Blogger templates

Friday, October 21, 2011

Tally Tips and Tricks

Friends,

If you are using Tally then here are some tips. With the help help of these Tips you will be able to work fast in Tally. These are very simple commands. You have just to remind these Tips and enjoy working.

If you want to repeat last narration of last voucher, then go to narration of the voucher and Press Ctrl +R  it will place the last narration and will save your time to write to write narration again and again

You are entering vouchers and suppose you made a mistake in entry however the voucher was saved now you want to alter it, then you will need to follow a big long procedure.

But I will explain you here by which you will be able to modify the voucher without going to related ledger account and without leaving voucher entry screen.

Hit the page up button from your voucher screen and you will find the last entered voucher there. now you can modify it easily alter the voucher.

Similarly you can edit any voucher by this way by selecting a date and pressing page up button again and again and you will find voucher entries one by one for that particular date.

Sometimes Ago, I already explained how to create a new ledger account when you are in the middle of a voucher just press ctrl+c and you will find the ledger creation screen.

and if you want to alter name or group of any ledger you can also do the same without leaving the voucher entry screen. Just recall that voucher select the ledger you wanted to alter press enter one time you and go the amount field now hit back button and come back to the same ledger account and press Ctrl+Enter here you can modify name ,group or any details you want to modify.

You are entering amount and suppose you want to do calculation and you need the result of these calculation to be entered in the amount field. Here is a short cut for this too. Go to amount field and Press Ctrl+C and you will be redirected to calculation pane at the bottom of your tally screen.Make your calculation and after that Press ENTER the amount will be automatically field in the amount column.

Wanted to send a screen shot of your tally voucher entry of tally screen or even a ledger ?

Okay go the screen for what you wanted to take a screen shot and press PrtScr button of your key board (top right side of your keyboard) now go word press or excel and just press Ctrl+V and you will find the screen shot of your tally screen. you may send this through email to any body you wish so.

If you want me to send more Tips and Tricks of Tally to you then simply write down your email address on the TOP of this site.

Wanted to delete a voucher ? okay go to that particular voucher and Press Alt +D

More tips and tricks next time.

Tuesday, October 4, 2011

What is EEE or EET or ETT in Terms of Taxation?

Friends,


What do the three characters meanings?
I understand these words are very untidy to you but comprise so much significance in the taxation world. So let’s try to understand these expressions.

    * “E” means Exempt
    * “T” means Taxable.
    * “T” means Taxable.

Words laid down above appears to be higgledy-piggledy for non-professionals, but for all taxpayers it is must to understand these words before investing in saving instruments like PPF, NSC, FD, Post Saving account.

Almost all instruments fall under the following equations.

    * EEE (Exempt – Exempt – Exempt)
    * EET (Exempt – Exempt – Taxable)
    * ETE (Exempt – Taxable – Exempt)
    * ETT (Exempt – Taxable – Taxable)

The above equations are passed in three stages when someone invest in investment instruments.

Stages for tax benefit and taxation

1)   First Stage  -   Investment Stage

    * The moment - when somebody practically makes an investment.

Almost all Investments are exempt from tax  i.e. First E for EEE, EET.

2) Second Stage – Earnings Stage

    * The moment – When you get benefit (interest, accrued interest etc.) on your investment i.e First Stage

But the  second stage may be taxable or exempt i.e. Second E may be T or E
For example :

    * Interest on  National Savings Certificate (NSC) is taxable
    * Interest on Provident Fund (PF) or Voluntary Provident Fund (VPF) is not taxable.

3)   Third Stage -  Withdrawal Stage

    * The moment – when you withdraw the whole or part of your investment with benefit i.e. interest or accrued interest.

Now same as second stage may be taxable or not i.e third stage may be E (exempt) or T (Taxable)

For example

PPF is fall under EEE (Exempt – Exempt – Exempt).

See all tax saving Schemes

Now lets understand with saving instruments and tax saving schemes in which equation they fall.

Public Provident Fund (PPF)

    * Investment: Tax-deductible
    * Accumulation: Tax-free
    * Withdrawal: Tax-free

Stages :  Exempt – Exempt – Exempt or EEE regime is followed for PPF.

National Savings Certificate (NSC)

    * Investment: Tax-deductible
    * Accumulation: Taxable
    * Withdrawal: Tax-free

Stages :  Exempt – Taxed – Exempt or ETE regime is followed for NSC.

Provident Fund (PF)

    * Investment: Tax-deductible
    * Accumulation: Tax-free
    * Withdrawal: Tax-free

Stages :  Exempt – Exempt – Exempt or EEE regime is followed for PF and VPF.

Tax Saving Fixed Deposits

    * Investment: Tax-deductible
    * Accumulation: Taxable
    * Withdrawal: Tax-free

Stages :  Exempt – Taxed – Exempt or ETE regime is followed for these FDs.
Don't Download any thing before free Registration on the TOP of this site and check your Inbox for clicking on activation link of Feed Burner.

Sunday, October 2, 2011

Penalty on late Submission of Service Tax Return increased 10 times to Rs. 20000

Under the existing scheme of law, Rule 7 of the Service tax Rules, 1994 read with its sub-rules deals with the provisions relating to the filing of service service tax return.

Rule 7C Prescribe the Penalty which Assessee has to Pay if there is delay in filing of service Tax Return.

We are producing herebelow the extract of Rule 7C
Where the return prescribed under rule 7 is furnished after the date prescribed for submission of such return, the person liable to furnish the said return shall pay to the credit of the Central Government, for the period of delay of-
(i) fifteen days from the date prescribed for submission of such return, an amount of five hundred rupees;
(ii) beyond fifteen days but not later than thirty days from the date prescribed for submission of such return, an amount of one thousand rupees; and
(iii) beyond thirty days from the date prescribed for submission of such return an amount of one
thousand rupees plus one hundred rupees for every day from the thirty first day till the date of
furnishing the said return:
Provided the total amount payable in terms of this rule  shall not exceed  the amount  specified in Sec.70 of the Act.

It is clear from the above that above penalty is subject to maximum specified in section 70. Section 70(1) Specify the maximum Penalty of Rs. 2,000/- in respect of  return filed up to 31st March 2011. This amount of Maximum Penalty is been increased to Rs. 20,000/- (Twenty Thousand only) w.e.f. 01.04.2011.

As per Section 71 (C) of the Finance Act 2011 (8 of 2011) Applicable from 1st April Unless Otherwise specified there was an amendment in Sub Section (1) of section 70 which is as follows:-

‘in Section 70 (1) of the Finance Act, 1994, for the words “two thousand rupees”, the words “twenty thousand rupees” shall be substituted’.
After Considering the above amendment the Maximum Penalty for Late Filing of Service Tax Return is been increased to 20000/- (Twenty Thousand) w.e.f. 01.04.2011 from earlier 2000/- (Two Thousand).
After enactment of Finance Bill 2011, the following position will emerge out:

Period of Delay Penalty/late fee before finance bill 2011 Penalty/late fee After Finance Act, 2011 (W.e.f. 01.04.2011)
for delay up to 15 days INR 500 INR 500
for delay beyond 15 days but up to 30 days INR 1,000 INR 1,000
for delay beyond 30 days INR 1,000 + INR 100 per day (from 31st day subject to a maximum amount of Rs 2000. INR 1,000 + INR 100 per day (from 31st day subject to a maximum amount of Rs 20000.

‘Provided also that where the gross amount of service tax payable is nil, the Central Excise officer may, on being satisfied that there is sufficient reason for not filing the return, reduce or waive the penalty’.

Don't Download any thing before free Registration HERE and check your Inbox for clicking on activation link of Feed Burner to get regular updates and JOB ALERTS.

Blogger news

Labels

Infolinks