Recovery of Data in Tally

Friends,

Tally is very useful software for accounting purpose. While using Tally there could be sometime we loss data while working. It creates a major problem. Data of Tally is very vital for every user or company. More serious the user is more vital data becomes. In other words we can say more and more dependence on tally needs more and more care of its data. Although tally has provided many ways to protect you data but one way or other due to some human error or system failure we loose our data. Particularly in case of tally it cripples our day today business.

We have to first see why data has got corrupted the ways to recover depends on reason it got corrupted. Here are some tips and tricks which can save you the day. First of all lets see different reasons which can cause data corruption.

Why data gets corrupted ?

The reason could be anyone of following :-

   1. While working on tally power goes off and UPS is unable to give you backup. Next time you would open tally the company in which you were working would get corrupted.

   2. The computer on which you are working is not operative and OS is not working properly. Somebody formatted it !!

   3. You have taken so many backups by copying the tally folder in so many placed that you forgot which was to original one.

   4. You have taken a backup and when you try to restore it your data is washed out.

Solutions:-

Solutions to these problems needs common sense rather than tally expertise. Lets understand some feature and working of tally. Tally provides a backup and restore utility which collects all files of tally company into one file named tbk500.001. This way of tally backup is easier to restore as this one file can be kept save and easily can be restored instead of all files in that folder. If any of the file gets missing or gets corrupted tally data wouldn't work.

In first case when data gets corrupted while working on tally and we are unable to open the company then data can simply rewritten. Come to Company selection menu. Press "Ctrl + Alt + R". Now select the company for re writing. 90% chance is that you problem would be get solved.

In second case when OS system is not working then to recover data you need computer skills and some common sense solutions can get you out of this problem

If windows is not loading then you can try to boot the system in DOS mode. Copy all tally folders and data folders into D drive. If DOS mode is also not working then take out the HDD and connect it with other computer with os system and try to open it. If the disk is ok and without bad sectors then you would be able to open the tally folder. If still it not working then before formatting give it a try with some recovery software or ask your computer hardware expert to recover data folders from drive.

The third case happens when people are running so many versions of tally and all versions work on different directories. More over they take backup by copying folders of data directory instead of taking backup from tally itself. In that case you too can get confused which one is latest and which folder is needed to be restored. In this case just remember the No. of your company in tally. For example if your company No. is 006 then go to search utility of windows and enter 006 in search box and begin search. You would see the list of folders. Now in see the locations of each folder and see the date of last modified or accessed. Choose the latest one and copy that folder in tally's current data directory. You would probably find the right one. One more method can be that you look for folder which has largest amount of data. Just go to each folder right click on the name and select properties. Here you would find the total file size of that folder. The biggest folder would be the current folder.

The fourth case happens you have created somany companies and when you restore the data that current company is not in your older data. This can also happen when data backup you have taken is already corrupted. In this case there is no solutions except you find some other backup which you have taken fortunately and which is good as well. To do some once again you can use search utility and look out for files names as tbk500.001 or what you can do is just type tbk*.*. It would get you all the files on your computer.

Some healthy tips can also save you the day.

    * Take backup on regular basis make it a habit to take backup when ever you have done enough work. The frequency of backup always depends on how much work you do one daily basis or how much work you can afford to do again!!

    * Take backup on the basis of name of days or name of month. If data is high then the backup destination can be like this d:\tallybackup\Monday or d:\tallybackup\Tuesday and so on. In this way you would get seven backups and all backups cannot be corrupted. If data volume is low then backup can be taken as d:\tallybackup\June if you can afford to do one months task in a single streach.

    * Try to make minimum companies. It would save you lots of hassles.

    * There should be only one Tally version and one Tally folder. Too many versions and folders multiplies your work. If you are two versions then try to sum up work in latest version as soon as possible.

    * There must be proper power backup while working on tally. In network environment is a must on all nodes where tally is working.

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.

Section 80-D of Income Tax for Medical Insurance

Friends,

Today, we will discuss about deduction under section 80-D which covers Medical Insurance. Nowadays life is very hectic. Everyone is in the race to earn more money. In this way proper care for health is being ignored. So there is one way to be aware about your Health i.e. medical insurance. Mediclaim insurance is a must-have for all. It safeguards you and your family from a financial crisis during critical illnesses or accidents. Apart from covering medical expenses, health insurance also offers you access to tax saving schemes. Absence of Medical insurance can wipe out your savings.

Deduction U/s. 80D of the Income Tax Act, 1961 in respect of Medical Insurance Premium (Mediclaim) paid, to keep in force insurance by individual either on his own health or on the health of spouse, dependent parents and children or paid by HUF on the health of any members of the family.

Features of Mediclaim policy

1. Premium based on Age: - As in term insurance, the premium rates will vary among the insurers and will also depend on your age. The older you are, the heftier the premium. For instance, Mediclaim policy from General Insurance Corporation has a fixed premium till 35 years and then it changes in 10-year slabs.

2.    Who is it available to?

    *Individual (resident or non resident, Indian Citizen or foreign citizen):- In case an individual is taking the deduction, the medical insurance policy can be taken in the name of any of the following or jointly in the name of following:

* the taxpayer

* spouse of the taxpayer

* parents :- Parents need not be dependent on the Assessee and parents of spouse are also covered.

* Dependent children (i.e. legitimate or legally adopted children) of the taxpayer: - Children above 18 years, if employed, can not be covered. Male children, if not employed, but a bonafide student can be covered upto age of 25 years. Female children, if not employed, can be covered until the time she is married.


      HUF(Hindu undivided Family may be resident or non resident) :- In case a HUF is taking the deduction, the medical insurance policy can be taken in the name of any member of the family.
  
     

3. Entry Age: This insurance is available to a person between the age of 18 to 59 years.  However, the Policy can be renewed upto the age of 80 years.


a) Children above the age of 3 months can be covered provided parents are covered concurrently and suitable premium is paid. If the child above 18 years is employed or if the girl child is married, he or she shall cease to be covered under the policy. However male child can be covered upto the age of 25 years if he is a bonafide regular student and fully dependent on primary insured. Female child can be covered upto the time, she is unmarried.

b) If the insured has taken continuous Mediclaim insurance policy with us for at least 5 years prior to attaining the  age of 80 years the policy can be renewed beyond the age of 80 upto  the age of 90 years as a special case with the approval of Regional Incharge on case to case basis. The premium chargeable shall be 10% of the premium for 75-80 years age slabs for  proposers above 85 and 20% of the premium for 75-80 age slabs for proposers above 90.

c) No inclusion of family member during currency of policy is permissible except for a new born child between the ages of 3 months to 6 months and newly married spouse within 60 days of marriage.  Otherwise inclusion of family member shall be allowed only at the time of renewal. Prorata premium shall be charged for such inclusion during the currency of the policy for the unexpired period.



4. Sum Insured: Minimum sum insured shall be Rs 50,000/- and can be increased in multiples of Rs 25,000/-upto Rs 5 lacs.  The sum insured must be identical for primary insured and the dependents. However, the children may be covered for 50% Sum Insured as per 4 above.

5.     In addition to deduction u/s, 80C, 80CC and 80CCD,:- This is an additional deduction available which do not include deduction  u/s 80C, 80CCC and 80CCD for which overall limit is Rs. 1,00,000.

6. Partly contribution: If part payment is done by you and part payment by the parent, both can claim deduction to the extent of their contribution subject to maximum allowed but amount should be paid directly to insurance company and paid through mode other than by cash.

7. Payment of Mediclaim Premium out of taxable Income:- The amount must have been paid using the taxpayer’s income chargeable to tax.

8. Mode of payment: The premium may be paid by any mode of payment other than cash. Please note, prior to 1st April 2009, premium payment was required to be done only by cheque. Credit card or other online payment mechanism where not allowed. Now all payment modes except cash payment are accepted.

9. Which Mediclaim Premium is allowed? : - Mediclaim premium paid under Medical insurance scheme of General Insurance Corporation approved by the Central Government, or any other insurer approved by the Insurance Regulatory & Development Authority (IRDA).

10. Things You Must Know Before Buying Health Insurance

* Buy a basic health insurance plan, which  is an indemnity policy that reimburses all the medical costs incurred during hospitalization.

* Buying a health insurance policy for you family from the same insurer could entitle you to a discount of up to 10 per cent of your premium.

* A basic policy pushing up the sum insured by 5 per cent every year that you do not make a claim. If a claim is raised on your policy, the accrued bonus is reduced by 10 per cent till sum insured is reached.

* You could push up basic policy by adding defined benefit plans.

* The plans offered by life insurer come with death cover.

* If you are relying on the medical benefits given by your employer, then during the period between two job, your policy might suffer a break. Buy having medical Insurance plan on your own keep your insured at all times.

* Buy floater plan to cover entire family

* Opt for a cashless plan, keep cashless mediclaim cards at hand

* Ask insurers for premium rates to find the cheapest policy

* Keep an eye on exclusions and inclusions in the policy

* Undergo medical tests, if required

* Buy health insurance even if you have one from your employer.



11.  What is the amount of the deduction?

For Individual

    · Basic deduction: Mediclaim premium paid for Self, Spouse or dependant children. Maximum deduction Rs 15,000. In case any of the persons specified above is a senior citizen (i.e. 65 years or more as of end of the year) and Mediclaim Insurance premium is paid for such senior citizen, deduction amount is enhanced to Rs. 20,000.

    · Additional deduction: Mediclaim premium paid for parents. Maximum deduction Rs 15,000. In case any of the parents covered by the Mediclaim policy is a senior citizen, deduction amount is enhanced to Rs. 20,000.

For HUF


      Mediclaim premium paid for any member of the HUF. Maximum deduction Rs 15,000. In case any member of the HUF covered by the Mediclaim policy is a senior citizen, deduction amount is enhanced to Rs. 20,000.

Senior citizen: means who is at least of 65 year of age or more at any time during the previous year.



12. Conclusion:- Medical Insurance plans serves a dual purpose. They protect you from financial crisis during a health emergency or accident and offer you tax saving benefits as well. This encourages people, especially the salaried class to invest in protecting the future of their family while being able to utilise a maximum percentage of their salaries. You are saved from the burden of paying huge medical bills and income tax, with a health insurance policy in hand.



EXAMPLE- 1

1. An individual assessee pays (through any mode other than cash) during the previous year medical insurance premia, out of his taxable income, as under:



(i) Rs 12,000/- to keep in force an insurance policy on his health and on the health of his wife and dependent children;



(ii) Rs 17,000/- to keep in force an insurance policy on the health of his parents.



He will be allowed a deduction of Rs 27,000/- (Rs. 12,000/- + Rs. 15,000/-) if neither of his parents is a senior citizen. However, if any of his parents is a senior citizen, he will be allowed a deduction of Rs 29,000/- (Rs.12,000/- + Rs.17,000/). Whether the parents are dependent or not, is not a consideration for deciding the deduction under the new provisions.

Further, in the above example, if cost of insurance on the health of the parents is Rs 30,000/-, out of which Rs 17,000/- is paid (by any non-cash mode) by the son and Rs 13,000/- by the father ( who is a senior citizen), out of their respective taxable income, the son will get a deduction of Rs 17,000/- ( in addition to the deduction of Rs 12,000/- for the medical insurance on self and family) and the father will get a deduction of Rs 13,000/-.



EXAMPLE 2

An individual assessee pays through credit card during the previous year health insurance premium as under:


   1. Rs. 12,000 to keep in force an insurance policy on his health and on the health of his wife and children

   2. Rs. 17,000 to keep in force an insurance policy on the health of his parents.

     

Under the proposed new provisions, he will be allowed a deduction of Rs. 27,000 (Rs. 12,000 + Rs. 15,000) if neither of his parents is a senior citizen. However, if any of his parents is a senior citizen, he will be allowed a deduction of Rs. 29,000 (Rs. 12,000 + Rs. 17,000). Whether the parents are dependent or not, is not a consideration for deciding the deduction under Section 80D.



EXAMPLE- 3

Question:- In the last budget, the finance minister announced exemptions for Mediclaim charges paid for senior citizens. However, I am not sure if it has yet been notified and effective. I need to take medical insurance for both my parents, who are senior citizens. I would appreciate if you can let me know.



Answer:- Earlier Sec 80D deduction in respect of medical insurance premium was Rs 15,000 for an individual and Rs 20,000 for a senior citizen. However, from this year, if someone were to buy medical insurance for his parent/s, an additional deduction of Rs 15,000 (over and above Rs 15,000) will be available. If such parent/s were senior citizen, the additional deduction would be Rs 20,000. So a person insuring himself, his spouse, children and parents could potentially get a deduction of Rs 35,000. This provision is effective from 1.4.08.

Internet Protocol Version 6 (IPv6) by Dec. 2011

The Government has set a deadline of December 2011 for major telecom operators to adopt the next generation protocol for Internet services in  the country. Called Internet Protocol  version 6 (IPv6), the new standard will offer improved address space, quality of service and data security capabilities.

IPv4, the existing version of address platform is already overburdened in India with 18.4 million registered addresses and is expected to exhaust the available space globally by March 2012 as consumers increasingly use broadband and net services on mobile devices.

All Central and State Government Ministries and Departments, including its PSUs, will switchover to IPv6 services only by March 2012.

IPv6 is expected to remove the limitations pertaining to IP addresses that are prevalent in the current regime.

The Government has also decided to form an IPv6 task force in public-private partnership (PPP) mode for timely implementation. This was disclosed by the Minister of Communications and Information Technology, Mr A. Raja, while releasing the National IPv6 Deployment Roadmap.

The important issue of transition from IPv4 to IPv6 in the country has emerged has a critical concern for quite some time in view of the increasing demand for IP addresses and global scarcity of free space on IPv4 platform. IPv6 has 128 bits as compared to the limited addressing space of only 32 bits in IPv4.

Wrong Debits through ATM's - Resolve within 7 day Says RBI

Friends,

It's a good news for the users who use their ATM's frequentally. While useing ATM there are some problems due to some technical faults and user have to suffer for this. Now RBI has directed all banks to resolve customer complaints in 7 working days from date of complaint. Earlier the period was fixed 12 days.This notification is applicable from 01.07.2011.

Most of the bank customers like us is not aware of this fact and visiting banks many times for corrective action but every time bank employees told him to visit another day .so this directive is helpful for customer and they may quote this directive in their application .

Money life has posted a case where bank has paid around six thousand for not taking corrective action for a transaction of 1000 Rs only . so note this circular and we wish you happy Banking

Reconciliation of failed transactions at ATMs 

Madam / Dear Sir

Please refer to our letter DPSS No. 711 / 02.10.02 / 2008-2009, 1424 / 02.10.02 / 2008-2009 and 101 / 02.10.02 / 2009-2010dated October 23, 2008, February 11, 2009 and July 17, 2009 respectively on the captioned subject.

2. Reserve Bank has been continuously monitoring the implementation of various directions by the banks. Based on a review of the developments and with a view to further improve the efficiency of operations, it has been decided as under :-

a. The time limit for resolution of customer complaints by the issuing banks shall stand reduced from 12 working days to 7 working days from the date of receipt of customer complaint. Accordingly, failure to recredit the customer’s account within 7 working days of receipt of the complaint shall entail payment of compensation to the customer @ Rs. 100/- per day by the issuing bank.

b. Any customer is entitled to receive such compensation for delay, only if a claim is lodged with the issuing bank within 30 days of the date of the transaction.

c. The number of free transactions permitted per month at other bank ATMs to Savings Bank account holders shall beinclusive of all types of transactions, financial or non-financial.

d. All disputes regarding ATM failed transactions shall be settled by the issuing bank and the acquiring bank through the ATM system provider only. No bilateral settlement arrangement outside the dispute resolution mechanism available with the system provider is permissible. This measure is intended to bring down the instances of disputes in payment of compensation between the issuing and acquiring banks.

3. The directive is issued under section 18 of Payment and Settlement Systems Act 2007, (Act 51 of 2007).Non-adherence to the provisions of this circular shall attract penalty as prescribed under the Payment and Settlement Systems Act 2007 (Act 51 of 2007).

4. This directive shall come into effect from July 01, 2011

5. Banks may widely publicise these changes at all ATM locations and by individual intimation to customers.

6. Please acknowledge receipt.

Yours faithfully
G Padmanabhan

Chief General Manager

Notification No : DPSS.PD.No.2632 / 02.10.002 / 2010-2011