid brand new Apparel.
Brand new Cloths and Shoes are not that, what an interviewer is actually looking for, Instead, wear well cleaned, formal shirts and shoes that you already have. You will feel more comfortable with that...

5. Use your Hands to Describe.
When you illaborate or trying to describe something to your interviewer, use your hands as gesture in addition to your voice. Remember, using your hands to describe something, always shows more involvement within the context.

6. Pre-Interview Research.
Before going for an Interview doing some researches is a good practice. Gather some informations about the industry, in which the Company belongs. You should also have some basic idea about the Company and its operation and finally try to gather the information about the prospective employer. Beleve or not, these information will always be in your favour in the interview room.

7. Take Your Time...
Friends, In Interview You should not be in hurry to answer the questions of your Interviewer, by this way you will gradually lose your confidence. So what you have to do, just listen carefully and take a little time to compose your answer, It insures an well presented meaningful answer rather some undecorated words.

8. Communication.
What can be an alternative to having a good Communication Power… Whatever is your profession, It is most important that you can communicate professionally. You have to maintain a good communication skill in the Interview too. Remember, to be a good Speaker, at first you have to be a good listener!

9. Handshake.
Never forget to give a firm Handshake, to your Interviewer at the end of the Interview. By this way, you convey the messeage that, you are already one of them...

10. Honesty…
Last but not least, Honesty is the wish of all employer, think about the pain to have a dishonest person, to whom you pay to do your important task with good faith. So friends, never grab any dishonest way to crack the Interview.