# Accounts Knowledge Hub > Finance, Taxation and All Statutory Information For Everyone ## Posts - [How to Inventory Audit using Tally ERP 9 data](https://accountsknowledgehub.in/how-to-inventory-audit-using-tally-erp-9-data/): AUDIT AREA: – INVENTORY OBJECTIVE: – Risks Ø To eliminate the risk of Inventory records may not be complete Ø To eliminate the risk of Inventory transactions may be processed in the wrong period Ø To eliminate the risk of Inventory items may not exist Ø To eliminate the risk of Inventory carrying values may not be realizable Using Tally. 1.      Location wise list can be obtained for physical verification of inventories. –         Activate integrate accounts & inventory by press F11. –         Activate maintain multiple location by typing yes under inventory features. –         Create Various Locations. Inventory Info-Location-Create. –         While entering - [TALLY ERP 9 Notes for Data Audit](https://accountsknowledgehub.in/tally-erp-9-notes-for-data-audit/): 1.         Debit balance in the Directors Account which will be considered as deemed dividend             a.         Open the directors ledger account             b.         To find out whether he has debit balance any time during the year                         Press F12 : Configure and Set option High/Low Details to Yes             c)         If there is any debit balance, it will be shown in the details at                         the bottom 2. Gross profit feature ‑ This feature gives amount of gross profit earned from the transaction or series of transaction. A) Go to Stock Summary and press F7: Show Profit             This will show - [Report under Companies Act Accounting Standard as well as CARO](https://accountsknowledgehub.in/report-under-companies-act-accounting-standard-as-well-as-caro/): 1.Loans from interested parties   Refer item No. 4 above. 2 Related party transactions 3.Timely payment of Provident Fund Dues    Refer item No. 5 above. 4. Maintenance of Fixed Assets Register and calculation of Depreciation a) First Activate F1 l : Features and set following options to Yes             Maintain Billwise Details Yes             (for non trading A/c. Also) Yes             Activate Interest Calculation Yes             (use advance parameters) Yes b) In the ledger account of Fixed Assets (Accounts Info. ‑ Ledger ‑ Alter)(ALA) and select the ledger account. Set the following parameters to Yes ‑             Maintain bill‑by~bill Yes - [Tax Audit Report in Form No. 3CD](https://accountsknowledgehub.in/tax-audit-report-in-form-no-3cd/): 1. Method of Stock Valuation and effect of change in the valuation  a) To use this feature, we need to activate first Integrate Accounts and Inventory option to Yes in Features (press F1 1)  b) Now go to Balance Sheet. You will see Option in the right hand side panel F7: Valuation. Press F7 and select the method you desire  c) To add a new column with another method of valuation, select New Column or press Alt + C and make the selection of another column.  d) This will help you to disclose the effect of change in the method of - [Tally ERP 9 Audit Tools](https://accountsknowledgehub.in/tally-erp-9-audit-tools/): USING TALLY The following are the various features that can be utilised for Tax Audit, Company Audit, Transfer Pricing Audit and VAT Audit Data Entry Before data entry create Company, activate the features, and configure the tally for using your data entry and reporting Activate multi currency option if you have transactions in foreign currencies. The success of using the various features will depend upon the accuracy of data entry made. Never pass consolidated entry like depreciation, petty cash payment, bank payment or receipts The reason being it will give reports which C.A.’s mind will not accept Open Ledger account which - [Income from salary head](https://accountsknowledgehub.in/income-from-salary-head/):  Basis of charge [sec 15]] Salary is taxable due or receipt whichever is earlier Gratuity [sec 10(10)] A)     Government employee – fully exempt B)     Employee covered under gratuity act- ·         Actual receive ·         15/26 X last drawn salary X No. of completed year in excess of 6 month ·         1000000 Rs. C)     Other employee ·         Actual receive ·         15/30 X Average salary of 10 month X No. of completed year ·         1000000 Rs. Pension [sec 10(10A)] Uncommuted pension – fully taxable Commuted pension- A)     Government employee/employee of local authority/statutory corporation-fully exempt B)     Non govt. employee (receive gratuity ) – 1/3 of - [Highlights of union budget 2012](https://accountsknowledgehub.in/highlights-of-union-budget-2012/): Finance Bill 2012 ·         Slab rates for Individuals:   Income upto Rs        Income tax 2 lacs            –               NIL 2lacs -5lacs  –              10%                                                       5lacs-10 lacs –     20% Ø  10 lacs   –                30% ·         Rate of Service tax                                       –                 12% ·         Amendment to Sec.80C          :  LIC premium paid should not exceed                  10% of Sum Assured of the policy. ·         80CCF                                      :  not available for AY 2012-13 ·         Rajiv Gandhi Equity Savings Scheme :  Deduction upto 50% of amount invested in the scheme.                                  Lock-in period                 :   3 years                             Maximum deduction   : Rs 50,000/- ·         - [Budget-2012-2013 Maharashtra](https://accountsknowledgehub.in/budget-2012-2013-maharashtra/): 1. On Line facility  to Dealers:-  (a) It is proposed to provide a new system in which a dealer purchasing goods will be able to verify online tax paid by the selling dealer. This will bring transparency in the tax system and also curb tax evasion. (b) Facility of refund payment through ‘ECS’ will be made available to the dealers. (c) Declarations under Central Sales Tax Act, such as ‘C’ forms, etc. will also be issued in electronic form. 2. G.S.T.:- In the recent budget the Central Government has announced 1st August 2012 to be the operational date for Goods and - [Budgetary Control Formula and Standard Costing](https://accountsknowledgehub.in/budgetary-control-formula-and-standard-costing/): [wp_ad_camp_1] Control Ratios: Activity Ratio = Standard Hours for Actual Production ÷ Budgeted Hours x 100 Capacity Ratio = Actual Hours Worked ÷ Budgeted Hours x 100 Efficiency Ratio = Standard Hours for Actual Production ÷ Actual Hours Worked x 100 STANDARD COSTING Direct Material Variances: Direct Material Cost Variance (DMCV) = (Standard cost for actual output – Actual cost) Direct Material Price Variance (DMPV) = Actual Quantity x (Standard Price – Actual Price) Direct Material Quantity or Usage Variance (DMUV) = Standard Price x (Standard Quantity for Actual Output – Actual quantity) Direct Material Mix Variance (DMMV) = Standard Price - [Process Costing Formula](https://accountsknowledgehub.in/process-costing-formula/): 1.       Cost of Abnormal Wastage = Normal cost ÷ Normal output x Abnormal Wastage inn units 2.       Cost of Abnormal Effectives = Normal Cost ÷ Normal Output x Abnormal Effectives in units 3.       Computation of Abnormal loss : Quantity of abnormal loss = Normal output – Actual output Normal output = Input – normal loss 4.       Value of abnormal loss = Normal cost of the normal output ÷ Normal output x units of Abnormal loss Value of normal cost of normal output = Expenditure of the process – Scrap value of normal loss [wp_ad_camp_1] - [Contract Costing Formula](https://accountsknowledgehub.in/contract-costing-formula/): [wp_ad_camp_1] Profit to be taken to Profit & Loss in case of Incomplete Contracts. 1. When the work certified is less than ¼ of the contract price: No profits to profit and loss account. 2. When the work certified is ¼ but less than ½ of the contract price : Profit to date x 1/3 x Cash received / Work certified 3. When the work certified is ½ or more of the contract price : Profit to date x 2/3 x Cash received / Work Certified 4. When contract is almost complete and further estimated expenditure is given : Estimated Total - [Batch Costing Formula](https://accountsknowledgehub.in/batch-costing-formula/): Economic batch Quantity: 1.       EOQ = √ 2AB / CS A = Annual consumption in units               B = Buying cost per order C = Cost per unit                                               S = Storage & carrying cost per annum. 2.       EOQ = √ 2UO / C U = Usage in units per annum                    O = Ordering cost C = Cost of inventory carrying cost per unit in year. 3.       EOQ = √2CO  / I C = Consumption of the material in units per year             O = Ordering cost                                         I = Interest  & other carrying cost per unit / annum. 4.       EOQ = - [Overhead Costing Formula](https://accountsknowledgehub.in/overhead-costing-formula/): [wp_ad_camp_1] Factory Overhead Rate: (i) Direct Material Cost Method =Amount of Factory Overheads ÷ Cost of Direct materials used x 100 (ii) Direct Labour Cost Method = Amount of Factory Overheads ÷ Cost of direct labour x 100 (iii) Prime Cost Method = Amount of Factory overheads ÷ Prime cost x 100 (iv) (i) Machine SHour Rate Method = Amount of Factory overheads ÷ Machine Hours (ii) Labour Hour Rate Method = Amount of Factory overheads ÷ Total Number of direct labour hours Office Overhead Rates: (i) As a Percentage of Factory Cost = Total Administration Overheads ÷ Total factory cost - [Materials Costing Formula](https://accountsknowledgehub.in/materials-costing-formula/):           Maximum Level Maximum Level = Re-order level + Re-order quantity – (Minimum consumption x Minimum Re-order period)   2.       Minimum Level Minimum Level = Re-order level – (Average rate of consumption x Average time required to obtain fresh delivery)        (or)   Minimum Level = Re-order level – (Normal consumption x Normal Re – order period)   3.       Re-order level Re-order level = Maximum consumption x Maximum re-order period   4.       Average Stock Level                                                                                                                             Average Stock Level = ½ (Maximum Level + Minimum level)          (or)                        Minimum level + ½ of Re-order Quantity 5.       Danger level - [What is e-filing of service tax ? - service tax e-filing](https://accountsknowledgehub.in/what-is-e-filing-of-service-tax-service-tax-e-filing/): What is e filing? E filing is a facility for the electronic filing of Service tax returns by the assesse from his office, residence or any other place of choice, through the Internet, by using a computer. The assesse can go to the e filing site `Home Page’ by typing the address http://servicetaxefiling.nic.in/ in the address bar of the browser. Who can e file their returns? Assesses having a 15 digit STP code and falling under the following categories can avail of the facility of electronic filing their ‘Return’ for the following services; a) Telegraph Services (TGH) b) Telephones (TSU); c) - [Prepare for first group in CA (Chartered Accountant) final examination](https://accountsknowledgehub.in/prepare-for-first-group-in-ca-chartered-accountant-final-examination/): Chartered Accountancy course is treated as  one of the toughest course because 3 d is required. Dedication, Devotion, and Determination..   Now I am going to explain subject wise preparation for facing CA Final first group exam in a courageous manner   Paper-1  Financial Reporting.   [wp_ad_camp_2] First the student must read Accounting standards How to read Accounting standard- Like a story book(First time) Second time- Take a notes on accounting standards under each situation how we are accounting such complication entry. Second Finish small chapters other than Amalgamation , Holding company, valuation Third concentrate on big chapters.   BEST SUGGESTION - [Retirement Planning for NRI's](https://accountsknowledgehub.in/retirement-planning-for-nris/): Our society is changing. Nuclear families are the norm. Inflation is high and hence money needed to fund the retirement is increasing. Additionally due to longevity of life, the requirement for retirement fund will further increase. This is where the right retirement planning helps individuals spend their time in old age with dignity. Most of the Indians living in foreign countries plan to come back to India at some point in time in the future. Hence it is important that they plan for their retirement in India.Even though many NRIs plan to come back in the later stages of life, their - [Provident Fund (PF) Rules for Employers](https://accountsknowledgehub.in/provident-fund-pf-rules-for-employers/): Establishments employing 20 or more persons and engaged in any of the 180 industries / Classes of Businesses specified.Co-operative Societies, employing 50 or more persons & working without the aid of power.Establishments not coverable statutorily can come under the coverage of the Act statutorily. An establishment continues to be covered under the Act, irrespective of the fall in the employment strength. Since the Act applies on its own force to the establishments, the employers are required to file the particulars in the specified format for registration and allotment of business number. [wp_ad_camp_2] Financial Obligations: Contributions: Statutory rate of contribution is 12% - [How to fill online Income tax e-Return?](https://accountsknowledgehub.in/how-to-fill-online-income-tax-e-return/): How To Fill Online Income Tax E-Return ? Step 1:Log on to www.incometaxindiaefiling.gov.in and register yourself with your PAN, which acts as the user ID, and log in to your account. Step 2: From the ‘Downloads’ menu, select the ITR form applicable to you for assessment year (AY) 2010-11 and download the same. For a salaried individual with no other source of income, the relevant one is ITR-1.   Step 3: Open the downloaded excel utility with ‘macros enabled’. For example, if you are using Office 2003, then go to Tools > Macro > Security, set the security level at ‘medium’ and - [Consolidation concept in reference of Accounting Standard](https://accountsknowledgehub.in/consolidation-concept-in-reference-of-accounting-standard/): PRINCIPLES OF CONSOLIDATION  v    Joint Venture (JV) / Jointly Controlled Entities(JCE) (As per Accounting Standard (AS)-27)       Profit & Loss items of Joint Venture –       No Treatment in Consolidated Financial Statements.        Balance Sheet items of Joint Venture – (i)                 Asset and Liability proportionately allocated in the Consolidated Balance Sheet. (ii)               The difference between the cost of investment over the proportionate net assets at the time of acquisition is recognised in the consolidated financial statements as Goodwill / Capital Reserve as the case may be. v    Associates (As per AS-23)       Profit & Loss items of Associates –       Only - [Accounting Ratios](https://accountsknowledgehub.in/accounting-ratios/): Accounting Ratios   To test Name of Ratio Formula Parties interested Industry norm Liquidity and Solvency i) Current Ratio Current AssetsCurrent Liabilities Short-term creditors, investors, money lenders & like parties 2:1 ii)  Liquid/Quick/Acid Test Ratio Current assets – Stock – Prepaid ExpensesCurrent Liabilities – Bank Overdraft – Prereceived Income -do- 1:1 iii)  Absolute Liquid Ratio Cash + Marketable securitiesQuick Liabilities -do- 1:1 iv)  Proprietary Ratio Proprietor’s FundTotal Assets [Proprietor’s funds = Equity Capital + Preference Capital + Reserves and Surplus + Accumulated funds – Debit balances of P & L A/c and Miscellaneous Expenses] -do- 60% to 75% Capitalisation i)  Debt - [Depreciation Rates under Companies Act](https://accountsknowledgehub.in/depreciation-rates-under-companies-act/): RATES OF DEPRECIATION calculate on fixed assets  _______________________________________________________    Single Shift  Double Shift  Triple Shift           Nature of Assets                                                 WDV    SLM    WDV    SLM    _________________________________________________________ I   BUILDINGS (a)  Buildings(Other than         5.00    1.63                    factory Buildings) [NSED] (b)  FACTORY BUILDINGS            10.00   3.34                      (c)  Purely Temporary Erections   100     100                           such as wooden structures. II  PLANT AND MACHINERY (i)   General rate applicable to (a)  plant & machinery (not       13.91   4.75 20.87  7.42   27.82   10.34 being a ship) other than continuous process plant for which no special rate has been - [How your Income Tax file is Assessed or Scrutinised](https://accountsknowledgehub.in/how-your-income-tax-file-is-assessed-or-scrutinised/): The salient features of the new assessment procedure are: 1. The requirement of passing the assessment order in all cases where returns are filed, has been dispensed with. The matter now generally ends with the filing of return and issue of the Acknowledgement Slip. 2. The Assessing Officer shall send intimation where any tax or interest is found payable by the assessee or the refund is due to the Assessee. 3. Any tax or income found due on the returned income or any refund found payable shall be demanded from or granted to the assessee along with the intimation. 4. Intimation - [What is XBRL ? - All about XBRL](https://accountsknowledgehub.in/what-is-xbrl-all-about-xbrl/): WHAT IS XBRL? XBRL stands for eXtensible Business Reporting Language. XBRL is a language for the electronic communication of business and financial data which is revolutionising business reporting around the world. XBRL has been developed by XBRL International, a not-for-profit consortium of over 450 companies and organizations which is promoting its worldwide use. India is now an established jurisdiction of XBRL International. A separate company, under section 25 has been created, to manage the operations of XBRL India. APPLICABILITY OF XBRL IN INDIA The Ministry of Corporate Affairs, Government of India, vide its General Circular No. 37/2011, dated June 07, 2011 has required the following class of companies (except - [Small Scale Industries (SSI) Scheme under Central Excise](https://accountsknowledgehub.in/small-scale-industries-ssi-scheme-under-central-excise/): SSI Scheme The contribution of Small Scale Sector in the industrial growth of the Indian economy and to the Gross Domestic Product is significant besides the potential for employment generation. The Small Scale Sector has for itself a special dispensation in the Central Excise law in order to make it competitive in the domestic and global market. Central Excise duty concessions have been extended to the units in the small-scale sector based on their turnover so as to facilitate them to graduate by availing these concessions in a graded manner. ELIGIBILITY Manufacturers of specified commodities having clearances not exceeding Rs. 4 - [Checklist for Statutory Audit](https://accountsknowledgehub.in/checklist-for-statutory-audit/): STATUTORY AUDIT1.  In  recent days audit was done to check the accuracy of the financial statements and to express a true and fair view on the financial statements. 2.  The primary objective of the Statutory Audit is to ensure that the financial statement (such as balance sheet, profit & loss Account etc.) provides a true & fair view of the company financial state of affairs. As per the company’s Act it is mandatory for all the Registered companies to get their books of Accounts audited by the practicing Chartered Accountants 3.  Statutory audit means audit of statutory areas i.e. Income tax, - [Clarification on deduction of TDS on Service Tax](https://accountsknowledgehub.in/clarification-on-deduction-of-tds-on-service-tax/): Clarification on deduction of tax at source (TDS) on service tax component on rental income under section 194-I of the Income-tax Act, CIRCULAR NO. 4/2008, DATED 28-4-2008 Representations/letters have been received in the Board seeking clarification as to whether TDS provisions under section 194-I of the Income-tax Act will be applicable on the gross rental amount payable (inclusive of service tax) or net rental amount payable (exclusive of service tax). 2. The matter has been examined by the Board. As per the provisions of 194-I, tax is deductible at source on income by way rent paid to any resident. Further rent - [PROCEDURE TO INCORPORATE COMPANY](https://accountsknowledgehub.in/procedure-to-incorporate-company/): There are certain processes that are common to any form of business organization. This article analyzes the requirements for starting a Company. These may vary from State to State and may change from time to time. Also a business may require additional (or not all of the below mentioned) registrations, compliance and certifications. Incorporating your company 1.    Name approval: The first step in getting your company registered is the approval of name for the Company. Generally, it takes about seven days to get the approval. The following steps are required for name approval: You have to file an application in Form - [Procedure for change address of Company registered office](https://accountsknowledgehub.in/procedure-for-change-address-of-company-registered-office/): The steps involved in changing the registered company office from one state to another state 1. Call for a board meeting to decide on the change in the domicile clause. 2. In the board meeting fix up the date, time, place of the general meeting and approve the notices for this purpose, send the notices along with the proposed resolution and explanatory statement u/s 173(2). 3. Hold the general meeting and pass special resolutions. 4. After taking the approval of the members in GM, file a certified copy of the special resolution along with the explanatory statement in Form 23 with - [The minute format for Appointment of new director in a Pvt. Ltd.](https://accountsknowledgehub.in/the-minute-format-for-appointment-of-new-director-in-a-pvt-ltd/): Minutes of the Meeting of the Board of Directors of _________________Private Limited held at the registered office of the company on(___ )day, the ___st day of ___________, 20___ at, ___________________ Directors Present:  _____________________occupied the Chair [wp_ad_camp_2] Item No.1 Minute of the previous Board Meeting The Minutes of the previous Board Meeting were read, confirmed and signed.   Item No.2 Appointment of Director: The chairman proposed to appoint one additional director on the board of the company. After detailed discussion the following resolution is passed: “RESOLVED THAT _________________ be and is hereby appointed as a Non-Executive Director of the company with the - [How to save incometax?](https://accountsknowledgehub.in/how-to-save-incometax/): Best way to save tax  Investment in a house could be the best way to save tax. As prices of residential units have gone up in the range of Rs 50 lakh and over, tax experts say buying a second house for investment purpose will save even more tax than that over the first house you bought for personal use. When you buy a house for personal use, you can take the deduction from your taxable income against the interest payment on your loan taken to buy the house up to Rs 1,50,000 only. Besides this, you can also avail the - [Difference between Old Schedule VI vs New Schedule VI](https://accountsknowledgehub.in/difference-between-old-schedule-vi-vs-new-schedule-vi/): Old Schedule VI 1. (Op.Stk + Purchases + Direct Exps) – (Cl.Stk) (i.e Op.Stk – Cl.Stk) are Shown under the Head Expenses. Direct Expns are Shown Under the Sub  Head Other Expns. 2. Indirect Expenses are Classified as Administrative, Financial and Selling & Distribution Expenses. Cost and Other Expenses 3. Staff welfare Expenses Expns Details is Given in Administrative Expns Account. 4. Profit is Shown as PBT, PAT & Surplus C/f. P/L of Discontinuing Operation (if any), Tax Expns of Discontinuing Operation (if any) Should be Disclosed Separately. EPS Should is Shown in Profit & Loss Statement itself. B. Balance Sheet - [Rule of additional duties of excise](https://accountsknowledgehub.in/rule-of-additional-duties-of-excise/): Rule of additional Excise Duty RULE 01: SHORT TITLE. These rules may be called the Additional Duties of Excise (Distribution) Rules, 1962.RULE 02: PROVISIONAL DISTRIBUTION OF THE SHARE OF ADITIONAL DUTIES OF EXCISE.The share of each State of the additional duties of excise in any financial year shall be paid to the State in that financial year in eleven monthly installments beginning with the month of May, the first ten installments being equal to one-twelfth of the State’s share as estimated in the budget for that year and the eleventh installment being equal to the difference between the State’s shares as estimated in - [What is the Procedures for shutting down a private limited company in India?](https://accountsknowledgehub.in/what-is-the-procedures-for-shutting-down-a-private-limited-company-in-india/): Procedures for shutting down a private limited company in India. Up-to-date returns (viz., Annual Return and Balance sheet) has to be filed with Registrar of Companies (ROC) A statement of account has to be prepared one month prior to the submission of application u/s 560 stating that no assets and liabilities except share capital and P&L debit balance. An Affidavit needs to be executed (Rs. 20 Stamp Paper) and to be notarised (signed by for all director) An Indemnity to be executed (Rs. 100 stamp paper) (signed by all director) If there is any unsecured loan, then waiver letter should be - [Focus on cash flow rather than earnings - Tally ERP 9](https://accountsknowledgehub.in/focus-on-cash-flow-rather-than-earnings-tally-erp-9/): What is Cash Flow:- Cash Flow is the true measure of a company’s profitability. It is determined by the net change in cash that enters or leaves a company in a given period. Why Cash flow and not earnings? Typically, institutional and individual investors value stocks based on earnings per share and the popular “PE” ratio. This is an inaccurate measure of a company’s true profitability as will be shown below. The main reason for this is the tremendous amount of leeway a company has in calculating its earnings. The earnings figures that companies are required to report every quarter do - [Everything about TCS](https://accountsknowledgehub.in/everything-about-tcs/): The seller has to collect tax from the payer who has purchased the following items :  Alcoholic liquor for human consumption Tendu leaves Timber obtained under a forest lease Timber obtained by any mode other than under a forest lease  Any other forest produce not being timber or tendu leaves Scrap,  Parking lot, Toll plaza, Mining and quarryingThe TCS on the above mentioned items vary from 1% to 5%Deposit of TCS amount- within seven days of the following month.Issue of TCS certificate- within in one month of collection /debit(form 27D) The rates of TCS for representative purpose (Financial Year 2010-11, 2011-2012): - [Right time to buy gold ~ Must know when to buy and sell gold](https://accountsknowledgehub.in/right-time-to-buy-gold-must-know-when-to-buy-and-sell-gold/): Time has been a steady increase in the prices of yellow metal. The exponential increase in the prices is clearly evident and does not need to be proved. The increase in prices has been equal if not more than its investment counterpart ‘Property’. Time has seen Gold from being an item of displayto being the most lucrativeInvestment option. Gold today is being considered as the safest bet by mutual fund and portfolio managers world over. Be your own fund manager!!!  While most of the business class is busy with their existing businesses, the salaried class does not have time to devote - [What is Sensex Calculation formula ?](https://accountsknowledgehub.in/what-is-sensex-calculation-formula/): How to calculate  sensex ?Formula :-  Index divisor X Free Float Market Capitalization So, First we know about Index Devisor and Market Capitalization. Market Capitalization: – Many different types of investors hold the shares of a company! The Govt. may hold some of the shares. Some of the shares may be held by the “founders” or “directors” of the company. Some of the shares may be held by the FDI’s etc.  Now, only the “open market” shares that are free for trading by anyone, are called the “free-float” shares. When we are calculating the Sensex, we are interested in these “free-float” - [What is Advance Tax ~ How to calculate advance tax ?](https://accountsknowledgehub.in/what-is-advance-tax-how-to-calculate-advance-tax/): Advance Tax                 Every person is liable to pay Advance Tax if advance tax payable is RS 10000 or more.                 In the case of a resident senior citizen aged 60 years or more & does not have any income from business & profession is not liable to pay advance tax . Computation of advance tax Estimated taxable income for the year XXX Tax on the Estimated Income XXX Less :-Tax deducted or collected at source (XXX) Amount payable as Advance Tax XXX When Advance Tax payment become Due      Due Date In case of corporate Assessee In case of non corporate - [Debtor's Reconciliation Statement Format](https://accountsknowledgehub.in/debtors-reconciliation-statement-format/): Every year, a formal balance confirmation should be obtained from all the customers and their account reconciled. A separate form should be filled up and dispatched to each customer, at the address mentioned in the customer master for confirmation of balance. DEBTORS’ RECONCILIATION STATEMENTCUSTOMERS’ NAMEDated:                                                                                           Amount(Rs.)Balance as per books of accountLess:Goods invoiced but not received by the - [HOW TO MEASURE DEFERRED TAX WHEN A COMPANY PAYS TAX AS PER MAT](https://accountsknowledgehub.in/how-to-measure-deferred-tax-when-a-company-pays-tax-as-per-mat/): HOW TO MEASURE DEFERRED TAX WHEN A COMPANY PAYS TAX AS PER MAT TERMS TO BE KNOWN: CURRENT TAX:  It is the amount of income tax determined to be payable (recoverable) in respect of the taxable income (tax loss) for a period. DEFFERED TAX:  It is the tax effect of timing differences. TIMING DIFFERENCES: The differences between taxable income and accounting income for a period that originates in one period and is capable of reversal in one or more subsequent periods. PERMANENT DIFFERENCES: are the differences between taxable income and accounting income for a period that originate in one period and - [format of Transfer of Funds from NRO a/c to NRE a/c within the overall limit at USD 1 million per financial year](https://accountsknowledgehub.in/format-of-transfer-of-funds-from-nro-ac-to-nre-ac-within-the-overall-limit-at-usd-1-million-per-financial-year/):  To The Branch Manager Dear Sir, Transfer of Funds from NRO a/c to NRE a/c within the overall limit at USD 1 million per financial year I/We, am/are maintaining the following NRO Term Deposit accounts with your Branch SL.NO Account Number Date Of Deposit Principal Amount  Tenure Of   Deposit I/We request that the NRO Deposits may be converted to NRE Deposits as per Reserve Bank Of India notification. I herewith confirm that the above transfer is in conformity with directions issued by Reserve Bank Of India vide circular No. RBI/2011-12/536A.P (DIR Series) Circular No 117 dated May 07, 2012, regarding the - [What is Loan Against Property (LAP)?](https://accountsknowledgehub.in/what-is-loan-against-property-lap/):                              LOAN AGAINST PROPERTY          What is Loan against property? A loan against property (LAP) implies a loan given or disbursed against the mortgage of property. The loan is given as a certain percentage of the property’s market value, usually around 40 per cent to 60 per cent. Loan against property belongs to the secured loan category where the borrower gives a guarantee by using his property as security.  What purposes can I take a loan against property for? Loan against Property can be taken for - [How to file Wealth Tax Return?](https://accountsknowledgehub.in/how-to-file-wealth-tax-return/): The W.T. return for Individuals, Hindu Undivided Families and Companies is to be filed in Form BA. Value of an asset for an assessment year is to be declared as on the relevant Valuation Date i.e. 31st March of each year. Thus, for the assessment year 2012-13, the valuation date will be 31.3.2012, while for the A.Y. 2013-14, the valuation date will be 31.3.2013.Value of an asset, other than cash, is to be determined on the basis of the rules of Schedule III. The details of calculation of the value of each asset under the relevant rule of this schedule should - [Income Tax lesser known deductions which taxpayer must know while filing Income Tax Return](https://accountsknowledgehub.in/income-tax-lesser-known-deductions-which-taxpayer-must-know-while-filing-income-tax-return/): We all know about the popularly know deductions like deduction u/s. 80C & 80D. But many times we use to forget to claim many other deductions which are available under the Income Tax Act, which can reduce our tax burden significantly. In this article we discussed 10 such lesser know deductions which taxpayers tend to forget to claim while filing there Income Tax Return. 1. Set off of Capital Loss Against Capital GainWhile most of us know that we need to pay taxes on short term or long term capital gains, not many are aware of the fact that capital losses, - [Penalty late tax return on filing after due date](https://accountsknowledgehub.in/penalty-late-tax-return-on-filing-after-due-date/): Penalty and Late fee for TDS return filed after due date Now, as per the amendments in Finance Act 2012, w.e.f 01-Jul-2012 section 272A is substituted by Section 271H and a new section 234E has been inserted. As per old section 272A of the Income tax Act, if the TDS return is not filed within due date, penalty is charged @ Rs. 100/- per day till the return is filed. Section Section 234E – Fee Section 271H – Penalty W.e.f. 1-Jul-12 1-Jul-12 When leviable If the TDS return is not filed within due date If incorrect information is furnished in return - [Study Tips for Success](https://accountsknowledgehub.in/study-tips-for-success/): Study Tips for Success1. Study during the DayAlthough this may vary between people, we tend to concentrate better during the daylight hours than at night. Some studies have shown that one hour of study during the day is reported to be equivalent to one-and-a-half hours at night. Pay attention to when you concentrate the best and schedule your study sessions around these hours. 2. Study in BlocksStudying in blocks of time not only assists you with planning and time management, it can help you maintain concentration and focus. For each block of time (say, one or two hours), allocate a specific - [Minutes of Board Meeting for increase in capital](https://accountsknowledgehub.in/minutes-of-board-meeting-for-increase-in-capital/): MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF ————– HELD ON _________, AT THE REGISTERED OFFICE OF THE COMPANY AT ___________________                                 PRESENT: 1. 2. 3. CHAIRMAN:   Mr. ———- was unanimously elected as the Chairman of the meeting and he took the Chair. CONFIRMATION OF MINUTES : The minutes of the previous meeting of the Board of Directors was read and confirmed by the Board. The Board further also decided the following: 1.      As the present authorized Share Capital of the Company is Rs. ——- the authorized Share Capital of the Company be raised to Rs. ———- and for - [Appointment as First Statutory Auditor by the Board of Directors](https://accountsknowledgehub.in/appointment-as-first-statutory-auditor-by-the-board-of-directors/): Draft  (on letterhead of the Company)                                                                                                                                   Date: To, Mr.                            ZYX & Associates Chartered Accountants, Address. Dear Sir, Re:      Appointment as first statutory auditor of XYZ Company LTD (“the Company”). This is to inform you that you have been appointed as the first statutory auditor of the Company at Board of Directors Meeting held on ____________ to hold the office until the conclusion of the first Annual General Meeting of the shareholders. The certified true copy of the said resolution is enclosed herewith for - [What is RTGS and NEFT ?](https://accountsknowledgehub.in/what-is-rtgs-and-neft/):                 RTGS – Real Time Gross Settlement.          NEFT – National Electronics Funds Transfer System.           REAL TIME GROSS SETTLEMENT 1.   RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to  another on a ‘real time’ and on ‘gross basis’. 2.    This is the fastest possible money transfer system through the banking channel. 3.    Settlement in ‘real time’ means payment transaction is not subjected to any waiting period. The           transactions are settled as soon as they are processed. 4.     ‘Gross settlement’ means the transaction is settled on one to one basis - [Due dates of Annual General Meeting (AGM)](https://accountsknowledgehub.in/due-dates-of-annual-general-meeting-agm/): The due date of AGM as section 166 read with section 210 of the Company Act, 1956 is subject to   following conditions:- 1. Within 6 months of closing of the financial year of the Company. Condition 1:- Within 6 months of closing of the financial year of the Company.                                             + Condition 2:- Every Calendar year one AGM should be conducted.                                             +  Condition 3:- The time gap between each AGM shall not exceed 15 months. (18 months in case of First AGM from the date of incorporation). Note: “All the conditions are cumulative conditions. All the conditions has to - [Easy Computation of Deduction under section 80G](https://accountsknowledgehub.in/easy-computation-of-deduction-under-section-80g/):                                    COMPUTATION OF DEDUCTION U/S 80G CATEGORY GQA (Total Amount Donated) NQA Amount of Deduction I (17 Items) 100% 100% of GQA 100% of NQA II (5 Items) 100% 50% of GQA 100% of NQA III (2 Items) 100% 100% of GQA 100% of NQA* IV (5 Items) 100% 50% of GQA 100% of NQA* *Deduction under category III & IV cannot exceed 10% of ATI           ATI(Adjusted Total Income) means         Gross total income as reduced by      Deduction permissible u/s 80C to 80U except 80G.       Income referred u/s 111A, 112, 115BB (because chapter VIA deductions not available to such - [How to Master a New Skill](https://accountsknowledgehub.in/how-to-master-a-new-skill/): How to Master a New Skill Mastering new skills is not optional in today business environment. When working on a new skills or competency, you need to ask yourself two things. First is your goal attainable? There are certain limits to what you can learn. For example, you may want to be brain surgeon, but not have the eye hand coordination required. How much time and energy can you give to the project? Recognize that learning a new skill take extreme commitment. Unless your goal is attainable and you are prepared to work hard, you won’t get very far. You also - [How to create an Excise Debit Note and Credit Note in Tally ERP 9](https://accountsknowledgehub.in/how-to-create-an-excise-debit-note-and-credit-note-in-tally-erp-9/): [wp_ad_camp_2] Creating an Excise Debit Note   Go to Gateway of Tally – Accounting Vouchers – Debit Note (Ctrl  F9) 1.         Select the Debit note created for Excise from list of Voucher Types. 2.         Enter the Ref number in the Ref field. 3.         Select Party’s A/c Name from the list of ledger accounts 4.         Specify the required details in Party details sub form. 5.         Select the Purchase ledger for allocation 6.         Select the Item from the list of Excise Stock Items 7.         The Excise Details sub form for the Stock Item appears. 8.         Select the Purchase Invoice from the List of purchases. 9.         The cursor then skips to Quantity Return field. - [Type of Excise Duties and Method of Calculation](https://accountsknowledgehub.in/type-of-excise-duties-and-method-of-calculation/): The Duties for Excise can be calculated on Assessable value and on Duty Value.  According to the Excise laws, find here the list of Excise duties with the method of calculation. Type of Duty Method of Calculation Formula for Calculation Basic Excise Duty On Assessable Value Assessable Value Special Excise Duty On Assessable Value Assessable Value Additional Duty of Excise (Goods of Special Importance) AED (GSI) On Assessable Value Assessable Value Additional Duty of Excise (Textile and Textile Articles) AED (TTA) On Duty Value BED + SED Additional Duty of Excise (Tea and Tea Waste) AED (TTW) On Duty Value BED - [Excise Duty for Dealers - Who will be covered under Dealer Excise?](https://accountsknowledgehub.in/excise-duty-for-dealers-who-will-be-covered-under-dealer-excise/): Excise for Dealers  – Introduction A manufacturer of excisable goods can avail MODVAT (now CENVAT) credit of duty paid on the goods purchased from any dealer w.e.f. 04.07.94. The dealer intending to issue modvatable (now Cenvatable) invoices should get themselves registered with the jurisdictional Range Superintendent by following the procedure prescribed in Rule 9 of Central Excise (No.2) Rules, 2001. All the godowns /Store-rooms should be registered separately.A Central Excise Registered dealer should ensure that the prescribed register is maintained for the godown/ Store-room. All the consignments received/ issued from the godown have to be entered in the register (further details in - [Quotes for CA Students](https://accountsknowledgehub.in/quotes-for-ca-students/): QUOTES FOR CA STUDENTS 1.  Expect the UNEXPECTED. 2.  Read one book many times & write exams once or read many books once & write exams many       times.3.  The difference between the extra-ordinary and the ordinary is that little bit EXTRA…….!!!4.  Where there is a WILL, there is a WAY. 5.  A stitch IN TIME saves nine.6.  A WISE PERSON learns from mistakes of others, whereas a FOOL does not learn even from his      own mistakes. 7.  Know everything about SOMETHING and something about EVERTHING. 8.  Hope for the best and prepare for the worst. 9.  Do the things - [Checklist for VAT CST Registration](https://accountsknowledgehub.in/checklist-for-vat-cst-registration/): Requirements of VAT/CST Registration (For Private Limited. Company) Details required for Registration 1. Name & Regd. Office address of Company 2. Name, Age, Father’s Name & Residential Address of Directors 3. Paid up Capital 4. Main Activity of Business 5. Date of Commencement of Business Documents required for filing of the application   1) All Books of Accounts ( if to be registered on Turnover basis)   2) Statement of Sales/Purchase( if to be registered on Turnover basis)   3) All Sales & Purchase Invoice ( if to be registered on Turnover basis)   4) Copies of Ledger Account of the suppliers from - [Service Tax and their Accounting Codes](https://accountsknowledgehub.in/service-tax-and-their-accounting-codes/): SERVICES AND THEIR  ACCOUNTING CODESS.No.  Name of the Service(s)  Tax Collection Accounting  Code  Interest/penalty  Accounting Codes1. Telephone Billing  00440003 00440119 2. Gen. Insurance Premium  00440005 00440006 3. Stock Brokerage Commission 00440008 004400094. Advertising Services  00440013 00440016 5. Courier Services  00440014 00440018 6. Radio Paging Services  00440015 00440020 7. Customs House Agent Services 00440026 00440027 8. Steamer Agent Services  00440029 00440030 9. Air Travel Agent Services  00440032 00440033 10. Mandap Keeper Services  00440035 00440036 11. Clearing & Forwarding Agent 00440045 00440046 12. Rent – a – Cab Scheme Operator 00440048 00440049 13. Outdoor Caterer’s Services 00440051 00440052 14. Pandal or Shamiana Contractors - [Letter of Authority - to liaison and coordinate with BSE Ltd](https://accountsknowledgehub.in/letter-of-authority-to-liaison-and-coordinate-with-bse-ltd/): PRESCRIBED FORMAT OF AUTHORIZATION LETTER TO BE SUBMITTED BY THE COMPANY ON ITS LETTERHEAD. Date: The General Manager Listing Operation, BSE Limited, P.J.Towers, Dalal Street, Mumbai – 400 001. Dear Sir,   Sub: Letter of Authority We for and on behalf of  _(name of company)_ hereby authorize _(name of consultant) to liaison and coordinate with BSE Ltd wrt to the following issue/s :  I) Issue Details: Type of Issue (e.g. Revocation/ Amalgamation/ Arrangement, Preferential, Bonus, Rights, etc.) Approval Sought For (pls specify) i) In-principle ( under Clause 24(a) / 24(f)/Revocation ) ii) Listing / Revocation iii) Trading II) Contact Details : - [Vat Taxation Methods](https://accountsknowledgehub.in/vat-taxation-methods/): Methods For VAT TaxationHow the VAT Works A value-added tax (VAT) is a tax on the value added at each stage of Sale of Goods. A VAT can be computed under one of three methods: 1) The credit invoice method or Invoice Method (Mostly Used) 2) The subtraction method, or 3) The addition method. 1) Credit invoice method: Stage of production: Sales VAT VAT on purchases Net VAT Raw materials Rs 100  x 10% Rs 10 (Rs 0) Rs10 1st processor Rs 120 x 10% Rs 12 (Rs 10) Rs 2 Distributor Rs 140 x 10% Rs 14 (Rs12) Rs 2 - [VALUATION OF SHARES](https://accountsknowledgehub.in/valuation-of-shares/): Valuation Of Shares Table No.1 Statement Showing Average Maintainable Profit Particulars Rs. Rs. Average Profit before tax* Add- Abnormal Loss           Capital Expenditure wrongly charged Less- ExceptionalCasual Income                                                 Maintainable profit before tax Less- Provision for tax                                                          Maintainable profit after tax **** **** **** **** **** **** **** **** *If profits are fluctuating, simple average profit is considered.    If profit is constantly decreasing, lowest of the profit is considered.    If profit shows an increasing trend, weighted profit is considered. Important Points: 1.       If there is any increase or decrease in value of assets, that does not affect annual - [Rechecking Of CA CPT/PCC / IPCC Final Marks](https://accountsknowledgehub.in/rechecking-of-ca-cptpcc-ipcc-final-marks/): There is no standard Format/Application Form for applying for Revaluation of your Marks in CPT or IPCC or PCC or Final Examination. Institute asks you to Submit a simple Hand written application. Note: It should be in the Candidates own Handwriting. The Application should Specify the following details for the quick reference: 1.       Roll No.(H.No.) 2.       Student Reg. No.(SRO) 3.       Paper(s) to be verified 4.       Examination details – CA CPT / PCC / IPCC / Final 5.       Address for Communication If the Candidate opted for English then it is obvious that you need to make the application in the English Version and If the Candidates - [AUDIT OF SOCIETIES - REGISTERED UNDER SOCIETIES ACT, 1860](https://accountsknowledgehub.in/audit-of-societies-registered-under-societies-act-1860/): Before starting with it, Lets first know about basic terms regarding Societies. (a) Any seven or more persons associated for any literary, scientific, or charitable purpose, or for any such purpose as is described in section 20 of this Act, may, by subscribing their names to a memorandum of association, and filing the same with Registrar of Joint-stock Companies. (b) The memorandum of association shall contain the following things, that is to say,-  – The name of the society;  – The object of the society;  – The names, addresses, and occupations of the governors, council, directors, committee, or other governing body - [Steps to upgrade from Tally 6.3/7.2/9 to Tally.ERP 9](https://accountsknowledgehub.in/steps-to-upgrade-from-tally-6-37-29-to-tally-erp-9/): Important Notes for upgrade from Tally 6.3/7.2/9 to Tally.ERP 9   1. Activating License:        Please surrender your existing license.        Activate Tally.ERP 9 Series A Release 3.6.        After activating Tally.ERP 9, you can activate the Tally 6.3/7.2/9 for co-existence (valid for 45 days).   2. Data Migration:        After activating the Tally.ERP 9 Series A Release 3.6, when you access the data of Tally 9 in the Tally.ERP 9, Tally.ERP 9 will prompt for rewriting the data.        If you were using Tally 7.2/6.3 please use the Tally.ERP 9 - [HOW TO APPLY FOR DIN (Director Identification No.)](https://accountsknowledgehub.in/how-to-apply-for-din-director-identification-no/):  HOW TO APPLY FOR DIN(Director Identificetion No.) Step:-1:-Documents required from client. Ask the Following Documents from your Client 1.       One latest colour photograph of the applicant. 2.       One copy of pan card duly signed by the applicant (for identity proof). 3.       One copy of voter id card or driving license or phone bill or passport etc. duly signed by the applicant (for address proof) 4.       Verification Copy duly signed by the applicant. (you can search such verification application format for din-1 in Google & then fill such verification form accordingly) NOTE:- There is no compulsion that pan card copy & voter - [STATUTORY DUE DATES : Tds,service tax, vat, Esi, PF, Excise](https://accountsknowledgehub.in/statutory-due-dates-tdsservice-tax-vat-esi-pf-excise/): SI NO PARTICULARS DUE DATE FOR AMNT PAYMENT RETURN DATE FORM 1 TDS 07TH OF SUBSEQUENT MONTH 15TH OF SUBSEQUENT MONTH OF END OF QUARTER 24Q FOR SALARY AND 26Q FOR OTHERS 2 SERVICE TAX OTHER THAN CO, TRUST, SOCIETY 5TH OF SUBSEQUENT MONTH OF QUARTER END UP TO 3 QUARTERS AND 31 OF MARCH FOR LAST QUARTER 25TH OF SUBSEQUENT MONTH OF HALF YEAR END ST-3 COMPANY , SOCIETY, TRUST 07TH OF SUBSEQUENT MONTH EXCEPT FOR MARCH .FOR MARCH IT IS 31ST OF MARCH 25TH OF SUBSEQUENT MONTH OF HALF YEAR END ST-3 3 VAT 21ST OF SUBSEQUENT MONTH 20TH - [Due Dates For Filing Central Excise Returns](https://accountsknowledgehub.in/due-dates-for-filing-central-excise-returns/): Due Dates For Filing Central Excise Returns Form ER-1 to ER-7 Due Dates For Filing Central Excise Returns Sr. No. FORM     CATEGORY PERIOD      Due Date  1. ER-1 All Assessees (Non SSI) Monthly By 10th of succeeding month  2. ER-2 EOUs Monthly By 10th of succeeding month  3. ER-3 SSI Units Quarterly By 20th of succeeding quarter  4. ER-4 Units paying More than 1 crore duty(CENVAT + PLA) Annually By 30thof Nov. of the succeeding year  5. ER-5 Units paying More than 1 crore duty(CENVAT + PLA) Annually By 3oth April of succeeding year  6. ER-6 Units paying More than - [Essential Job Skills Your Employer Wants](https://accountsknowledgehub.in/essential-job-skills-your-employer-wants/): 1  Being result oriented: you may be working 14 hours a day, or day in or day out. Instead of counting hours count how many works you really complete. Your employer has no concern with working hours. If you can complete desired work within 6 hours. Your employer will be equally happy. No employer wants you to work extra hours or beyond office hours; employer wants you to complete your work at any cost. If you complete work you will have reputation among senior, junior, management team & everyone. 2   Technical skills: You may be an accountant, manager, sales person or engineer. - [CA EXAMINATION TIPS](https://accountsknowledgehub.in/ca-examination-tips/): TOP 20 CA Examination Tips 1. Be sure to use the exam requirements, recommended literature and mock papers.     2. Complete the mock first without consulting the answers. Then make sure to carefully read and understand the feedback. 3. Have all necessary material with you. You can’t borrow items such as pens, pencils, rulers or special equipment while in an examination. 4. Have a relaxing night before your exams. Have an early night, and try to have a healthy breakfast. 5. Make sure to allow for plenty of time when travelling to the exam location. Enter an exam well-rested. 6. Read - [METHODS OF COMPUTATION OF VAT](https://accountsknowledgehub.in/methods-of-computation-of-vat/): Methods of computation of VAT VAT can be computed by adopting three different methods. These are (i) Addition method, (ii) Subtraction method, and (iii) Tax-credit method. These methods can be used to arrive at the VAT liability. Addition method: This method is based on the identification of value-added which can be estimated by summation of all the elements of value-added (i.e. wages, profits, rent and interest). This method is known as addition method or income approach. This is in line with the income method of calculating national income. Subtraction method: The subtraction method estimates value-added by means of difference between outputs - [Procedure for Conversion of Proprietorship firm into LLP](https://accountsknowledgehub.in/procedure-for-conversion-of-proprietorship-firm-into-llp/): Conversion of Proprietorship firm into LLP Benefits: A) Automatic transfer All the assets and liabilities of the firm immediately before the conversion become the assets and liabilities of the LLP. B) No Stamp Duty All movable and immovable properties of the firm automatically vest in the LLP. No instrument of transfer is required to be executed and hence no stamp duty is required to be paid. C) No Capital Gain Tax No Capital Gains tax shall be charged on transfer of property from firm to LLP. D) Continuation of Brand Value The goodwill of the firm and its brand value is - [What do private equity firms in a potential acquisition?](https://accountsknowledgehub.in/what-do-private-equity-firms-in-a-potential-acquisition/): –> Private equity investors (also called financial sponsors or buy-out firms) invest in non-public companies and typically hold their investments with the intent of realizing a return within 3 to 7 years. Generally, investments are realized through an initial public offering, sale, merger or recapitalization. While venture capital firms tend to invest in earlier stage growth companies, private equity groups tend to focus on more mature businesses, often contributing both equity and debt (or some hybrid) to the transaction. What do private equity firms look for in a potential acquisition? Ø  Strong Management Team. Ø  Ability to Generate Cash. Ø  Significant - [Late fee and Penalty for TDS return filed after due date](https://accountsknowledgehub.in/late-fee-and-penalty-for-tds-return-filed-after-due-date/): Now, as per the amendments in Finance Act 2012, w.e.f 01-Jul-2012 section 272A is substituted by Section 271H and a new section 234E has been inserted. As per old section 272A of the Income tax Act, if the TDS return is not filed within due date, penalty is charged @ Rs. 100/- per day till the return is filed. Section Section 234E – Fee Section 271H – Penalty W.e.f. 01-Jul-12 01-Jul-12 When leviable If the TDS return is not filed within due date If incorrect information is furnished in return or if return is not filed within one year from the - [Foreign assets details while filing income tax returns](https://accountsknowledgehub.in/foreign-assets-details-while-filing-income-tax-returns/): The Central Board of Direct Taxes (CBDT) has issued new income tax return forms for those holding assets outside India, (Forms ITR-2, 3 and 4). The detailing requirements have been made more stringent. The new return form has an annexure attached, which lists the kind of assets and the details pertaining to each that an individual filing returns will have to furnish. And, it is mandatory. To begin with, the wordings used in the Finance Bill or in the tax return to define ‘any asset’ is wide enough to cover all assets held by an individual outside India, “The schedule specifically requires - [Stock Audit in Banks](https://accountsknowledgehub.in/stock-audit-in-banks/): Stock and Debtors being the primary Security in Cash Credit, Bankers have started appointing C.A. Firm to conduct stock audit, where the exposure exceeds threshold limit (i.e 100 lacs or 500 lacs ,as per the Banks’ policy), in way back 1992 onwards after Harshad Mehta scam. Stock Audit helps in Prevention and early detection of Frauds. Stock Audit is conducted to ensure : ·         Proper Preservation/storage of Stock. ·         Whether obsolete & non-moving stock has been segregated. ·         Whether stock is adequately insured against all major perils. ·         Whether physical stock confirming with the stock statement submitted to the Banker. ·         - [CHECKLIST FOR CONVERSION OF PUBLIC LTD. COMPANY INTO PVT. LTD. COMPANY](https://accountsknowledgehub.in/checklist-for-conversion-of-public-ltd-company-into-pvt-ltd-company/): Sl. No. Particulars Tentative Date Remarks 1 To hold a Board Meeting and consider the proposal of conversion into a Pvt. Ltd. Company subject to approval u/s 31 of the Companies Act, 1956. 0 2 To fix the date, time and venue of EGM of the Company in the Board Meeting 0 3 To confirm the numbers of members are not exceeding 50. 4 To Prepare the proposal for alteration of Articles of Association or prepare a new set of Articles of Association meeting the requirements of a private limited company. 0-2 5 To give notice in the newspaper once in - [Checklist for Company Registration](https://accountsknowledgehub.in/checklist-for-company-registration/):  Checklist for Firm Registration Documents required For each of the partners, the photocopies of the following documents are required: 1.      Identity Proof (Any one of the following documents: Passport / Election (voter identity) card / Driving license / Income-tax PAN card) 2.      Address Proof (Any one of the following documents: Passport / Election (voter identity) card / Ration card / Driving license / Electricity bill / Telephone bill / Latest Bank account statement ) 3.      Address proof of firm (property tax bill / electricity bill etc.) 4.      Photographs (Black & White) for each partner – 2 copies �.                Information required 1.      Name - [AGM (Annual General Meeting) ACTIVITY CHECKLIST](https://accountsknowledgehub.in/agm-annual-general-meeting-activity-checklist/): Annual General Meeting Checklist activity – 69 Important Points 1 Obtain confirmation from the Directors on Compliance with Section 274(1)(g) of the Companies Act, 1956 2 Obtain certificate under Clause 49(I)(B) of the Listing Agreement from the Non-executive Directors of all pecuniary relationship or transactions entered into with non-executive directors 3 Obtain certificate under Clause 49(V)(B) of the Listing Agreement from the Management of all material, financial and commercial transactions entered into 4 Book the Hall where AGM is proposed to be convened 5 Hold Subsidiary Companies Board Meetings to approve their annual accounts 6 Obtain Notice u/s 257 (with deposit - [IMPORTANT THINGS MUST DO DURING THE RAID](https://accountsknowledgehub.in/important-things-must-do-during-the-raid/): Here are some of the things must to do:  1.         Ask for the search order or warrant and ensure that it is properly dated,            addressed and authorised. 2.         Ask for the identification of each member of the raiding team and note down their name and designation. 3.         Anyone not producing the required identification may be prevented from entering the premises. 4.         If, body searches have to be conducted, they should be done with due regard to personal dignity. Ladies should be searched only by ladies and in privacy. 5.         If there are school-going children in the house, they can be - [Checklist for Audit of Financial Reporting - Management Control System](https://accountsknowledgehub.in/checklist-for-audit-of-financial-reporting-management-control-system/): A) SEGREGATION OF DUTIES 1)   Are responsibilities for the final review and approval of financial reports adequately segregated from those for the preparation of the reports? 2)   Are responsibilities for maintaining the general ledger adequately segregated from those for maintaining subsidiary ledgers? 3)   Are responsibilities for maintaining the general ledger adequately segregated from those for the custody of assets? 4)   Are the responsibilities for preparation and approval functions adequately segregated from those for journal entries? 5)   Are responsibilities for principal accounting, for the treasury, and for custody functions adequately segregated? 6)   If EDP is used, is the principle of segregation of - [Checklist for Audit of EDP (Electronic Data Processing) Department](https://accountsknowledgehub.in/checklist-for-audit-of-edp-electronic-data-processing-department/): A) SEGREGATION OF DUTIES 1)   Is the EDP department independent from the accounting and operating departments for which it processes data? 2)   Are duties within the data-processing function as adequately segregated as follows: a)   Systems development (design and programming)? [wp_ad_camp_2] b)   Technical support (maintenance of systems software)? c)   Operations? 3)   In smaller and mini-computer installations with limited opportunities for segregation of duties, do procedures for user departments provide the following controls: a)   Utilization of batch or other input controls? b)   Control of master file changes? c)   Balance master files between processing cycles? 4)   Do personnel policies of the EDP function include - [Checklist for Audit of Employee Compensation](https://accountsknowledgehub.in/checklist-for-audit-of-employee-compensation/): A) Employee compensation – SEGREGATION OF             DUTIES 1)   Are responsibilities for supervision and time-keeping functions adequately segregated from personnel, payroll processing, disbursement, and general ledger functions? 2)   Are responsibilities for the payroll processing function adequately segregated from the general ledger function? 3)   Is payroll distribution supervised by employees, as follows: a)   Who are not responsible for hiring or firing employees? b)   Who do not approve time reports? c)   Who take no part in payroll preparation? 4)   Are responsibilities for initiating payments under employee benefit plans adequately segregated from accounting and general ledger functions? 5)   Is reconciliation - [Checklist for Audit of Procurement and Payables](https://accountsknowledgehub.in/checklist-for-audit-of-procurement-and-payables/): A) SEGREGATION OF DUTIES 1) Are responsibilities for the requisitioning, purchasing, and receiving functions adequately segregated from those for the invoice processing, accounts payable, and general ledger functions? 2) Are responsibilities for the purchasing function adequately segregated from those for the requisitioning and receiving functions? 3) Are responsibilities for the invoice processing and accounts payable functions adequately segregated from those for the general ledger functions? 4) Are responsibilities for the disbursement preparation and disbursement approval functions adequately segregated from those for recording cash disbursements and general ledger entries? 5) Are responsibilities for the disbursement approval function adequately segregated from those for - [Checklist for Audit of Capital Asset](https://accountsknowledgehub.in/checklist-for-audit-of-capital-asset/): A) SEGREGATION OF DUTIES 1)   Are responsibilities for initiating, evaluating, and approving capital expenditures, leases, and maintenance or repair projects adequately segregated from those for project accounting, property records, and general ledger functions?2)   Are responsibilities for initiating capital asset transactions adequately segregated from those for final approval, or committing government resources?3)   Are responsibilities for the project accounting and property records functions adequately segregated from those for the general ledger function?4)   Are responsibilities for the project accounting and property records functions adequately segregated from those for the custodial function?5)   Are responsibilities for the periodic physical inventories of - [Audit Checklist for Grant and Entitlement Monitoring](https://accountsknowledgehub.in/audit-checklist-for-grant-and-entitlement-monitoring/): A) GRANTS 1)   Has the agency properly assigned responsibility for monitoring grant activities? 2)   Does the agency have a central grants monitoring activity? 3)   Does the agency have procedures to monitor compliance with the following? a)   Financial reporting requirements? b)   Use of funds and other conditions in accordance with grant terms? c)   Timely billing of amounts due under grants? 4)   Is accounting for grant activity separated from accounting for locally funded activities? 5)   Does the agency have a system for obtaining grantor approval before incurring expenditures in excess of budgeted amounts or for unbudgeted expenditures? 6)   Are processing of grant revenues - [Checklist for Audit of Revenue and Receivables](https://accountsknowledgehub.in/checklist-for-audit-of-revenue-and-receivables/): A) SEGREGATION OF DUTIES1)   Are responsibilities for billing for services and fees adequately segregated from those for collection and accounting?2)   Are responsibilities for maintaining detail accounts receivable records adequately segregated from those for collection and general ledger posting?3)   Are responsibilities for collection, control, credit issuance, and deposit of funds activities adequately segregated from those for maintaining accounting records?4)   Are tax assessment rolls, etc., maintained by individuals not engaged in any accounting or collection function?5)   Are responsibilities for entries in the cash receipts records adequately segregated from those for general ledger entries?6)   If EDP is used, - [Checklist for Investment Audit](https://accountsknowledgehub.in/checklist-for-investment-audit/): A) SEGREGATION OF DUTIES1)   Are responsibilities for initiating, evaluating, and approving transactions adequately segregated from those for detail accounting, general ledger, and other related functions?2)   Are responsibilities for initiating transactions adequately segregated from those for final approvals committing state resources?3)   Are responsibilities for monitoring investment market values and performance adequately segregated from those for investment acquisition?4)   Are responsibilities for maintaining detail accounting records adequately segregated from those for general ledger entries?5)   Are custodial responsibilities for securities or other documents evidencing ownership or other rights assigned to an official with no accounting duties?6)   If EDP is - [Checklist for cash related audit - Financial Management control](https://accountsknowledgehub.in/checklist-for-cash-related-audit-financial-management-control/): A) SEGREGATION OF DUTIES 1)   Are responsibilities for collection and deposit preparation functions adequately segregated from those for recording cash receipts and general ledger entries? 2)   Are responsibilities for cash receipts functions adequately segregated from those for cash disbursements? 3)   Are responsibilities for disbursement preparation and disbursement approval functions adequately segregated from those for recording or entering cash disbursements information on the general ledger? 4)   Are responsibilities for the disbursement approval function adequately segregated from those for the disbursement, voucher preparation, and purchasing functions? 5)   Are responsibilities for entries in the cash receipt and disbursement records adequately segregated from those for general ledger entries? 6)   Are responsibilities - [Checklist for Budgets and Planning](https://accountsknowledgehub.in/checklist-for-budgets-and-planning/): Budget & Planning – Important checklist A) SEGREGATION OF DUTIES 1)   Are responsibilities for budget preparation, adoption, execution, and reporting each assigned to different staff members? –> B) PROCEDURAL CONTROLS 1)   Do personnel responsible for budget preparation: a)   Have an awareness of budgets and budgetary procedures required by law? b)   Prepare budgets for all significant activities regardless of whether mandated by law? c)   Prepare a budget calendar to provide orderly  submission and to obtain approval of the  budget? d)   Develop and prepare initial budget submissions by major departments and activity centers? e)   Obtain review of departmental budgets by the finance or - [Governance and accountability - Financial Management - Audit Checklist](https://accountsknowledgehub.in/governance-and-accountability-financial-management-audit-checklist/):  Audit Checklist – Financial Management . This checklist is very useful for auditors, with reference to this checklist while auditing auditor assure that he didn’t leave any point while audit. Item Document Yes No N/A 1 Print out of the Profit and Loss Statement for the 12 months 2 Print out of the Balance Sheet at year-end 3 Print out of the Trial Balance at year-end 4 Bank and Investment statements for the entire 12 months for all bank accounts maintained 5 Monthly bank reconciliations 6 Petty cash vouchers and petty cash summary 7 Schedule of accounts receivable at year-end (aged debtors - [Financial Management at a glance ~ CA Final](https://accountsknowledgehub.in/financial-management-at-a-glance-ca-final/): Last Minute Overview of Financial Management 1.    Market Value of Business                           Future annual profit Annual rate of return reqd by investor 2.    Market Value of Business                           Future annual cash flow        Cost of Capital 3.    Future value                                   PV(1+i)ⁿ 4.    Present Value                                 Future Value                                                                (1+i)ⁿ 5.    Future value of regular annuity                  A  (1+i)ⁿ – 1 i 6.    Present value of regular annuity                            A  1-  1  i      (1+i)ⁿ                   7.    Future value of annuity due                       F.V. of regular annuity(1+i) 8.    Present value of annuity due                     P.V. of regular annuity(1+i) 9.    Present value of Perpetuity                        A (it is an annuity - [FILING OF SERVICE TAX RETURN - More Information](https://accountsknowledgehub.in/filing-of-service-tax-return-more-information/): Important information to keep in mind before planning for filing of service tax return. As per sec 70/ rule 7 str1994, every service provider who is liable to pay service tax has to file service tax return on half -yearly basis and the return should be filed up to 25th of month succeeding the relevant half year. A service provider should file the return in form no ST-3 and the service provider should enclose GAR-7 challan with the return & at the time of filling the first return of service tax he should enclose a list of all the books & - [Digital Signature - New Prices w.e.f. 1st May 2012.](https://accountsknowledgehub.in/digital-signature-new-prices-w-e-f-1st-may-2012/): DSC industry is passing through very crucial stage. All the Certifying Authorities i.e. [(n)code, TCS, Sify, emudra] have unanimously pooled up and hiked the prices of DSC extravagantly w.e.f. 1st May 2012. This hike is 2.5 to 3times. Not only will this service tax of 12.36% also be applicable from the date the Finance Bill get the assented by Accordingly the prices have been revised. The new prices are as under: Class 2 RATE QUOTE (1 Year DSC) Qty 01 02-05 06-10 10 AND ABOVE Price 750 700 650 625 RATE QUOTE (2 Year DSC) Qty 01 02-05 06-10 10 AND - [CHECKLIST FOR APPOINTMENT OF COST AUDITOR](https://accountsknowledgehub.in/checklist-for-appointment-of-cost-auditor/):     Appointment of Cost Auditors   S. No. Particulars Who can be appointed as Cost  Auditors The company required to get its cost audited under section 233(B)1 of the Companies Act, 1956 shall appoint a cost auditor who is a cost accountant as defined in clause (b) of sub-section (1) of section 2 of the Cost and Work Accountant Act, 1959 and who hold a valid certificate of practice under sub-section (1) of section 6 of the said Act and includes a firm of cost accountants. Reference by Audit Committee The Audit Committee of the Board shall be the first point of - [Checklist for Central Excise Compliance](https://accountsknowledgehub.in/checklist-for-central-excise-compliance/): The manual is divided into six parts.Each part provides explanatory notes and guidance note to facilitate personnel handling compliance. Part one– Legal compliance to be ensured on daily basis – [wp_ad_camp_2] Sr No. Compliance required to be done Provision/ Form Time frame/ Explanatory Note Remark of Personnel handling compliance Verified/Audited by (A) (B) (C) (D) (E) (F) 1. Removal of manufactured goods from factory to be done under cover of Invoice Rule 11 of CER/Invoice At the time of removal of the goods EN – (1.1) 2. Daily Stock Accounts to be maintained Rule 10 of CER/ No form prescribed Daily - [Central Excise Tariff 2012-13](https://accountsknowledgehub.in/central-excise-tariff-2012-13/): CENTRAL EXCISE TARIFF 2012-13 Central Excise Act General Excise Act –      The Central Excise Tariff Act, 1985 (5 of 1986) –      General Rules for interpretation of the Schedule to the Central Excise Tariff Act, 1985. (General Explanatory Notes and Additional Notes) –      Additional Duties of Excise (Goods of Special Importance) Act, 1957 (58 of 1957) –      Additional Duties of Excise (Textiles and Textile Articles) Act, 1978 (40 of 1978) –      Provisional Collection of Taxes Act, 1931 (16 of 1931) –      Provisions of Finance (No.2) Act, 2004 relating to levy of Education Cess on excisable goods THE FIRST SCHEDULE To the Central Excise Tariff Act, 1985 (5 of - [Methods for Valuation Of Shares](https://accountsknowledgehub.in/methods-for-valuation-of-shares/):  VALUATION OF SHARES INTRINSIC VALUE METHOD THIS  METHOD ASSUMES HYPOTHETCAL  LIQUIDATION & CALCULATES REFUND PER EQUITY  SHARES. FORMULAE:- SUNDRY ASSETS:-                               XXXXX LESS:-SUNDRY LIABILITIES            XXXXX BALANCE                                               XXXXXX LESS: PREFRENCE EQUITY SHARE CAPITAL             XXXXXXX PROPOSED DIVIDEND                                            XXXXXXX  NET ASSETS AVAILABLE FOR EQUITY SHAREHOLDERS    XXXXXX                                                                                     + NOTIONAL CALLS                                                                            XXXXXX TOTAL  ASSETS  AVAILABLE  FOR  EQUITYSHAREHOLDERS  XXXXXX INTRINSIC VALUE PER SHARE:-       TOTAL ASSETS AVAAILABLE TO EQUITYSHAREHOLDERS                                                                         EQUITY   SHARE CAPITAL (AFTER CALLS). INTRINSIC VALUE IS VALUE FOR EQUITY SHAREHOLDERS THAT IS WHY WE HAVE DEDUCTED THE CAPITAL & DIVIDEND OF OTHER MEMNERS VIZ…………..PREFERENCE SHAREHOLDERS.  OTHER NAMES OF INTRINSIC VALUE NET ASSETS BREAKUP VALUE PER SHARE - [Checklist for Tax Audit of Manufacturing Companies](https://accountsknowledgehub.in/checklist-for-tax-audit-of-manufacturing-companies/): Deferred Tax Assets and Liabilty reversal * Reconcilation with IT profit and Book Profit * for IT and Company Depreciation * Section 43A  adjustment * Timing difference  reversal in the subsequent year * for Unabsorbed Dep * for Carried forward Loss * for deferred expenses * disallownces under section 40(a)(ia), * Section 43B Payments ie disallowed earlier year and now allowed in memo * Opening restatment for the current year [wp_ad_camp_1] Reconcilation of  * VAT   With Return and reconcile with Turnover *Excise  With ER-1 and  reconcile with Turnover *CST    -CST Return  and reconcile with Turnove *TCS     -Reconcil with Scrap Sales Ledger and Apply  TCS % TDS/TCS Deduction and payment analysis - [Checklist Before Preparation Balance Sheet of Manufacturing Company](https://accountsknowledgehub.in/checklist-before-preparation-balance-sheet-of-manufacturing-company/): Capital Account/ Share Capital ** Movements in share capital ** Buy Back prodedure to be followed if there is any buy back ** Fresh issue procedure to be followed if there is any fresh issue ** Inflow in capital accounts ** FIRC Copies and RBI approval from foreign inwards towards capital ** Share application money pending allotment Reserves and Surplus ** Movements in reserves and surplus ** Types of Reserves ** Specified reserve to be used for specific purpose ** Distribution of Surplus if any during the year Secured Loan Analysis ** Terms and conditions of the loan ** Interest calculation - [Checklist for Audit of Expenses for Manufacturing Companies](https://accountsknowledgehub.in/checklist-for-audit-of-expenses-for-manufacturing-companies/): Direct Expenses ** Expenses vouching ** Expenses for Fuel consumption ** Freight and forwarding Expens analysis – relating to RM  ** Cut off procedure ** Variance analysis Indirect Expenses analysis and vouching ** Cut off procedure ** Variance analysis Persoanl Expenses of Director  *Travelling Exp and conveyance ledger analysis * Foreigin Tour Ledger Analysis Capitalization of freight and custom duty for Import Machinery * Freight ledger analysis *Machinery Ledger Analysis Prior Period Transaction Verfication– Cut off procedure (Expenses and Incomes) **Analysis of Cash ledger  ** Find out the expenses in cash book which are  relating to previous financial year ** Purchase - [Checklist for Audit of Sales and Purchases for Manufacturing Companies](https://accountsknowledgehub.in/checklist-for-audit-of-sales-and-purchases-for-manufacturing-companies/): Sales Accounting policy followed by the company for recognition of sales Cut off procedure Credit notes/ Debit notes if any, Break up for Export and domestic Sales Check with Reconcilation of VAT and Excise Variance analysis Pending orders Other Income Vouching Verification of interest amount Verification of Dividend amount Verification of Royalty amount and agreements for the same calculation for any sale of asset/ scrap etc Cut off procedure Variance analysis Purchase and other Direct Expenses:- Break up for different type of Purchase Custom Duty analysis Duty paid on purchases Capitalization of incidnetal expenses relating to Purchase Purchase Retun and DR - [Checklist for Internal Audit of Stock Brokers](https://accountsknowledgehub.in/checklist-for-internal-audit-of-stock-brokers/): Checklist For Internal Audit Of Stock Brokers – BSE, NSE, and MCX-SX 1 Appointment Letter of Internal Auditor for Internal Audit of all Segments. 2 Trial Balance as on 31.03.2012, Duly signed by Compliance Officer. 3 Cash-Book alongwith Cash-in-hand Certificate as on 31.03.2012. 4 Copy of Membership Certificate of MCX-SX alongwith SEBI Registration Certificate. 5 Sample KYC to check whether all disclosure requirements for opening of client accounts has been               adhered to and that proper documents according to the nature of clients(Individual, HUF,Corporate or         firm) have been collected 6 List - [Checklist and Audit Program of Joint venture](https://accountsknowledgehub.in/checklist-and-audit-program-of-joint-venture/): Audit Program for Joint Venture1  Method of Accounting followed     Separate set of books      Same set of books 2  Legal Structure of the New Business    Determine the Scope of Business as per the agreement    Determine the duration of the Business/ agreement 3  Governing Structure    Percentage of ownership in the Joint Venture as per the agreement    Cooperation by the parties at operating level as per the agreement [wp_ad_camp_2] 4  Management and Staffing    The CEO (should come from one of the parents but be able to win both parents’    confidence)    Board of Directors (total - [Steps to implementation of Multi-Currency in Tally.ERP 9](https://accountsknowledgehub.in/steps-to-implementation-of-multi-currency-in-tally-erp-9/): Go to Gateway of Tally.ERP9,  Select F11: Accounting Features , Set Allow Multi-Currency to Yes  Accept to Save.Once the Multi-Currency feature is enabled in F11: Accounting Features, you can view the Currencies menu from Gateway of Tally > Accounts Info > Currencies To create a foreign currency Go to Gateway of Tally > Accounts Info. > Currencies > Create Enter the currency symbol in Symbol field. This symbol appears in your reports, wherever applicable. Use ASCII Special Characters with [Alt] key combination, if your keyboard does not have the symbol. Utilities like Character Map (Start > All Programs > Accessories > - [TDS features in Tally ERP 9](https://accountsknowledgehub.in/tds-features-in-tally-erp-9/): The TDS (tax deduction at source) features of Tally.ERP 9 delivers a phenomenal experience and great capabilities: [wp_ad_camp_1] Important points: • Deduct TDS at the same time, while booking expenses • Deduct TDS in a single voucher at the end of the month for all TDS related Payments/Expenses booked • While making a payment to one expense head (ledger) the amount can be split to more than one nature of payment (including part payment exempt from TDS) • Record both TDS related and non-TDS related payments in a single Voucher • Manage TDS for Non-Residents (Sec.195) payments • Reverse TDS deducted - [Stock Item with multi-line description in Tally ERP 9](https://accountsknowledgehub.in/stock-item-with-multi-line-description-in-tally-erp-9/): You would like to enter more details like neat, clean and structured description for StockItem. This module will provide you to enter the description for a stock item in multi lines and use them as it is in the voucher entry, plus you can modify or add in it both at the master level as well as the voucher level. [wp_ad_camp_1] Quick Setup Guide: Enable Multi Line Description for Stock Item in Inventory Features. Create Stock Items with multi descriptions. Use them in the vouchers. Detailed Setup Guide: To operate this capability, user will have to follow the following steps: 1. - [Cost Compliance Vs Cost Audit](https://accountsknowledgehub.in/cost-compliance-vs-cost-audit/): COST COMPLIANCE-AUDIT S.No. Subject Cost Compliance Cost Audit 1. Applicable Rule The Companies (Cost Accounting Records)Rules,2011. The Companies (Cost Audit Report)Rules,2011. 2. Applicable financial year 1st April 2011 Separate financial year applicable for separate industries. (copy enclosed as annexure 1). {Cost Audit Reports submitted on or after 1st day of April, 2012, irrespective of the financial year for which the cost audit report is submitted, shall be governed by the above mentioned Rules.} 3. Applicability Shall apply to every company, (including a foreign company) which is engaged in the production, processing, manufacturing, or mining activities. And The aggregate value of net - [TDS on Salary for Assessment Year 2012-2013 (Revised)](https://accountsknowledgehub.in/tds-on-salary-for-assessment-year-2012-2013-revised/): FINANCE ACT,2011 As per the Finance Act, 2011, income-tax is required to be deducted under Section 192 of the Income-tax Act 1961 from income chargeable under the head “Salaries” for the financial year 2011-2012 (i.e. Assessment Year 2012-2013) at the following rates: RATES OF INCOME-TAX A. Normal Rates of tax:    1.  Where the total income does not exceed Rs. 1,80,000/-. Nil    2.  Where the total income exceeds Rs. 1,80,000 but does not exceed Rs. 5,00,000/- 10 per cent of the amount by which the total income exceeds Rs. 1,80,000/-    3.  Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 8,00,000/-. Rs. - [Everything about SSI Scheme](https://accountsknowledgehub.in/everything-about-ssi-scheme/): SSI Scheme The contribution of Small Scale Sector in the industrial growth of the Indian economy and to the Gross Domestic Product is significant besides the potential for employment generation. The Small Scale Sector has for itself a special dispensation in the Central Excise law in order to make it competitive in the domestic and global market. Central Excise duty concessions have been extended to the units in the small-scale sector based on their turnover so as to facilitate them to graduate by availing these concessions in a graded manner. ELIGIBILITY Manufacturers of specified commodities having clearances not exceeding Rs. 4 - [Checklist for Audit of Educational Institutions](https://accountsknowledgehub.in/checklist-for-audit-of-educational-institutions/): 1. Intro – Examine the regulations or the Deed Of the Institution – Ask from the Accountant – Regarding the Major source of Income                                          –  Wheather they are serving for Profit or Non Profit Purpose                                          –  Wheather They Have received any Grant From Government Or Not – Where they have Invested their Respective Income – After Doing all the Preliminiary work, Move toward Checking Of Receipts. - [Rent Agreement Format for Flat (Property) Hiring](https://accountsknowledgehub.in/rent-agreement-format-for-flat-property-hiring/): Important Note: This format has been prepared as applicable to flats. The word “flat” can be substituted with the type of property for which this document is being executed. Similarly, the name of the concerned authority can also be changed as applicable. For the sake of convenience, we have italicized such words. This Rent Agreement is made on this __________ day __________ 20__ between Shri/Shrimati/Kumari __________ son/daughter of __________ resident of __________ (hereinafter called the Lessor/landlord of one part) and Shri/Shrimati/Kumari __________ son/daughter of __________ resident of __________ (hereinafter called the Lessee/Tenant of the other part). The expression Lessor and Lessee - [Income tax slabs 2011-2012 for General tax payers](https://accountsknowledgehub.in/income-tax-slabs-2011-2012-for-general-tax-payers/): Income tax slabs 2011-2012 for General tax payers0 to 1,80,000 No tax1,80,001 to 5,00,000 10%5,00,001 to 8,00,000 20%Above 8,00,000 30% [wp_ad_camp_1] Income tax slabs 2011-2012 for Women0 to 1,90,000 No tax1,90,001 to 5,00,000 10%5,00,001 to 8,00,000 20%Above 8,00,000 30% Income tax slabs 2011-2012 for Senior citizen (Aged 60 years but less than 80 years)0 to 2,50,000 No tax2,50,001 to 5,00,000 10%5,00,001 to 8,00,000 20%Above 8,00,000 30% Income tax slabs 2011-2012 for Very Senior citizen (Above 80 years)0 to 5,00,000 No tax5,00,001 to 8,00,000 20%Above 8,00,000 30% In addition to that, 2% of Education Cess & 1% of Secondary & Higher Education - [Recruitment And Selection Process (HR work)](https://accountsknowledgehub.in/recruitment-and-selection-process-hr-work/): Vacancy is known in two situations (generally): ü  An employee leaves and there is a vacancy created ü  Business Growth The vacancy is intimated to the HR department by the concerned technical department. Ensure that judgement of abilities, experience and qualifications is made against the requirements of the position in question. 1) Defining the Requirement – Decide what vacancy you have. If you need to fill a new role quickly you might find it helpful to adapt one of the models provided here: Task analysis – Draw up a detailed list of tasks that the person will have to do. This - [Why and How to Investment in Shares](https://accountsknowledgehub.in/why-and-how-to-investment-in-shares/): It is a well known fact that the markets have outperformed other asset classes such as property over time. Investing in shares offer tax benefits, diversification, flexibility and control over your own financial future. Buying a share (or in other words the stock) means that you are buying a share of the company. You own a share of the profits, which are handed down to shareholders through dividends and you can also see capital growth as share price increases. The company benefits from listing on the stock market as they can finance their business or an expansion plan without needing to - [Tally ERP 9 Tips and Tricks](https://accountsknowledgehub.in/tally-erp-9-tips-and-tricks/): When 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. [wp_ad_camp_2] 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 - [Example of Gain or Loss on the Sale of Fixed Assets and the Cash Flow Statement](https://accountsknowledgehub.in/example-of-gain-or-loss-on-the-sale-of-fixed-assets-and-the-cash-flow-statement/): When fixed assets are sold, by definition, money is, or will be received.  The result is entries to Cash or Accounts Receivable.  You must also make entries to remove the Asset from the books and to remove any Accumulated Depreciation on the books for that Asset.  The result is that the sum of the debits will not equal the credits in this transaction.  The account that will be used to balance the debits and credits is called Gain on Disposition of Fixed Assets.  The following example will help explain these entries. Consider a machine is originally purchased for $10,000 and is - [GUIDELINES FOR PRACTICE IN CORPORATE FORM](https://accountsknowledgehub.in/guidelines-for-practice-in-corporate-form/): Definition. (i)      Managing Director, Whole-time Director and Manager – The term “Managing Director”, “Whole-time Director” and “Manager” shall have the same meaning as defined/understood in the Companies Act, 1956.  For this purpose, the member in practice who is a Managing Director, Whole-time Director or Manager shall be full-time practitioner/proprietor/partner in a Chartered Accountants firm. (ii)        Act – Act means The Chartered Accountants Act, 1949. (iii)       Regulations – Regulations means the Chartered Accountants Regulations, 1988. (iv)       Code of Ethics – Code of Ethics means the Code of Ethics issued by the Institute and decisions of the Council in this regard. (v)         Institute - [LISTING FEES ON BSE SME PLATFORM](https://accountsknowledgehub.in/listing-fees-on-bse-sme-platform/): The listing fees, annual fees and book building fees are as follows for the listing SMEs on the BSE SME Exchange/ Platform. 1. Listing Fee: The SME platform will have one time listing fee of Rs. 50,000/-. 2.      Annual fee: Annual Fees will be charged on basis of Market Capitalization and not on Issue Size. The basis of calculation of Market Capitalisation will be average of price as on March 31 or last day of trading in the financial year. Market capitalization (In rupees) Annual Fee (Rs.) up to 50 crores 25,000 or 0.01% of full market capitalization, whichever is higher. The basis of - [Conversion of Private Company into Public Company](https://accountsknowledgehub.in/conversion-of-private-company-into-public-company-2/): Key Benefits: • •  Easy access to Public for raising fundsPublic limited Company is the only corporate form of organization which is allowed to raise funds from general public. Public Limited Company enjoys better avenues for borrowing of funds. It can issue debentures, secured as well as unsecured, accept deposits from the public, etc. Banking and financial institutions prefer to render large financial assistance to Public Limited Companies. Even a closely held Company can operate as a Public Company without diluting promoters’ stake. High market recognitionPublic Limited Companies as compared to other business forms enjoys better recognition in the market and - [Be your own fund manager !!!](https://accountsknowledgehub.in/be-your-own-fund-manager/): While most of the business class is busy with their existing businesses, the salaried class does not have time to devote in markets. The studies world over show that while the business class earns on an average 20-25% return on capital employed, the salaried family class saves around 10-15% of what they earn. This analysis has greatly benefited most of the Mutual Funds which provide a slightly better return than the prevailing bank fixed deposit rates. Figures alone are enough to prove that the mutual fund returns have been continuously lesser than that of gold and silver. This is due to - [How to Control Negative Stock in Tally ERP 9](https://accountsknowledgehub.in/how-to-control-negative-stock-in-tally-erp-9/): This TDL does not allow the user to enter the quantity, if the stock balance is less than Zero. This TDL is used to control negative stock; it does not allow the user to enter the amount, if the stock balance is less than Zero. Tally.ERP 9 prompts you with a warning message and the credit cash balance in RED Color. In default this will help you to decide whether to proceed with the entry or not. Using this TDL it won’t allow you to pass the voucher Note: copy and and paste above code in a txt file and add - [Purchase to Purchase Order ~ Tally optimization](https://accountsknowledgehub.in/purchase-to-purchase-order-tally-optimization/): This TDL is used to modify the Purchase Order. Using this TDL the user can alter thenarration of Purchase Order through Purchase voucher.  ;;——————————**——————————-;; Modifying default Form to add Actions on accepting the Form [#Form: Accounting Voucher]     On     : Form Accept    : @@IsPurchase    : FORM ACCEPT    On     : Form Accept    : @@IsPurchase    : SET    : VarNarr        : $Narration    On     : Form Accept    : @@IsPurchase    : CALL    : Modify PO Narration ;; Function Definition to Modify the Purchase Order [Function: Modify PO Narration]     01     : MODIFY OBJECT    : (Voucher,@@VID).Narration    : ##VarNarr    02    : MSGBOX        - [Multiline Description of Stock Item Master in Tally ERP 9](https://accountsknowledgehub.in/multiline-description-of-stock-item-master-in-tally-erp-9/): ;; Multiline descrpition in stock item master – copy all above code in a txt file in tally folder and make change in ;; tally.ini file i.e. tdl=c:tallyerp9multilinedesc.txt  or give the right path of file  then in inventory features – enable multi line item descriptions (Don’t forget to take full tally data backup) [wp_ad_camp_2] ” ;;make sure to take backup of all data before applying this code on your own risk  /*Objective(s) :-–    Enables accepting Multiple Descriptions in Stock Item Master and the same is captured    during Invoice Entry Specific TDL Feature(s) used :-–    User Defined Field & Collection    Last Updation - [Checklist Environmental Audit](https://accountsknowledgehub.in/checklist-environmental-audit/): 1) Probable format of “Environmental Statement”: The following are the main aspects which may be covered in the probable format of Environmental Statement: a.   Name and address of the owner/occupier of the industry, operation or process. b.   Date of last environmental audit report submitted. c.   Consumption of water and other raw materials during current and previous year. d.   Pollution generated in air and water along with the output and the types of pollutants and the deviation from standards. e.   Generation of hazardous waste in current year and previous year from processes. f.   Quantity of solid waste generated during current year and - [Checklist for Energy Audit](https://accountsknowledgehub.in/checklist-for-energy-audit/): Key functions of Energy Auditor Energy auditing is defined as ·         An activity that serves the purposes of assessing energy use pattern of a factory or energy consuming equipment and identifying energy saving opportunities. ·         In that context, energy management involves the basis approaches reducing avoidable losses, improving the effectiveness of energy use, and increasing energy use efficiency. The function of an energy auditor could be compared with that of a financial auditor. ·         The energy auditor is normally expected to give recommendations on efficiency improvements leading to monetary benefits and also advise on energy management issues. ·         Generally, energy auditor - [CA FINAL - Preparation - Final Wakeup Call](https://accountsknowledgehub.in/ca-final-preparation-final-wakeup-call/): Just little time is left for the exams. We consider the fact that exam is coming very soon and it is the ‘final wakeup call’ for all those students who haven’t taken things up seriously or who haven’t taken things up the way they ought to be taken up. All those who have cleared their first group exams last time should never feel complacent of the fact that they were victorious last time. They need to follow the same strategy that they successfully executed previously so that they can ensure success this time also. On the other hand, students who couldn’t - [STAMP DUTY RATE ON SHARE CERTIFICATES.](https://accountsknowledgehub.in/stamp-duty-rate-on-share-certificates/): Rate of Stamp Duty on Share Certificates: 1. Andhra Pradesh Thirty Paisa/Since 30paisa Stamp not available , Rs. 1 Revenue stamp irrespective of amount ,(on Folio) 2. Arunachal Pradesh Rs. 5.00 Revenue stamp irrespective of amount 3. Haryana Forty Paisa/Since 40paisa Stamp not available , Rs. 1 Revenue stamp irrespective of amount ,(on Folio) 4. Himachal Pradesh Forty Paisa/Since 40paisa Stamp not available , Rs. 1 Revenue stamp irrespective of amount ,(on Folio) 5. Karnataka Rs,1 for every 1000 Rs, or a part thereof of the value of the share, scrip or stock.6. Kerala Fifty Paisa irrespective of amount ,(on Folio) - [Procedure of ISO (International Organization for Standardization) Certification](https://accountsknowledgehub.in/procedure-of-iso-international-organization-for-standardization-certification/): ISO certification Correct procedure Complete an Application for Certification form (AfC)  Within the 3 years’ validity of Contract we conduct 1 certification audit and 2 surveillance audits (vide infra) A process of management system certification has these basic phases: Phase of audit planning Assessment of documentation Pre-certification audit (optional) Certification audit Certificate granting and surveillance audits Phase of audit planning Phase of an audit planning represents planning of an audit. Chief of auditors nominates a lead auditor, an auditor and a specialist from examination scope. Audit team responds to qualified performed audit. Assessment of management system documentation Documentation assessment is performed - [Appointment of Managing Director - Complete Checklist](https://accountsknowledgehub.in/appointment-of-managing-director-complete-checklist/): Steps involved in appointment of  Managing Director in a Company who is not an Managing Director in any other Company: 1-      Convene Board Meeting, appoint Mr. A as Additional Director and pass resolution for appointment as Managing Director (sample of resolution specified hereunder) and fix date and approve notice of General Meeting for passing ordinary resolution or special resolution, as the case may be (explained hereunder)             2-      File Form 32 for app. as Additional Director (with his consent in case of public Company) 3-      Issue notice along with explanatory statement (sample of exp. St. specified hereunder) at least 21 days - [How to solve error while doing ETDS](https://accountsknowledgehub.in/how-to-solve-error-while-doing-etds/): [wp_ad_camp_1] Line No. RecordType ErrorCode T-FV- Description Solution 1 File Header 1000 Invalid File Header Record Length Select (.txt) file instead of (.html) file for validation. If Data is beyond the maximum character length allowed. 1 File Header 1006 Invalid File Creation Date Check the current Date of system & Date format of System according to s/w.For e-TDS/AIR dd/MM/yyyy. 1 File Header 1007 Invalid File Sequence Number Please give the file sequence number while generating the file. 1 File Header 1010 Invalid TAN/TFC Id Give the correct TAN 2 Batch 2027 Invalid TAN of Deductor / Employer / Collector Correct the TAN 2 Batch 2030 Invalid - [What is CAVEAT ?](https://accountsknowledgehub.in/what-is-caveat/): Caveat application in the Indian court means that you are requesting any court that if in case a specified person or organisation files a case in the court in which you are  having some valid interest — than no order should be passed by that Hon’ble court without giving you a notice about that case being filed and also without listening your side in that matter.  [wp_ad_camp_1]  Caveat petition is a precautionary measure which is undertaken by people usually when they are having very strong apprehension that some case is going to be filed in the court regarding their interest in - [Theory Questions for ICWA Inter (Group-1)](https://accountsknowledgehub.in/theory-questions-for-icwa-inter-group-1/):                 Theory Questions for ICWA Inter (Group-1)                                      Difference between: 1)Reserves & Provision. 2)Income and Expenditure & Payment and Receipts. 3)Hire Purchase & Installment Purchase. 4)Capital Receipts & Revenue Receipts. 5)Share Holders & Debenture Holders. 6)Depreciation & fluctuation. 7)Capital Expenditure & Revenue Expenditure. 8)Shares & Debentures.                     Write Short Notes on: 1)Profit Prior to Incorporation.2)Joint Life Policy.3)Rebate on Bills Discounted. 4) Non-Banking Assets.5) Non-Performing Assets.6) Contingency Reserve.7) Development Reserve. 8)Tariff and Dividend Control Reserve. 9) Clear Profits. 10) Debt-Equity Ratio. 11) Minimum Rent. 12)Treatment of Short Workings in Royalty.13)How to treat abnormal loss in Bank a/c and Branch a/c.14)Issue of - [Allocation and Apportionment of Cost](https://accountsknowledgehub.in/allocation-and-apportionment-of-cost/): ALLOCATION OF COST: allocation of cost is a process by      whichcost items are charged directly to the cost center. for example:  electricitycharges can be allocated to various departments if separate meters are installed, salary of stores clerk can be allocated to stores department etc.  APPORTIONMENT OF COST:  now apportionment of cost is a processwhere u cant easily identify a cost to a particular cost or service center,for example if there is single electricity meter for the all department, then it becomes a little difficult to allocate the exact cost to a costcenter, another example rent will have to be apportioned to various departments on the basis of - [Set-off carry forward 2012-2013](https://accountsknowledgehub.in/set-off-carry-forward-2012-2013/): SET –off and carry forward of losses Nature of income set-off carry forward set off S.S.S.H I.S.S.H INTER HEAD FOR A.Y FROM Salary N.A N.A N.A N.A N.A house property allowed allowed allowed 8 year same head PGBP Non speculation allowed allowed allowed 8 year [except salary same head Speculation allowed X X 4 years same sources Amalgamation loss allowed allowed allowed Fresh 8 year same head race hourses allowed X X 4 years same sources Specified business allowed X X Infinite period same sources Unabsorbed dep. allowed allowed X Infinite period same head capital gain Short term allowed allowed X - [How to take auto backup in Tally ERP 9 and Tally shortcut keys](https://accountsknowledgehub.in/how-to-take-auto-backup-in-tally-erp-9-and-tally-shortcut-keys/): [wp_ad_camp_1] To Duplicate a voucher Go to  List of Vouchers  Press ALT + 2,  It will create a voucher similar to the one where you positioned the cursor and used this key combination. Now you can post a duplicate voucher or can modify amount of new voucher. This short cut help is posting new entries for similar heads of account with different amount . Say when you have to post monthly entry for bank interest or rent etc, you can use this short cut keys for faster entry. To Add a voucher When you are viewing a report or voucher list - [Tally ERP 9 Data Analysis and Reporting](https://accountsknowledgehub.in/tally-erp-9-data-analysis-and-reporting/): USING TALLY DATA FOR FURTHER ANALYSIS         The data and various reports generated by Tally can be exported to Excel Worksheet for further analysis. There are two different methods of exporting data 1)     Export of data 2)     Connecting through ODBC (Open Data Base Connectivity)1) Export of data – In all the reports generated by Tally, on right hand corner panel, you will find an option to export the report. On pressing that option, it will ask whether to export or not. If any displayed parameters are to be changed, then so no and change - [Audit Of Sundry Receivable and Payables in Tally ERP 9](https://accountsknowledgehub.in/audit-of-sundry-receivable-and-payables-in-tally-erp-9/): [wp_ad_camp_1] AUDIT AREA: – SUNDRY DEBTORS AND CREDITORS Debtors and creditors is most important part of every organization OBJECTIVE: – Risks Ø The accounts receivable listing or individual balances may be inaccurate Ø Accounts receivable balances may not exist Ø Accounts receivable may not be collectible Ø Bad debts write-offs may not be valid Ø Sales transactions may be processed in the wrong period Using Tally. 1.Fixing credit limit to respective customers/supplier. Credit Limit – Amount. Once if we fix credit limit to a customer then after crossing credit limit tally does not allows entering any sales in that Ledger a/c. - [Checklist for Appoint / Reappoint of Auditor](https://accountsknowledgehub.in/checklist-for-appoint-reappoint-of-auditor/): APPOINT / REAPPOINT AUDITORS [Statutory u/s (139)/ Cost u/s (148) /  Secretarial  u/s (204)] Rule13 of the Companies (Audit & Auditors) Rules, 2014, There are three type a)  Incase of new company,b) Incase of reappointmentc) Incase of change in auditors of company. INCASE OF NEW COMPANY  SR. NO. CHECKLIST 1.      Hold the Board Meeting within 30 days of Incorporation and appoint the auditors Section 139(6) 2.      Consent of Auditors has to be obtained and declaration that they are eligible for appointment and there appointment is within the ceiling 3.      Appointment letter has to be given to the Auditors - [Partnership Deed for CA (Chartered Accountant)](https://accountsknowledgehub.in/partnership-deed-for-ca-chartered-accountant/):             DEED OF PARTNERSHIP FORMAT   THIS INDENTURE made at PLACE on this DATE day of MONTH, in the year …….;   B E T W E E N 1. NAME OF THE PARTNER, aged about …… years, son of FATHER’S NAME, holding Certificate of Practice issued by The Institute of Chartered Accountants of India residing at ADDRESS, hereinafter referred to as the “Party of the First Part”, 2.  NAME OF THE PARTNER, aged about …… years, son of FATHER’S NAME, holding Certificate of Practice issued by The Institute of Chartered Accountants of India residing at - [Tax Implication of receiving Gifts](https://accountsknowledgehub.in/tax-implication-of-receiving-gifts/): Tax Implication of receiving Gifts We know that gifts received from relatives are tax-exempt. But what is not widely known, at all, is that gifts received even from non-relatives can also be completely exempt from income tax. Here is the complete run-down. It is very common for people to receive gifts from friends and relatives. In some cases, gifts are also received from NRls. Let us consider the latest provisions of the Income Tax Act, 1961 regarding gifts, and analyse how individuals can achieve complete exemption from income tax in respect of the gifts during the current financial year. Gifts are - [Things must know before going for interview](https://accountsknowledgehub.in/things-must-know-before-going-for-interview/): BEFORE YOU START LOOKING FOR A JOB: 1) Main important question that you should ask yourself – why am I leaving this organization? Do I really need a new Job? Think 100 times before you start searching for Jobs. 2) First what is your taste and lifestyle – You are not born here to do Core work. Unless you are happy, don’t go there. 3) If you are not willing for Shifts, Say that strongly – there are chances of giving regular shift which they keep for the people who insist for the regular shift. 4) If you are not interested to change your job, - [Allowances available under Income Tax Act,1961 from Salary Income](https://accountsknowledgehub.in/allowances-available-under-income-tax-act1961-from-salary-income/): “Allowance is defined as a fixed quantity of money or other substance given regularly in addition to salary for meeting specific requirements of the employees. As a general rule, all allowances are to be included in the total income unless specifically exempted. Exemption in respect of following allowances is allowable to the exent mentioned against each: House Rent Allowance:- Provided that expenditure on rent is actually incurred, exemption available shall be the least of the following :(i) HRA received.(ii) Rent paid less 10% of salary.(iii) 40% of Salary (50% in case of Mumbai, Chennai, Kolkata, Delhi) Salary here means Basic + - [How Professionals Get Mentally Tough](https://accountsknowledgehub.in/how-professionals-get-mentally-tough/):       How Professionals   Get Mentally Tough When you face a setback, think of it as a defining moment that will lead to a future accomplishment. When you encounter adversity, remember, the best don’t just face adversity; they embrace it, knowing it’s not a dead end but a detour to something greater and better. When you face negative people, know that the key to life is to stay positive in the face of negativity, not in the absence of it. After all, everyone will have to overcome negativity to define themselves sand create their success. When you face the - [Time Management for Accounts Professional](https://accountsknowledgehub.in/time-management-for-accounts-professional/): Time Management helps individuals assign correct time slots to activities as per their importance. The right allocation of time to the right task in order to make the best possible use of time refers to time management. Time is limited and one can’t afford to waste it. Time once lost never comes back, no matter how much efforts you put in. An individual who wastes time at workplace is liked by none and finds it difficult to achieve targets within the stipulated time frame. His work is never finished on time and is often criticized by fellow workers and superiors. Let - [Service-Tax Registration Checklist for Companies](https://accountsknowledgehub.in/service-tax-registration-checklist-for-companies/): Service-tax registration checklist for companies A. Registration of Single Premises:1. Print out of the filled ST-1 form signed by the director/authorized person.2. Address proof of the place of business as under: a) In case of self owned property, any document like Annual Property Tax payment         return/receipt showing the name of the applicant, or copy of the sale deed. b) In case of rented premises, Lease agreements/license or rent receipt and landlord electricity bill. c) NOC for carrying out the business of the applicant from the owner of the premises. d) Photo Id proof of the person giving - [What is Forensic Accounting?](https://accountsknowledgehub.in/what-is-forensic-accounting/): What is Forensic Accounting?An orderly analysis, investigation, inquiry, test, inspection, or examination along a “paper trail” in the search for fraud, embezzlement, or hidden assets Two parts:Investigative accountingLitigation supportTreats all figures as suspect until proven otherwise The Fraud TriangleRationalization —– Motive —– OpportunityThe Need for Forensic Accountants Fraud is something the internal or external auditors were supposed to guard against through their periodic audits. Now that auditors can only check  for the compliance of a company’s books to generally  accepted accounting principles, auditing standards, and company policies, a new category of accounting  was needed to detect the fraud in companies that - [Income Tax Basics in Common Language](https://accountsknowledgehub.in/income-tax-basics-in-common-language/): Income Tax – Basics in Common Language 1. What is Income Tax?It is a tax imposed by the Government of India on anybody who earns income in India. This tax is levied on the strength of an Act called Income tax Act which was passed by the Parliament of India. 2. What do you mean by income earned in India?Income earned in India is not limited to income earned within the geographical limits or boundaries of the country. Certain incomes are also deemed to have been earned in India although they may have been earned outside the country. 3. Who administers - [Checklist for Internal Audit of Taxation](https://accountsknowledgehub.in/checklist-for-internal-audit-of-taxation/): Particulars Checked By Remarks A Check for applicability of various Acts 1 Income Tax 2 VAT 3 CST 4 Excise Duty 5 Service Tax B Payment Check that 1 Payment is made before due date by Authorised person 2 Proper due date chart is maintained and displayed. 3 The Unit Head intimates the Asst Taxation Manager about the statutory payments through mail/hard copy before 3 days of the due date. 4 Copy of challans is sent to Asst Taxation Manager by 10th of next month 5 Monthly consolidated report in prescribed format for all statutory payments is forwarded to Asst Taxation - [Concept of Service Tax on Renting (renting of residential dwelling for use as residence)](https://accountsknowledgehub.in/concept-of-service-tax-on-renting-renting-of-residential-dwelling-for-use-as-residence/): SERVICE TAX – ON RENTING Section 65B(44) of the Finance Act 1994, Service means any activity carried out by a person for another for consideration and includes a declared servicebut shall not include: By virtue of Section 66E of the Finance Act, 1994, Declared service include the “Renting of Immovable property” Under Section 66 D of the Act, S.No. (m) of  Negative list(Non taxable service) are as under:- Service by way of renting of residential dwelling for use as residence Service by way of renting of residential dwelling would fall within the ambit of negative list only it the residence dwelling - [Checklist for Finance Internal Audit](https://accountsknowledgehub.in/checklist-for-finance-internal-audit/): Internal audit is the examination of a company’s records and reports by its employees. Internal audits are usually intended to prevent fraud and to ensure compliance with board directives and management policies. In contrast, the financial statements presented to stockholders are typically prepared by outside parties to ensure absolute objectivity Internal financial audit is very important for every organization. Checklist for Internal Financial Audit. Sr.No Particulars Checked By Remarks A Stock Check that 1 Age wise analysis of FG is done on monthly basis by the stores keeper and authorised by Manager Commercial 2 Physical verification is done monthly by unit - [Checklist for Stock Investing](https://accountsknowledgehub.in/checklist-for-stock-investing/): Company 1.  What is the business?2.  What is the company’s bargaining power with suppliers?3.  What is the company’s bargaining power with customers4.  How is the company placed against competitors?5.  What is the market share if data is available?6.  Is the company innovative? Does it work on adding new product lines or service lines?7.  Is management compensation reasonable or too high?8.  What are the sustainable advantages or moats that the company enjoys? Sector 9.  What are the factors that affect this sector?10. What are the prospects for this sector for the future? Quantitative 11.  Is return on equity at least 20%? What - [Internal Audit Checklist for Production](https://accountsknowledgehub.in/internal-audit-checklist-for-production/): Production includes  raw material process, including various stages like job method,, batch methods, flow methods etc and  packing material, testing processes. Wastages etc.Internal auditor have important role to check  production planning document, production data sheet and instructionss,  capacity of machines, availability of raw material, co-ordination with lab department for sending sample and get approval for continuing production. Internal auditor check necessary documents of all the production process.Here is the Checklist for Internal audit of Production department. Production Particulars Checked By Remarks A General Check that 1 Proper reporting is done by assistants to respective division in charge & further reporting by - [Checklist for Internal Audit of Purchases and Inventory Management](https://accountsknowledgehub.in/checklist-for-internal-audit-of-purchases-and-inventory-management/): Purchase and inventory department is very sensetive department of any organization. Approval, Vendor validation, Quality assessment , communication are important part of Purchase process  Inventory audit is based on inventory information and policies, inventory levels, and inventory monitoring. [wp_ad_camp_1] Purchase & Inventory Management Particulars Concerned Person Checked By Remarks A Material Control Check proper records for- 1 Availability of materials 2 Control over the investment in material 3 Reasonable Prices 4 Wastage Control 5 Control over the spoilage and obsolescence B Purchase 1 There should be at least two personnel for the purchase department with rights and duties as per the - [Checklist for Internal Audit - HR](https://accountsknowledgehub.in/checklist-for-internal-audit-hr/): HR Audit – Evaluation of all operational HR policies (recruiting hiring, performance management, training, leave management, termination, employee retention, compensation and benefits) A review of HR indicators (turnover, employee satisfaction, absenteeism rates, complaints and lawsuits) Particulars Checked By Remarks… A REQUIREMENT ASSESSMENT Check that details relating to manpower requirement is informed to the management “1month” well in advance.- • No. of Executive required • Kind of Executive required • Qualification required • Experience • Salary Slab. B Interview 1 Check that interview is taken by a committee appointed for the purpose, comprised of minimum three members- • One Functional Head – - [Document Listing for NBFC for Registration and Certification from RBI](https://accountsknowledgehub.in/document-listing-for-nbfc-for-registration-and-certification-from-rbi/): List of documents to be be submit with application from NBFC (Non Banking Financial Companies) to RBI.  Here is documents descriptions for NBFC (Min.NOF requirement Rs. 200 lakh) .. SrN Description 1 Minimum NOF requirement Rs. 200 lakh. 2 Application to be submitted in two separate sets tied up properly in two separate files. 3 Annex II to be submitted duly signed by the director/Authorized signatory and certified by the statutory auditors. Annex III (directors’ profile) to be separately filled up for each director. Care should be 4 taken to give details of bankers in respect of firms/companies/entities in which directors have substantial interest. 5 - [Factory Canteen Exempted from Service Tax w.e.f. 22.10.2013](https://accountsknowledgehub.in/factory-canteen-exempted-from-service-tax-w-e-f-22-10-2013/): Service Tax Exemption to Factory Canteen‏ The CBEC has exempted Services provided in relation to serving of food in canteen maintained by a Factory vide Notification No. 14/2013-ST dated October 22, 2013 which inserted 19A to the Notification No. 25/2012-ST dated June 20, 2012 (Mega Exemption). “19A. Services provided in relation to serving of food or beverages by a canteen maintained in a factory covered under the Factories Act, 1948 (63 of 1948), having the facility of air-conditioning or central air-heating at any time during the year”. Hence, services provided in relation to serving of food or beverages by a canteen - [Accounting Journal Entries for Taxation - Excise, Service Tax, Tds](https://accountsknowledgehub.in/accounting-journal-entries-for-taxation-excise-service-tax-vat-tds/): We all knows the importance of  provision and compute of tax liabilities. Liabilities which may be  monthly/quarterly/half-yearly or yearly basis, accounting journal entries is as equal important for the same. Here we will see how to make accounting journal entries of  for taxation I  Value Added Tax (VAT) The organizations engaged in Sale and purchase transactions have to pay Vat liability. When they purchase material Vat is paid on purchases and when they sell material Vat is collected on material. Vat paid on purchase of material-Input Vat paid on Sale of Material-Output Output amount is adjusted with the input and the - [Methods of HRA exemption calculation](https://accountsknowledgehub.in/methods-of-hra-exemption-calculation/): As per the Indian income tax law, the HRA exemption should be calculated as the least of the following.1. Rent paid in excess of 10% of basic salary.2. Actual HRA received by the employee.3. 40% of basic salary, if the location of the residence is in a non-metro city/town or 50% of basic salary, if the location of the residence is in a metro city. From the above “least of three” rule, it is clear that HRA exemption amount is determined by a number of factors — Basic pay, location of the residence, rent paid by the employee, and the HRA - [Rent Agreement format](https://accountsknowledgehub.in/rent-agreement-format/): RENT AGREEMENT This rent agreement has been made today the …………., in the year …………… and ………….. by and between: 1. Mr………………….., S/o Shri ………………, Aged about…….. years,  R/o ……………………. (herein after called the frist party) 2. Mr. ………….. S/o Shri …………….., Aged about ……..years, …………………………………. (herein after called the second party).                                                            THEREFORE, the first party approached the second party and after due discussions, both the parties have agreed for giving & - [Cost Audit Importance and Compliance for Companies](https://accountsknowledgehub.in/cost-audit-importance-and-compliance-for-companies/): As the name suggests “Cost audit” is the audit of cost records. It is the verification of the cost of production of any product, service or activity on the basis of accounts maintained by an enterprise in accordance with the accepted principles of cost accounting. The Government of India has now made it mandatory for specified industries to conduct a cost audit so as to evaluate of the efficiency of operations and the propriety of management actions. Ministry of Corporate Affairs (MCA) has henceforth, set the stage for collection of the authentic industry information, duly approved by Board of Directors and - [Appointment of Statutory Auditor for the financial year 2013-14](https://accountsknowledgehub.in/appointment-of-statutory-auditor-for-the-financial-year-2013-14/): Date: To, Mr.XYZ M/s ABCD & Associates Chartered Accountants ———————-, ————————, ———————. Sir, Sub: Appointment as Statutory Auditor for the financial year 2013-14. We are pleased to inform you that your firm has been appointed as Statutory Auditors of our Company for conducting the audit under Section 224 of the Companies Act, 1956, vide the resolution (reproduced below) passed at the 10th Annual General Meeting of the Shareholders which was held on 30th September, 2013.  “RESOLVED THAT M/s ABCD & Associates Chartered Accountants (Firm Reg.no.————) be and is hereby appointed as the auditors of the company in place of the retiring auditors M/s PQRST - [Scrap Sales accounting process audit](https://accountsknowledgehub.in/scrap-sales-accounting-process-audit/): Ensure that a proper record is kept of receipts, issues, opening and the closing balances quantity of each item of scrap in the scrap yardFor sale of scrap ensure that a comparative chart of offers / quotations is prepared and the Sales order is made in the name of the best quoted party.  All the offers / quotations should be properly evaluated. Sr. No. Checking Points About Scrap Yard 1 Ensure that a separate space / scrap yard is earmarked for keeping the scrap material. The scrap yard should have an enclosure and a gate with a lock and key. 2 - [How to file TDS return (Regular / Original / Quarterly)](https://accountsknowledgehub.in/how-to-file-tds-return-regular-original-quarterly/): [A] Procedure of Download & File of E-TDS/TCS Return Preparation Utility (RPU) 1        1.  Go to https://www.tin-nsdl.com/ 2        2.  Select e-TDS / TCS Filing link 3        3.  Select e-TDS/e-TCS RPU link 4        4.  Go to RPU for Quarterly Returns 5        5.  Download “Download RPU version xxx” 6        6.  Unzip the RPU Version xxx 7        7.  Then in “C” drive e-TDS RPU folder will create 8        8.  Double click on “RPU” application 9        9.  You - [What is Demat? How to open Demat account?](https://accountsknowledgehub.in/what-is-demat-how-to-open-demat-account/): Demat refers to a dematerialised account. Though the company is under obligation to offer the securities in both physical anddemat mode, you have the choice to receive the securities in either mode. If you wish to have securities in demat mode, you need to indicate the name of the depository and also of the depository participant with whom you have depository account in your application.  It is, however desirable that you hold securities in demat form as physical securities carry the risk of being fake, forged or stolen. Just as you have to open an account with a bank if you want to save your money, make cheque payments etc, Nowadays, - [How to trade in stock market?](https://accountsknowledgehub.in/how-to-trade-in-stock-market/): In finance a share is a unit of account for various financial instruments including stocks, mutual funds, limited partnerships, and REIT’s. In British English, the usage of the word share alone to refer solely to stocks is so common that it almost replaces the word stock itself.In simple Words, a share or stock is a document issued by a company, which entitles its holder to be one of the owners of the company. A share is issued by a company or can be purchased from the stock market.By owning a share you can earn a portion and selling shares you get capital gain. So, your return is the dividend - [How to increase your concentration while studying](https://accountsknowledgehub.in/how-to-increase-your-concentration-while-studying/): Studying is difficult for many people because they have trouble focusing on one task for a long period of time. There are techniques and ways, however, to eliminate distractions and allow for complete concentration on one’s studies. So, today we will give you some tips for proper studying and to be able to get a good result-Find an appropriate study environment.Find a quiet area, such as a private room.Turn off any electronics that you don’t need, especially cell phones and computers (provided you don’t need a computer). Turn off music players or listen to music without words.Clear away anything you do - [How to digitally sign microsoft office word or excel document](https://accountsknowledgehub.in/how-to-digitally-sign-microsoft-office-word-or-excel-document/): Step by step process for digitally sign word, excel file  In E -Filing Website It Is Clearly Given That “Where there is a requirement in the form to submit a signed copy of documents by an assessee/CA as an attachment, Upload the Scan Copy of the attachments.  In My View it is safer to upload Physically Signed Copy Of Audit Report + Balance Sheet + Statement of Profit And Loss +Notes To Accounts.  Sd/- Signed Copy is to be Avoided. You can upload digitally signed Copy of Audit Report + Balance Sheet+ Statement of Profit And Loss +Notes To Accounts. The - [Tax Audit Checklist (Revised)](https://accountsknowledgehub.in/tax-audit-checklist-revised/): CHECK LIST FOR TAX AUDIT I GENERAL Tally Backup data for FY.2012-13 and entries upto as on date  Last year Tax Audit report with comments  NOC of last year C.A. Cancelled Cheque : A/C No., IFSC Code Login ID & Password on IT Return  e-Filing website Balance Sheet , P&L and  all schedules of  Entity / Co. Pan Card xerox copy of Entity / Co. Authorised Partner / Director Pan No. Apply for  DSC of  authorised partner / director if it expired withy 1 photo ,1 self attested identity proof, 1 self attested address proof  II       BALANCE SHEET Ledger - [Know more about Custom Duty](https://accountsknowledgehub.in/know-more-about-custom-duty/): Central Govt. has power of levy from list-I union list of the 7th schedule to constitution. 1)      Classification tariff of excise and customs are based on HSN and principles of classification are identical. 2)      Customs duty is on imports into India and export out of India. 3)      Sec. 12 of customs Act, often called charging section, provides that duties of customs shall be levied at such rates as may be specified under, “The Custom Tariff Act, 1975” (CUTA) or any other law for the time being in force, on goods imported in to, or exported from, India. Taxable event 1)      In - [TDS Rates and Returns for Assessment Year 2014-15](https://accountsknowledgehub.in/tds-rates-and-returns-for-assessment-year-2014-15/): TDS Rate on Payment of Salary and Wages  Section 192 Payment of Salary and Wages Criterion of Deduction TDS is deducted if the estimated income of the employee is taxable. Employer must not deduct tax on non-taxable allowances like conveyance allowance, rent allowance, medical allowance and deductible investments under sections like 80C, 80CC, 80D, 80DD, 80DDB, 80E, 80GG and 80U. No tax is required to be deducted at source if the estimated total income of the employee is less than the minimum taxable income (Rs. 2,20,000/- in case of Individual, HUF, AOP, BOD and AJP. Nil for others.) TDS Rate As - [Ledgers Grouping in Tally ERP 9](https://accountsknowledgehub.in/ledgers-grouping-in-tally-erp-9/): Tally ledgers grouping is very much important part of Tally ERP 9 implementation. Tally Erp 9 software have in-built main basic groups. We need to create some sub groups under basic groups and create ledgers under each group as needed.   Updated main Groups and Sub-Groups list with respected ledger names   [wp_ad_camp_1] Tally Group Tally Ledger Bank Overdraft Bank Overdraft Capital Drawing Capital Light Bill Of House (Drawing) Capital Telephonebill Of House (Drawing) Current Assets Bills Receivable Current Assets Office Instrument (equipments) Current Assets Deposited (Investment) In Share Current Assets Goodwill Current Assets Advanced Paid Premium Current Assets Unreceived commission Current - [IPCC Group II - Accounting Standards and their disclosures](https://accountsknowledgehub.in/ipcc-group-ii-accounting-standards-and-their-disclosures/): IPCC Group II focus on Accounting Standards and their disclosures..AS-4 contigencies & events occurring after balance sheet. This is very important part to remember for every student. ACCOUNTING STANDARS AND THEIR DISCLOSURES (IPCC GROUP -II ) AS-4 contigencies & events occurring after 1. Nature of contingency and events.  balance sheet date 2. Affect of uncertainty in the sense of future outcome. 3. Estimate of financial effect or the fact that estimate can’t be made. AS-5 net profit or loss for the period, prior 1. narture and amount and their impact on period items and changes in accounting policies current profit or - [One Person Company - New concept of companies bill](https://accountsknowledgehub.in/one-person-company-new-concept-of-companies-bill/): One Person Company  To be incorporated only as a Private Company.  The Member who is an Individual shall be deemed to be the First Director until the Directors are appointed by him.  The memorandum of One Person Company shall indicate the name of the other person, with his prior written consent in   the prescribed form, who shall, in the event of the subscriber’s death or his incapacity to contract become the member of the company and the written consent of such person shall also be filed with the Registrar at the time of incorporation of the One Person Company.   The words ‘‘One Person Company’’ shall be mentioned in brackets below the name of such company, - [Cost Sheet formula for manufacturer](https://accountsknowledgehub.in/cost-sheet-formula-for-manufacturer/): Cost sheet formula includes prime cost, works cost, cost of production, cost of goods sold, cost of sales, etc. [wp_ad_camp_1] Particulars Amount Amount Opening Stock of Raw Material *** Add: Purchase of Raw materials *** Add: Purchase Expenses *** Less: Closing stock of Raw Materials *** Raw Materials Consumed *** Direct Wages (Labour) *** Direct Expenses *** Prime cost *** Add : Factory Over Heads: Factory Rent *** Factory Power *** Indirect Material *** Indirect Wages *** Supervisor Salary *** Drawing Office Salary *** Factory Insurance *** Factory Asset Depreciation *** Works cost Incurred *** Add: Opening Stock of WIP *** - [Records maintained by a registered Central Excise Manufacturer / Dealer](https://accountsknowledgehub.in/records-maintained-by-a-registered-central-excise-manufacturer-dealer/): General records to be maintained by the assessee. 1. RG-1 register, i.e. daily stock account of excisable goods; 2. Form-IV register of receipt and issue of raw material; 3. Personal Ledger Account; 4. Invoice book. 5. Job work register Additional record to be maintained by the assessee availing modvat. 1. RG-23A Pt.-I – entry book of input receipts; 2. RG-23A Pt.-II – entry book for taking credit of duty paid on inputs; 3. RG-23C Pt.-I – entry book of capital goods received; 4. RG-23C Pt.-II – entry book for taking credit of duty paid on capital goods; 5. Record of inputs - [Savings proof submission for tax calculation and savings](https://accountsknowledgehub.in/savings-proof-submission-for-tax-calculation-and-savings/): Format of Submission of  savings proof for tax calculation purposesDateTo, The Account ManagerABC  Private LimitedMumbai , Subject: -Submission of proof of savings for tax calculation purposes -financial year 2013-14 Please find enclosed herewith my declaration of tax savings and other incomeduring the financial year 2013-2014 in annexure-I and annexure-II duly supported with thedocumentary evidence(s) & self-attested as per the following arrangements: 1.The enclosures are serially numbered and mentioned in the annexure at the relevant point. 2.I also certify that particulars furnished are true and correct to the best of my knowledge and belief. 3.I also certify that these savings have been made - [Duplicate Share Certificate format as per procedure](https://accountsknowledgehub.in/duplicate-share-certificate-format-as-per-procedure/): AFFIDAVIT FORMAT FOR DUPLICATE SHARE CERTIFICATE I, ______________________ son of / daughter of / wife of __________________, aged ______ years, resident of __________________________________ do solemnly and sincerely swear and state as under:That I am the shareholder of ____________________________ (mention here the name of the company) and hold _________________________ shares of the Nominal value `______ each as per the details below: Folio No. No. of Shares Held Share Certificate No. Distinctive No. of Shares Held That the said share certificate covering that said shares has been lost / misplaced / not received and it is not in my possession.That I have not - [Know more about Depreciation](https://accountsknowledgehub.in/know-more-about-depreciation/): Why depreciation is not charged on livestock?Please note that in order to charge depreciation, we must know the expected life of the subject so as to distribute the cost of the stock over that period. However, in case of livestock, the life can’t be ascertained i.e. the very basis of calculation of depreciation is not available and this must be one of the reasons for not charging depreciation on livestock.Why isn’t land depreciated?Land is not depreciated because land is assumed to have an unlimited useful life.Other long-lived assets such as land improvements, buildings, furnishings, equipment, etc. have limited useful lives. Therefore, - [Summary of Service Tax Rules](https://accountsknowledgehub.in/summary-of-service-tax-rules/): Service Tax Rules – Service Tax determination of Value Rules, 2006 – Service Tax Rules, 1994 -POT Rules, 2011 – Place of Provision of Service Rules, 2012 RULES Service Tax determination of Value Rules, 2006 Service Tax Rules, 1994 POT Rules, 2011 Place of Provision of Service Rules, 2012 Rule 1 : Commencement Commencement Commencement Commencement Rule 2 : Definitions Definitions Definitions Definitions Rule 2A: Service Portion in a works contract N. A Date of Payment N. A Rule 2B: Value of Service in relation to money changing N. A N. A N. A Rule 2C: Value of Service in supply - [Audit of Government Agencies - A Practical Approach](https://accountsknowledgehub.in/audit-of-government-agencies-a-practical-approach/): Basically, Government Agencies receives Grant in Aid from the Central/State Govt. for their Operations & Day to Day activities, Auditor’s first Role evolves here only Generally the manner & mode of usage is prescribed with the of each & every installment of Fund so received by agencies, thus this constitutes the First part of the work of an Auditor i.e. Proper Utilization of Funds so granted, things that require Special Attention in this regard are enumerated hereunder:- ·         At the period end an Auditor shall Examine the Fund Received during that Period is expended in the Ratio/Manner prescribed by the Higher - [Filing Online Tax Audit Report](https://accountsknowledgehub.in/filing-online-tax-audit-report/):   Filing Online Tax Audit Report ~ Stepwise 1. REGISTRATION OF CHARTERED ACCOUNTANT:- (i) Go to http://incometaxindiaefiling.gov.in and click on ‘REGISTER YOURSELF’ and select the option Tax professional – Chartered Accountant. The registration of chartered accountant is one time activity and the Registration form which is opened after selecting the option chartered accountant will require your Membership Number, enrolment date as CA, Name (Surname, First Name and middle name), Date of Birth, your PAN and E-mail ID. After filling these information you have upload your digital signature and select the “Continue” button. (ii) After filling these informations you will get page - [Documents Required for Central Excise Registration](https://accountsknowledgehub.in/documents-required-for-central-excise-registration/): Documents Required for Central Excise Registration  PAN card copy of the company/firm. Address Proof of Business Premises of the company/firm (Electricity Bill / Phone Bill / Gas Bill). Ground plan of factory (which should also provide description of boundaries of premises to be        registered). Details of Property Holding Rights of the registrant (if not self owned then Rent Agreement). If Business Premises and Head Office of the company is different then Address Proof of Head Office          also. PAN card copy of authorized signatory. Details of all banks with Bank Statement of last 2 months. - [How Get Form-26AS in Excel](https://accountsknowledgehub.in/how-get-form-26as-in-excel/): How Get Form-26AS in Excel Login  https://incometaxindiaefiling.gov.in Click View Form 26AS (Tax Credit) under left side bar ”Quick Link”You will be redirected to the TDS-CPC website to view Form 26AS (Tax Credit Statement)…. Click ConfirmClick View Tax Credit (Form 26AS) to view your Form 26AS.Select Assessment YearIn View As dropdown box…. select “Text”Clcik View / DownloadSave the zip FileExtract the zip file by providing your date of birth / incorporation in ddmmyyyy formatOpen the txt file and Select All (Ctrl + A) and copy (Ctrl + C)Open excel file select A1 and then Paste (Ctrl + V) in Excel fileSelect whole “A” - [THINGS YOU MUST KNOW ABOUT TAX AUDIT](https://accountsknowledgehub.in/things-you-must-know-about-tax-audit/): THINGS YOU MUST KNOW ABOUT TAX AUDIT 1. As per the provisions of section 44AB of the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs. 1 Crore or carrying a profession whose receipts exceeds Rs. 25 Lacs in the financial year, must get his accounts audited before filing Income Tax Return. 2. Penalty for non compliance of the same is Rs. 1,50,000 or one-half % of the total turnover or receipts, as the case may be. 3. A trust/association/institution/NGO carrying on business may enjoy exemptions as the case may be under sections 10(21), 10(23A), 10(23B) or - [CHECKLIST FOR LBT HALF YEARLY RETURN](https://accountsknowledgehub.in/checklist-for-lbt-half-yearly-return/): CHECKLIST FOR LBT HALF YEARLY RETURN 1. A purchase register needs to be maintained bifurcating between  a. Purchases from registered dealer within city,  b. Purchases from un-registered dealer within city,  c. Import of goods into the city (purchase or otherwise),  d. Import of goods into city for Sale or for Branch Transfer  e. Purchases for which will be used for export,  f. Goods received by stock transfer within the city. 2. A tracking sheet needs to be maintained for sales rejection, rejection within 6 months are only eligible    for deduction. 3. Separate records for goods imported for export u/r 32 - [How to easy remember Accounting Standard](https://accountsknowledgehub.in/how-to-easy-remember-accounting-standard/): Here is a way to easily remember AS  this will be useful to beginners 1 Disclosure of Accounting Policies 2 Valuation of Inventories 1 and 2 will be easily remembered as they are first two 3 Cash Flow Statements has three words 1)CASH 2)FLOW 3)STATEMNTS 4 Contingencies and Events Occuring after the Balance Sheet Date relates to transactions which fall outside the four walls of a room [wp_ad_camp_1] 5 Net Profit or Loss for the period, Prior Period Items and Changes in Accounting Policies thats my lucky number so have your own strategy 7 Construction Contracts we give weekly(7 days) wages - [Cash Flow Statement (Direct) for the year ended](https://accountsknowledgehub.in/cash-flow-statement-direct-for-the-year-ended/): Cash flow from operating activitiesCash flow from investing activitiesCash flow from financing activities.. Cash Flow Statement (Direct) CASH FLOW STATEMENT for the Year ended 31.3.20xx of M/S —–( as per AS-3) Particulars Amount (rs) Amount(rs) (i) Cash flow from OPERATING activities : Cash receipt from customers (WN-1) 0 cash payments to suppliers and employees (WN-2) 0 Other cash expenses (for overheads) xxx Cash generated from operation 0 Income tax paid during the year (xxx) ADD: proceeds from Extraordinary items xxx NET Cash flow from/ (used in) operating activities(i) #VALUE! (ii) Cash flow from INVESTING Activities loss on sale of fixed assets - [Cash flow statement (indirect) for the year ended](https://accountsknowledgehub.in/cash-flow-statement-indirect-for-the-year-ended/): Net profit before tax and appropriations  2. Adjustements for non cash non operating items and adjustments for gain / loss on sale of fixed assests,investments.. Cash flow statement (indirect) for the year ended  Cash flow statement for the year ended 31.3.20xx of M/S ——(as per AS-3) PARTICULARS Amount(RS) Amount(RS) (i) Cash flow from OPERATING activities step1.net profit before tax and appropriations(WN:1) #VALUE! step2. Adjustements for non cash non operating items and adjustments for gain / loss on sale of fixed assests,investments loss on sale of fixed assets xxx loss on sale of investments xxx profit on sale of fixed assets xxx - [Remote Access in Tally ERP 9 Accounting Software](https://accountsknowledgehub.in/remote-access-in-tally-erp-9-accounting-software/): The user in order to access Tally.ERP 9 accounting software  remotely needs to perform the following steps: Create Tally.NET User Authorize Tally.NET User Connect Company to Tally.NET Remote Login The following are the steps in detail:-  Ensure that the Security Control is enabled in the Company Creation /Alteration screen. [wp_ad_camp_2] The user in order to access Tally ERP 9 accounting software remotely needs to perform the following steps: Create Tally.NET User Authorize Tally.NET User Connect Company to Tally.NET Remote Login The following are the steps in detail:  Ensure that the Security Control is enabled in the Company Creation/Alteration screen. Step: 1 - [How to use Pre-filled Income Tax Returns Forms (XML)](https://accountsknowledgehub.in/how-to-use-pre-filled-income-tax-returns-forms-xml/): How to use pre-filled Income Tax Returns Forms- To simplify the procedure of e-filing tax returns, department has come up with a new facility this year-this is called Pre-filled It return forms (XML). This is a utility provided by Income tax department through which your  personal information and TDS details gets automatically filled in ITR forms. These details are-First Name ,middle name, last name, PAN, DOB, Status,TDS,TCS. How to use this utility- steps to follow    Login to incometaxindiaefiling.gov.in portal    Go to download tab & click on download prefilled XML    Select assessment year and submit it.    Save XML - [Section wise list of Income Tax Act 1961](https://accountsknowledgehub.in/section-wise-list-of-income-tax-act-1961/): Income Tax Act 1961 Section wise details  Here is a way to easily remember AS  this will be useful to beginners 1 Disclosure of Accounting Policies2 Valuation of Inventories1 and 2 will be easily remembered as they are first two 3 Cash Flow Statementshas three words 1)CASH 2)FLOW 3)STATEMNTS 4 Contingencies and Events Occuring after the Balance Sheet Daterelates to transactions which fall outside the four walls of a room 5 Net Profit or Loss for the period, Prior Period Items and Changes in Accounting Policies thats my lucky number so have your own strategy 7 Construction Contractswe give weekly(7 days) wages - [Tax Audit Programe Sheet for Non-corporate Business Entities](https://accountsknowledgehub.in/tax-audit-programe-sheet-for-non-corporate-business-entities/): TAX AUDIT PROGRAMME SHEET FOR NONCORPORATE BUSINESS ENTITIES CLIENT NAME : ………………………………………. AUDIT FOR THE YEAR ENDED : ……………………………. QUALIFIED IN CHARGE : …………………………….. STARTING DATE: ………………………. COMPLETION DATE: ………………………… AUDIT TEAM  1. 2. 3. 4. Sl No. Area / Extend of checking Done (Yes/No/NA) Done by (Name) Working Done (Yes/No/NA) 1.         a)  Opening balance verification b)                    If there is any difference prepare a summary of differences as given in Working No. 1 2.         a)  Sales vouching (Working No.2) b)                    Sales variance analysis (Working No.3) c)   Verify cutoff procedures. (i.e, ensure that goods against which bills - [Precautions while filing Personal Tax Return](https://accountsknowledgehub.in/precautions-while-filing-personal-tax-return/): The due date for filing personal tax returns for the financial year 2013-14 is July 31. Taxpayers need to be aware of various points while filing their returns. Filing incorrect details may result in interest, penalty or delay in refunds. These points can help you file your return correctly. Choose the correct form: Different forms available for tax filing are ITR-1 (Sahaj), ITR-2, ITR-3, ITR-4S (Sugam) or ITR-4. The form selection is dependent on your source of income. For example, if you have rental income from two houses or capital gains, ITR-2 would be applicable. However, if you have only salary - [Statutory due dates for - Tds, Tcs, Vat, Cst, Pf, Pt, Excise, Servicetax for year 2016-17](https://accountsknowledgehub.in/statutory-due-dates-for-tds-tcs-vat-cst-pf-pt-excise-servicetax-for-year-2016-17/): Statutory due dates – Tds return, Tcs, Vat / Cst, Professional Tax, Service tax, various returns, PF, ESIC, Excise etc. We will make changes in post as government rules changed. 2016-17 ITR Form Name ITR Form Description ITR 1 For Individuals having Income from Salary & Interest. ITR 2 For Individuals & HUFs not having Income from Business or Profession ITR 3 For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship ITR 4 For Individuals & HUFs having income from a proprietory business or profession ITR 4S (SUGAM) For Individuals/HUF having income from presumptive - [Important due dates for - Tds, Tcs, Vat, Cst, Pf, Pt, Service Tax etc.](https://accountsknowledgehub.in/important-due-dates-for-tds-tcs-vat-cst-pf-pt-service-tax-etc/): Important due dates – Tds return, Tcs, Vat / Cst, Professional Tax, Service tax, various returns, PF, ESIC..   ITR Form Name ITR Form Description ITR 1 For Individuals having Income from Salary & Interest. ITR 2 For Individuals & HUFs not having Income from Business or Profession ITR 3 For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship ITR 4 For Individuals & HUFs having income from a proprietory business or profession ITR 4S (SUGAM) For Individuals/HUF having income from presumptive business ITR 5 For firms, AOPs, BOIs and LLP ITR 6 For - [Final entries (closing entry) in Tally ERP 9](https://accountsknowledgehub.in/final-entries-closing-entry-in-tally-erp-9/): [wp_ad_camp_1] Adjustment Items   : I) To Provide for outstanding ExpensesAdjustment Entries :  Expenses account (concerned) (a) Dr                                 To Outstanding expenses account (b)Effect to be shown in             Profit & Loss a/c : (a) Debit side as an addition to the concerned a/c             Balance sheet      :  (b) Liabilities Side Adjustment Items   : II) To Adjust Prepaid expensesAdjustment Entries :  Prepaid Expenses account (a) Dr                      - [Bank Audit Checklist for Personal Loan](https://accountsknowledgehub.in/bank-audit-checklist-for-personal-loan/): Personal Loan from bank audit point of view. There are 7 important points including –   salary slip of borrower and guarantor, verified bank pass sheet for 6 months, 3 years ITR etc. Checklist for Bank Audit ~ Personal Loan 1.  Borrower & Guarantors’ profile with Photographs, ID & Address proof copy. 2.  PAN Card copy of borrower & guarantors. 3.  CIBIL of borrower & guarantors. 4.  Documents should be self attested & verified with original. 5.  3 years ITR of borrower & guarantors. 6.  Salary slips of borrower & guarantor. 7.  Bank pass sheet for the last 6 months are - [Bank Audit Checklist for Vehicle Loan](https://accountsknowledgehub.in/bank-audit-checklist-for-vehicle-loan/): Checklist for Bank Audit ~ Vehicle Loan1.  Borrower & Guarantors’ profile with Photographs, ID & Address proof copy.2.  PAN Card copy of borrower & guarantor.3.  CIBIL of borrower & guarantor.4.  Documents should be self attested & verified with original.5.  3 years ITR of borrower & guarantor.6.  Salary slips of borrower & guarantor.7.  Original Invoices.8.  Copy of RC9.  Insurance policy of vehicle with bank clause.10. Hypothecation agreement.11. DPN10. Vehicle should be inspected once in 12 month.11. Check processing charges are taken.12. Appropriate ROI has been stipulated.13. In case of second hand vehicles, valuation certificate from reputed automobile      engineer in prescribed - [Bank Audit Checklist for Educational Loan](https://accountsknowledgehub.in/bank-audit-checklist-for-educational-loan/): Bank Audit Checklist ~ Educational Loan 1.  Loans are granted to borrowers residing NEAR THE BRANCH.2.  Guardian/parents’ profile with Photographs, ID & Address proof.3.  Copy of mark sheets & certificates of the student.4.  Documents should be self attested & verified with original. 5.  CIBIL of guardian/parents.  6.  Students pursuing their studies in affiliated universities/colleges ONLY.  7.  Prospectus & Fee details.  8.  Loan quantum is restricted to 10 % of the total tuition fee of the entire course.  9.  If the student is a minor, is the loan granted only to the parent/guardian and       undertaking letter obtained from the minor - [Bank Audit Checklist for Cash Credit](https://accountsknowledgehub.in/bank-audit-checklist-for-cash-credit/): Bank Audit Checklist for Cash Credit ~ 36 important points including Sanction letter, Check that drawing power is calculated correctly,Search report ,Pre-sanction inspection report. ..Checklist for Bank Audit ~ Cash Credit  1.   Sanction letter.  2.   Borrower & Guarantors’ profile with Photographs, ID & Address proof copy.  3.   PAN Card copy of borrower & guarantors.  4.   CIBIL of borrower & guarantors.  5.   Documents should be self attested & verified with original.  6.   3 years ITR of borrower & guarantors.  7.   Proprietorship letter/ Partnership deed/ MOA/AOA (as the case may be)  8.   Financial Statements of - [Bank Audit Checklist for Housing Loan](https://accountsknowledgehub.in/bank-audit-checklist-for-housing-loan/): Checklist for Bank Audit of Housing Loan 1.  Borrower & Guarantors’ profile with Photographs, ID & Address proof copy.2.  PAN Card copy of borrower & guarantors.3.  CIBIL of borrower & guarantors.4.  Documents should be self attested & verified with original.5.  3 years ITR of borrower & guarantors.6.  Salary slips of borrower & guarantors.7.  Bank pass sheet for the last 6 months are obtained and verified.8.  Legal opinion (as the case)9.  Property Valuation Report (not more than 3 years old)10.Creation of EM 11.CERSAI12.Pre sanction & Post sanction Inspection report13.Approval  of  the  name  of  the  builder  from  circle  head  is  available  in  case - [Interview tips ~ for Job in better Organization](https://accountsknowledgehub.in/interview-tips-for-job-in-better-organization/): 1. Relax. The employment interview is just a meeting. In addition, although you should not treat this meeting lightly, do not forget that the organization interviewing you is in need of your services as much as, or perhaps more than, you are of theirs. 2. The key to successful interviewing is rapport building. Most people spend their time preparing for interviews by memorizing canned responses to anticipated questions. Successful interviewers spend most of their time practicing the art of rapport building with powerfully effective communicating techniques. 3. Prepare a manila folder that you will bring to the interview. Include in the - [Expenses Allow and disallow as Deduction as per Income Tax](https://accountsknowledgehub.in/expenses-allow-and-disallow-as-deduction-as-per-income-tax/): Expenses allowed as deduction Head as per income tax section                        Expenses  Allowed As Deduction under B/P S.R.No  Section    Head             1   Sec30 Rent ,rates,taxes,repairs,& insurance for building   2 Sec31 Repairs,& insurance for Plant & furniture   3 Sec32 Depreciation & additional Depreciation   4 Sec32A Investment Allowance   5 Sec33A Development Allowance   6 Sec33AB Tea/Coffee/Rubber development Account  7 Sec33ABA Site Restoration fund  8 Sec33AC Reserve for Shipping business  9 Sec35 Expenditure on scientific research  10 Sec35A Expenditure on Acquisition of patent rights& - [Know more about Section 194IA of Income tax Act 1961](https://accountsknowledgehub.in/know-more-about-section-194ia-of-income-tax-act-1961/): Section 194IA of Income tax Act 1961    At the time of credit of such sum to the account of the transferor or at the time of payment in whatever manner, has to deduct tax at source at 1 percent. The liability to deduct tax at source is at the time of actual payment or credit of such sum to the account of the transferor whichever is earlier. With effect from June 1, 2013, any person who acquires an immovable property (other than agricultural land) from a resident transferor and where the value of consideration Exceeds Rs 50 Lakhs, shall be - [PAN (Permanent Account Number) Coding](https://accountsknowledgehub.in/pan-permanent-account-number-coding/): PAN contains ten alphanumeric characters. A typical PAN is e.g. AKKPK8264K, where the first three characters i.e. “AKK” in the above PAN are alphabetic series running from AAA to ZZZ, fourth character of PAN i.e. “P” in the above PAN represents the status of the PAN holder. “P” stands for Individual, “F” stands for Firm, “C” stands for Company, “H” stands for HUF, “A” stands for AOP, “T” stands for TRUST etc. Fifth character i.e. “K” in the above PAN represents first character of the PAN holder’s last name/ surname. Next four characters i.e. “8264” in the above PAN are sequential - [Divident Transfer To Reserves ~ Companies Rules](https://accountsknowledgehub.in/divident-transfer-to-reserves-companies-rules/): DIVIDENDS – RULES REGARDING TRANSFER TO RESERVES. Dividends here refer to dividends declared and paid to 1.] Equity Shareholders, 2.] Part of Dividend which preferential shareholders are entitled to receive after receiving their fixed Dividend. Dividends can be distributed out of 1.] Current Year’s Profits or2.] Past Profits. 1.] Dividends out of Current Year’s Profits:           Companies cannot declare or pay dividends for any financial year without transferring profits of that year to reserves as prescribed under Companies (Transfer of Profits to Reserves) Rules, 1976. The Percentage of Profits required to transfer are as follows: Rate of dividend Percentage of Profit - [Service Tax On Work Contract](https://accountsknowledgehub.in/service-tax-on-work-contract/): SERVICE TAX ON WORK CONTRACT  Works contract in itself is a very lengthy subject and law relating to Works Contract in Service Tax is available in a very scattered way.  Important part in the defination of Work Contract:  1.     A contract where transfer of property in goods involved is leviable to tax as sale of goods, AND   2.    Such contract is for carrying out certain specified activities in relation to Movable Or Immovable property. Section 66E : Declared Services “The following shall constitute declared services, namely ……… (h) Service portion in the execution of a works contract.” By this inclusion, the service portion in a works contract has become taxable under the Service - [Certifying Debtors by Chartered Accountant](https://accountsknowledgehub.in/certifying-debtors-by-chartered-accountant/): [wp_ad_camp_1] ABCD & CO.                                     Address Line 1 Chartered Accountants                                                    Address Line 2,                                                                                           Address - [Resignation Of Directors as per companies act procedure](https://accountsknowledgehub.in/resignation-of-directors-as-per-companies-act-procedure/): RESIGNATION OF DIRECTORS Highlights Resignation when becomes effective  Whether acceptance of resignation required Withdrawal of resignation Resignation of WTD or MD Verbal resignation Other points 1 Resignation when becomes effective  As per the articles provisions Immediately Articles doesnot contain any provision for acceptace of resignation Where articles allow directors to resign anytime 2 On acceptance Where articles require acceptance Resignation states that it is effective from the date of acceptance Director tendered resignation is a MD or WTD 3 Withdrawal of resignation Resignation once made cannot be withdrawn Exception Resignation requires acceptance and the withdrawal is made before the same is - [Consent for Act as Director](https://accountsknowledgehub.in/consent-for-act-as-director/): CONSENT for ACT AS DIRECTOR – SEC 264 Every person proposed as director have to file consent with the compnay before appointment ExceptionDirector retirering by rotation or on expiry of his tenureA person filing his own candidature u/s 257 Section does not apply to private company CONSENT WITH ROC – 264(2)No person can act as director unless he files his consent to act as director with ROCConsent has to be filed within 30 days of his appointment ExceptionDirector reappointed after retirerment by rotation or on expiry of his termAdditional director, alternate dir, dir filling casual vacancy who vacate office in the - [Checklist of dividend payment](https://accountsknowledgehub.in/checklist-of-dividend-payment/): Ascertainment of amount available for payment/distribution as Dividend. As per Companies Act  1.0           Out of profits  1.1      Dividend should be paid out of the profit of the company for the financial year or out of profit(s) for the previous financial year(s) which have not been transferred to reserves, or out of both, only after providing for depreciation for the year and arrears of depreciation, if any. 1.2       Loss of Previous year to be settled off:              Before declaring Dividend out of profit for the year, any loss for the previous year(s) or the amount of depreciation for the previous year(s), - [Procedure for claiming Provident Fund (PF) when employee expired on duty](https://accountsknowledgehub.in/procedure-for-claiming-provident-fund-pf-when-employee-expired-on-duty/): Deceased member- If Unmarried (Male/Female) Father and Mother both are eligible for pension. Documents need to be filled by the nominee’s/Legal Heirs. Form 20 & 10 D duly filled by every individual.   Death Certificate (Original -Not return back by the PF office) Legal Heir Certificate (Photo Copy) 3 Passport size photograph from each (duly sign in the back side of photos) (Do not attach family group photos or big size photos ) To open Individual bank account and enclose the front page of the passbook of Mother and Father both (Preferred banks – State Bank of India/Indian Bank/ICICI /HDFC only) - [Export Promotion Capital Goods Scheme for the period 2009-2014](https://accountsknowledgehub.in/export-promotion-capital-goods-scheme-for-the-period-2009-2014/): Export Promotion Capital Goods Scheme for the period 2009-2014 (updated as on 23.08.2010) has been announced in the Foreign Trade Policy. This Scheme allows the import of New & Secondhand Capital Goods, as well as computer software systems at concessional rate of Custom Duty by undertaking export obligation by the Exporters. A.     About ZERO DUTY EPCG Scheme Government has announced Zero Duty EPCG Scheme for certain product groups. This Scheme is applicable to Sectors of: a)      Engineering.- b)      Electronic Product c)      Basic Chemicals & Pharmaceuticals d)      Apparel & Textiles e)      Plastic f)       Handcraft g)      Chemical & Allied Products h)      Leather & - [Checklist for required documents before starting audit](https://accountsknowledgehub.in/checklist-for-required-documents-before-starting-audit/): Before planning for statutory audit, we need to keep ready important document for audit. Here is list of important documents. What documents required by auditor at the time of audit? SR NO DOCUMENTATION 1 AUDIT ENGAGEMENT LETTER 2 OPENING TRAIL BALANCE  3 LAST YEAR SIGNED FINANCIAL STATEMENT 4 COPY OF CAMPUTATION OF INCOME OF LAST YEAR 5 SHAREHOLDING PATTERN 6 LIST OF DIRECTORS 7 LIST OF KMPs 8 REGISTER 301 EXTRACTS 9 MINUTES OF MEETING 10 FORM 26AS 11 FIXED ASSETS REGISTER 12 INVOICE OF ADDITION TO FIXED ASSETS 13 INVOICE OF SALE OF FIXED ASSETS 14 TDS PAYMENTS CHALLANS 15 - [Major Points of Indian Bank Audit](https://accountsknowledgehub.in/major-points-of-indian-bank-audit/): Before commencing the Bank Audit , the auditor need to analyze the comments made by other auditors last year in their reports (internal, concurrent, system , stock audit) This would enable the auditors  in selecting accounts for verification  & quantum of  verification required for Income & Expenses. Here is all major points for Bank Audit.. The Banking industry is regulated By Reserve Bank of India (RBI) Banks face challenges to keep the cost of operation low on one side and to keep NPA (Non Performing Asset) controlled. The   banks face International Competition & stringent capital adequacy norms so it has to - [Calculation of Excise Duty ~ Easy Formula](https://accountsknowledgehub.in/calculation-of-excise-duty-easy-formula/): The Excise Duty can be calculated on Assessable value and on Duty Value. According to the Excise laws, see below the list of Excise duties with the method of calculation. [wp_ad_camp_1] Type of Duty Method of Calculation Formula for Calculation Basic Excise Duty On Assessable Value Assessable Value Special Excise Duty On Assessable Value Assessable Value Additional Duty of Excise (Goods of Special Importance) AED (GSI) On Assessable Value Assessable Value Additional Duty of Excise (Textile and Textile Articles) AED (TTA) On Duty Value BED + SED Additional Duty of Excise (Tea and Tea Waste) AED (TTW) On Duty Value BED - [Basic Rules of Data Entry in Tally ERP 9](https://accountsknowledgehub.in/basic-rules-of-data-entry-in-tally-erp-9/): There is six basic option for data entry in Tally ERP : Purchase, Sales, Receipt, Payment, Contra, Journal. For data entry in Tally Erp 9 we must have to know, where to DR and CR, Here is simple rules for Data entry in Tally ERP 9. [wp_ad_camp_1] F4 CONTRA Cash Deposit Cash Withdraw Contra Cr To Cash A/c Cr To Bank A/c Contra Dr Bank A/c Dr Cash A/c F5 PAYMENT Party Payment Expences Payment PAYMENT Dr Party Name A/c Dr Expences A/c PAYMENT Cr Cash / bank A/c Cr Cash / bank A/c F7 JURNEL Purchase Return Sales Return JURNEL - [Simple Customs Duty Calculator (example)](https://accountsknowledgehub.in/simple-customs-duty-calculator-example/): Create custom duty calculator in Excel with % formulas as applicable and get percentage of duty on assessable value Customs Duty Calculator (example)  create worksheet and give formulas with ref. to % as applicable  and enter the values CIF Value (Cost Insurance & Freight) in Rupees                    10,000.00 Landing Cost 1.00%                        100.00 Assessable Value                    10,100.00 BCD (Basic Custom Duty) 7.50%                        757.50 CVD (Counter Veiling Duty) 8.00%                        868.60 CVD Cess (Educational Cess 2% + Higher Educational Cess 1%) 3.00%                          26.06 BCD Cess (Educational Cess 2% + Higher Educational Cess 1%) 3.00%                          49.56 Special Additional Duty 4.00% - [Checklist for Statutory Compliance of HR Department](https://accountsknowledgehub.in/checklist-for-statutory-compliance-of-hr-department/): HR Checklist  ~ Statutory Compliance ACTS  &  REQUIREMENTS UNDER THE ACT Contract Labour Act License No  and validity Muster Roll XVI Register of wages XVII Register of Deductions XX Register of  Fines Register of Advances XXII Register of  OT XXIII Wage Slips XIX Register of Persons Employed -XIII Employment Card XIV Service Certificate XV Half Yearly Return XXIV Notice of Commencement / completion of contract FORM – VI A Whether e Payment in presence of Rep. Principal Employer & attested EPF  ACT PF Code Number Whether contract employee is enrolled as member of the fund soon after his reporting for duty - [INTELLIGENT ANSWERS FOR INTERVIEW](https://accountsknowledgehub.in/intelligent-answers-for-interview/): DIFFICULT QUESTIONS AND INTELLIGENT ANSWERS FOR INTERVIEW Difficult Questions And Intelligent Answers for Interview : Question and the Answer given by Candidates ohh sorry, most of them are IAS Officers now. Q.How can you drop a raw egg onto a concrete floor without cracking it? A.Concrete floors are very hard to crack! (UPSC Topper) Q.If it took eight men ten hours to build a wall, how long would it take four men to build it? A. No time at all it is already built. (UPSC 23 Rank Opted for IFS) Q.If you had three apples and four oranges in one hand - [BUDGET HIGHLIGHTS 2013-14](https://accountsknowledgehub.in/budget-highlights-2013-14/):  BUDGET HIGHLIGHTS 2013-14 A.      DIRECT TAXES Ø  INDIVIDUAL/FIRMS ·         No change in income tax slabs. ·         Tax credit of Rs. 2,000/-for income up to Rs. 5 lakh. ·          Super Rich Tax: Surcharge @ 10% for Income of More than 1 crore. ·          This surcharge is only for 1 year i.e. for FY 2013-14. (also apply to HUFs,  Firms, similar entities)   ·          Rajiv Gandhi Equity saving scheme liberalized. ·          Investments in MFs also covered. Eligible income limit raised from Rs. 10 lakh to Rs 12 lakh. ·          Benefit to First Time home loan takers. Loan amount up to Rs 25 lakh (will - [Checklist for Allotment of Foreign Shares in India](https://accountsknowledgehub.in/checklist-for-allotment-of-foreign-shares-in-india/): The Automatic Route: How to allot foreign shares in India Foreign Direct Investment in India This is a check-list of documents and procedures required to allot foreign shares to an Indian company after receiving foreign direct investment in India. Many sectorsnow do not requiere special approval from the RBI and FDI is permitted up to 100% on the automatic routesubject to sectoral rules and regulations applicable. To know more also read this article: Indian Investment Regulations: Automatic vs. Approval. PHASE 1  Steps to be taken before crediting of funds Before an Indian company can receive foreign direct investment in India via a bank wire transfer - [Job work in Tally ERP 9](https://accountsknowledgehub.in/job-work-in-tally-erp-9/): Enabling jobwork in Tally Erp 9 , go to gateway of Tally – Press F11 – F2 –  allow joborder processing / use material in and out / Track stock item cost / maintain multiple godowns to YES. Job work in Tally. ERP9 [wp_ad_camp_1] 1.       Create company. 2.      Enabling jobwork in Tally Erp 9 , go to gateway of Tally > Press F11 > F2 > allow joborder processing / use material in and out / Track stock item cost / maintain multiple godowns to YES. 3.      Allow job order processing- on enabling this - [How to configure SMS (short message service) in Tally.ERP9](https://accountsknowledgehub.in/how-to-configure-sms-short-message-service-in-tally-erp9/): SMS in TALLY ERP 9 Accounting Software Enable security control for the company > login from the admin level > Press Alt + F3 > security control > user and passwords > enter e-mail id > enable allow SMS > Press F11 on the gateway of Tally > tally.net features > enable SMS access and provide SMS company name (upto 10 digits only) > press Ctrl + K > Press Alt + W > my profile > enter mobile no. and accept it. > on the gateway of tally >press F4 to connect company > now send SMS from the registered mobile - [Data Synchronisation in tally.ERP9](https://accountsknowledgehub.in/data-synchronisation-in-tally-erp9/): Synchronisation in tally.ERP9 1. Using Tally.Net – Requires Tally.net subscription. 2. Using IP – Doesnot requires Tally.net subscription. Steps related to synchronisation- -On server > Press F12 > Advanced configuration > Tally is acting as server > enter and accept it . -Enable security control for the server company > Check and connect name in F11 > Tally.Net features -Press F4 to connect the company on server. -On client Press F12 > Advanced configuration > Tally is acting as client and accept it. -For client company > enable security control > On client > go to gateway of tally> import of - [Finance Bill Implication on Real Estate Transaction](https://accountsknowledgehub.in/finance-bill-implication-on-real-estate-transaction/):  A) INSERTION OF NEW SECTION 80EE – DEDUCTION IN RESPECT OF INTEREST ON LOAN TAKEN FOR 1stRESIDENTIAL HOUSE PROPERTY: CRUX OF THIS SEC.: Deduction of Interest payable on loan taken from financial institution for 1st residential house property is available. Applicability: only Individual Amount of Deduction: Interest payable or 1 lakh whichever is less Conditions: (i) the loan has been sanctioned by the financial institution during the f.y.2013-14; (ii) the amount of loan sanctioned  does not exceed 25 lakh rupees; (iii) the value of the residential house property does not exceed 40 lakh rupees; (iv) the assessee does not own any residential house property on the date of sanction of the loan. Analysis a)    Deduction is available even - [EXCISE WORK CALENDER 2013-14](https://accountsknowledgehub.in/excise-work-calender-2013-14/): EXCISE WORK CALENDER 2013-14 Apr-13 Invoice Intimation 4/1/2013 Monthly Return ER-1 4/10/2013 Yearly Return ER-5, ER-7 4/30/2013 Submition Proof of export & Re-warehousing Copy 4/30/2013 May-13 Excise Payment 5/5/2013 Monthly Return ER-1 5/10/2013 Submition Proof of export & Re-warehousing Copy 5/31/2013 Jun-13 Excise Payment 6/5/2013 Monthly Return ER-1 6/10/2013 Submition Proof of export & Re-warehousing Copy 6/30/2013 Jul-13 Excise Payment 7/5/2013 Monthly Return ER-1 7/10/2013 Submition Proof of export & Re-warehousing Copy 7/31/2013 Aug-13 Excise Payment 8/5/2013 Monthly Return ER-1 8/10/2013 Submition Proof of export & Re-warehousing Copy 8/31/2013 Sep-13 Excise Payment 9/5/2013 Monthly Return ER-1 9/10/2013 Submition Proof of export - [Assessment of Partnership Firm](https://accountsknowledgehub.in/assessment-of-partnership-firm/): Assessment of Partnership Firm Income of Partnership firm is calculated as usual but while computing business income of partnership firm, deduction for remuneration and interest shall be allowed as deduction subject to following conditions and limits:‐  Conditions:‐  ‐ As per section 184 :‐   1) The firm should be evidenced by an instrument(Partnership deed) 2) Profit Sharing Ratio should be specified in such instrument 3) A certified copy of such instrument should be filed along with the first return of income & whenever there is change in constitution of the firm ,a revised copy of such instrument should be filed 4) The firm - [Why Capital Budgeting? Reasons and Importance](https://accountsknowledgehub.in/why-capital-budgeting-reasons-and-importance/): The capital budgeting decisions is crucial, important and critical business decision due to the following reasons- 1)     Substantial expenditure – Capital budgeting decision requires large amount of Funds, hence decision is to be taken with due diligence and care to ensure that it       does not prove to be too costly or financially unfeasible to the Company. 2) Long term perspective – Capital budgeting projects are generally long lived projects with their benefits or cash flow spreading over many years. Hence the decision not only affects the future benefits and the cost but also the growth of the company. Hence a thoughtful - [Requirements and step for new company formation](https://accountsknowledgehub.in/requirements-and-step-for-new-company-formation/): REQUIREMENT OF COMPANY FORMATION PLEASE PROVIDE FOLLOWING DETAILS & DOCUMENTS Sr. No. Particulars 1. For Obtaining DIN (Director Identification Number) of all director Give: a.     Names of Directors 1. 2. 3. Also Give following for all the Directors: 1. 1 Passport size photo 2. PAN Card Xerox 3. Passport / Ration Card / Driving License       Voter ID Card 4. Mother Name________________________ 5. Father Name________________________ 6. Mobile Number______________________ 7. Email ID ___________________________ 2. Obtain Digital signature of one of the promoter/director Full Name of promoter : Complete Address: Also Give following : 1. 1 Passport size photo 2. PAN Card Xerox - [Checklist for Registration of Partnership ( ROF Maharashtra )](https://accountsknowledgehub.in/checklist-for-registration-of-partnership-rof-maharashtra/): [wp_ad_camp_1]              Registration of Partnership Name of Partnership Firm: Procedure Remark For Partnership Deed Get Stamp Paper in the name of any of the Partner. Minimum of Rs.500/- for Capital upto Rs.50,000/- and if in excess see reckoner. Prepare Partnership deed on Ledger Paper (Green Paper) Get Original Partnership Deed signed by all the partners on all pages. On the last page signature of witness is compulsory. Get Partnership Deed Translated in Marathi Get Marathi Deed and Xerox of Deed in English should be Certified by CA on all pages. Stamp Paper of Rs.100 in the - [Assessment of HUF](https://accountsknowledgehub.in/assessment-of-huf/): Where a HUF, which has been assessed as a HUF, undergoes partition ,the following procedures shall be adopted       a)     The assessing officer shall inquire on the claim       b)    The AO shall on completion of enquiry shall record the finding as to whether the   total partition has taken place & the date on which it has taken place       c)     If the partition of HUF has been effected in the previous year ,the total income of HUF for the  previous  year up to the date of partition shall - [How to Calculate Tax Liability Of Company?](https://accountsknowledgehub.in/how-to-calculate-tax-liability-of-company/):               Special provisions for payment of tax             by certain companies(Assessment of companies )                   Section 115 JB Minimum Alternate Tax The provision of sec 115 JB shall apply only in respect of company assessee & not for others .The objective of Section 115 JB is to ensure collection of minimum amount of tax in case of companies which has book profits but do not have taxable income .This satiation arises  as a result of such companies availing exemptions , incentives & deductions under various provisions of the Act . the provisions of section 115 - [Clubbing of Income](https://accountsknowledgehub.in/clubbing-of-income/):                                    Clubbing of Income                        Section 60 Transfer of Income Where a person transfer to any other person income from an asset without transferring that assets, the income shall be included in the total income of the  transferor.   Section 61 Revocable Transfer of Assets When a person transfers any assets to any other person with a right to revoke the transfer, all income accruing to transferee from the assets shall be included in the hands of the transferor. As per section 63, a transfer - [Tax libility for TRUST](https://accountsknowledgehub.in/tax-libility-for-trust/): “IF GROSS RECEIPTS FROM A COMMERCIAL ACTIVITY EXCEEDS RS. 25 LAKHS, TRUST WILL NOT BE REGARDED AS CHARITABLE INSTITUTION” “ANONYMOUS DONATION: EXEMPTION UPTO: 5% of the Total Donations or Rs. 1 Lakh, whichever is less. The balance Anonymous Donations would be taxed at 30% u/s 115BBC.” “Income from Business & Profession & Capital Gains- Exempt form TAX”       1)      TRUST DEED ·         Name of the Author/ Settlers ·         Name of the first trustees and the beneficiaries ·         Name of the trust ·         Power, Duties, Rights and Obligations of the trustees ·         Place where the principal office of the trust would be - [Tally ERP shortcuts keys (keyboard)](https://accountsknowledgehub.in/tally-erp-shortcuts-keys-keyboard/): [wp_ad_camp_1] Tally Basic Short Cut Keys ALT + 2 To Duplicate a voucherALT + A To Add a voucher / To Alter the column in columnar reportALT + C To create a master at a voucher screen (if it has not been alreadyassigned a different function, as in reports like Balance Sheet, where itadds a new column to the report)To access Auto Value Calculator in the amount field during voucherentryALT + D To delete a voucherTo delete Accounting or Inventory master which is not used by anyvoucher or elsewhere in the alteration mode.To delete a column in any columnar reportALT + E - [Carry forward and setoff of business losses](https://accountsknowledgehub.in/carry-forward-and-setoff-of-business-losses/):                             Carry forward & set-off of business losses Set off – It means adjustment of losses against the profit from source/heads of income in the same assessment year. Carry forward-   If the losses cannot be set off in the same year due to inadequacy of eligible profit, then such losses will be carried forward to the next assessment year. Losses can be set off in the following three steps –         Inter source Adjustment –         Inter head Adjustment –         Carried forward of  losses                  Step 1 - [Checklist for Audit under Minimum Wages Act](https://accountsknowledgehub.in/checklist-for-audit-under-minimum-wages-act/): Checklist-Minimum Wages Act 1. Time & Conditions of Payment of wages and deductions-  (a) in the case of establishments in which less than one thousand persons are employed, before the expiry of the seventh day, (b) Where the employment of any person is terminated by or on behalf of the employer, the wages earned by him shall be paid before the expiry of the second working day after the day on which his employment is terminated.       2. The total amount of deductions, which may be made in any wage period, from the wages of an employee shall not - [Checklist for ESI Audit](https://accountsknowledgehub.in/checklist-for-esi-audit/): Checklist-ESI   1. Every Employee(Regular +  Casual +part time + temporary +contracted labour) , but no apprentice ,getting wages <= 6,500 : covered 2. Covered under the E.S.I. Act –then U are exempt from the provisions of Maternity Benefit Act and Workmen’s Compensation Act. 3. Employers contribution @ 4.75% of Wages & Employee’s contribution 1.75% of Wages 4. Due Date-21st of next month 5. Delay cases- pay Interest @ 12% 6. Get Ur establishment registered with  E.S.I. Corporation within 15 days after the Act becomes applicable to U, and obtain the employer’s Code Number. 7. Employer to obtain declaration form from - [Checklist for PF Audit](https://accountsknowledgehub.in/checklist-for-pf-audit/): Checklist-PF 1. Registration certificate 2. Do you have contracted labour? PF applies to them also. 3. Employees earning <=6,500; PF applicable 4. Employees earning > 6,500; discretionary& Employer’s contribution to Pension Fund limited to Rs 6,500 only 5. For Workers –  from Date of joining – Act applies 6. @ 12% (Basic + DA + Retaining Allowance) ; Basic means basic only, No DA, No HRA+ No overtime + No Bonus + No Commission 7. Pension fund @ 8.33%  of Wages- Employer has to contribute 8. DLI @ 1%(Basic+ DA+Retaining Allowance) + Admin. Fund @ .25% of this contribution – Employer - [Statutory Audit Technique and Tips](https://accountsknowledgehub.in/statutory-audit-technique-and-tips/): Audit is a  technique or process to verify the accuracy and reliability of the financial statement of company/proprietor/firm/others.   It requires professional judgement to overcome certain dilemmas and take correct decisions while auditing. Audit is not only based on your judgement but also on the way you deal in a given situation while auditing. 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SERVICE TAX CODE VERIFICATION ONLINE:   WHY SERVICE TAX NUMBER VERIFICATION IS IMPORTANT?   If we are working with someone in the area of service and we take some services from such persons who provide the same service which we required but how we know about that whether the Service Tax Code Number Provide or - [Cost Record and Audit - Companies Rule 2014](https://accountsknowledgehub.in/cost-record-and-audit-companies-rule-2014/): Main Points – Application Of Cost Records – ( First) Companies Engaged In The Production Of Following Goods In Strategic Sectors, Such As:- Machinery And Mechanical Appliances Used In Defence, Space And Atomic Energy Sectors Excluding Any Ancillary Item Or Items. 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Further, any person purchasing or selling good from/to outside Delhi is also liable to be registered under DVAT in addition to registration under Central Sales Tax Act (CST). A person can also apply for voluntary DVAT registration with or without CST even if he is not required take compulsory registration. There are - [Ratio Analysis - Analyze the business](https://accountsknowledgehub.in/ratio-analysis-analyze-the-business/): 1)      Profitability Ratio:- G/P ratio =  Gross Profit  *100 Net Sales 2)      Operating ratio:- Cost of goods sold + operating exps *100 Net sales a)      Cost of goods sold  =  Opening stock + Purchase + Direct exps + Manufacturing   Exps – Closing stock or Sales – G/P. b)      Operating exps = Administrative + Selling & distribution exps. 3)      Expenses Ratio:- a)  Material consumed                               :-     Material Consumed *100 Net sales b)  Conversion cost   - [direct tax ready reckoner [updated]](https://accountsknowledgehub.in/direct-tax-ready-reckoner-updated/): Direct Taxes Ready Reckoner  Income from “Salaries” 10. Meaning of Salary – Sec. 17(1) 11. Basis of charge – Sec. 15 12. 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The existing Partners have been carrying on the business of ___________ in partnership together at under the firm name M/s _______________ - [Basics of Investing in Shares](https://accountsknowledgehub.in/basics-of-investing-in-shares/): This article is about the basics of investing in shares. It is a well known fact that the markets have outperformed other asset classes such as property over time. Investing in shares offer tax benefits, diversification, flexibility and control over your own financial future. Buying a share (or in other words the stock) means that you are buying a share of the company. You own a share of the profits, which are handed down to shareholders through dividends and you can also see capital growth as share price increases. The company benefits from listing on the stock market as they can - [Company Incorporation Amendment Rules 2015 Highlights](https://accountsknowledgehub.in/company-incorporation-amendment-rules-2015-highlights/): 1.  Rule 5 for penalty on One person Company has been omitted and replaced with Rule 7A where the penalty is reduced from Rs. 10,000/- to Rs. 5,000/- and from Rs. 1,000/- to Rs. 500/- respectively. 2. In these rules, the words “having paid up share capital of fifty lakhs rupees or less or average annual turnover” has been replaced everywhere with “having paid up share capital of fifty lakhs rupees or less and average annual turnover”. 3. In rule 16 (1) (q), the promoter or first director can self-attest his signature and photograph in INC 10. 4. Integrated process of - [Form 10 F Format ~ section 90 A of the Income-tax Act 1961](https://accountsknowledgehub.in/form-10-f-format-section-90-a-of-the-income-tax-act-1961/): FORM NO. 10F [See sub-rule (1) of rule 21AB] Information to be provided under sub-section (5) of section 90 or sub-section (5) of section 90A of the Income-tax Act, 1961 I ………………. *son/daughter of Shri ………………. in the capacity of ………………. 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(Notification No.14/2015-Service Tax, dated 19th May, 2015 refers)   2.2 Sections 153 and 159 of the Finance Act, 2015 provide that section 95 of the Finance (No.2) Act, 2004 and section 140 - [Declaration u/s 194C(6) for non-deduction of tax at source (Sample)](https://accountsknowledgehub.in/declaration-us-194c6-for-non-deduction-of-tax-at-source-sample/): Declaration u/s 194C(6) for non-deduction of tax at source   To,   __________ (Name of the Payer)   __________  (Address of the Payer)   Declaration   I, ________, Proprietor / Partner / Director of M/s _________________ (name and address of Payee) [hereinafter “the contractor”] do hereby makes the following declaration as required by sub section (6) of Section 194C of the Income Tax Act, 1961 for receiving payments from the payer without deduction of tax at source:-   1. That I/We am/are authorized to make this declaration in the capacity as proprietor/partner/director.   [wp_ad_camp_2] 2. 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I have passed only one Group of Intermediate (IPC)/Final examination. Do I get a pass certificate for having passed one of the Groups? No. Pass certificates are not issued for having passed only one of the Groups. Pass certificates are issued only when you pass both the groups of the exams mentioned above, either together or separately group-wise. 2. I have passed both the groups of Final/Intermediate(IPC) Examination. Do I get a pass certificate from the Institute? Pass certificates are issued to candidates who have passed both the groups of the Intermediate (IPC)/Final Examination, either - [Integrated and Non-Integrated Account](https://accountsknowledgehub.in/integrated-and-non-integrated-account/):                                             NON INTEGRATED A/C   – Stores Ledger Control a/c, W.I.P. 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If you find such a questions then take xerox copy of same pages from that book and you will find total 20 to 25 pages per subject. Then, while at the time of every revision when you will reach such question in book, please read the same - [Budget 2015-16 Changes in Service Tax on Goods Transport Agency (GTA)](https://accountsknowledgehub.in/budget-2015-16-changes-in-service-tax-on-goods-transport-agency-gta/): Budget 2015 has a few amendments with respect to existing exemptions and abatements. Entry no.21 of item (d) of mega exemption notification no.25/2012 has been amended to restrict the scope of exemption on GTA services. The details are as follows: SI. No. Exemption given upto 31.03.2015 Exemption from 1st April 2015 1 Foodstuff including flours, tea, coffee, jaggery, sugar, milk products, salt and edible oil, excluding alcoholic beverages Milk, salt and food grain including flours, pulses and rice By amending the above entry, exemption has been restricted only for Milk, Salt and food grain including flours, pulses and rice transported. For - [How to Prepare and Crack CA Final Examination?](https://accountsknowledgehub.in/how-to-prepare-and-crack-ca-final-examination/): Let’s begin with Do’s & don’t subject wise while preparing for CA Final Exam. General Tips: 1. It is always said that before jumping directly to fight war first test your weapons, might be they got rusted in 2.5 Year period of articleship which is no exam zone. So I would suggest you to solve few past examination papers by making exam atmosphere at home. 2. Whatever you’re read last six months it doesn’t matter if you are not good & motivated in those 3 Hours of Exam Room. Most of the people face problem that they get blank in exam - [Budget 2015 Highlights Economy & Related](https://accountsknowledgehub.in/budget-2015-highlights-economy-related/): BUDGET 2015 HIGHLIGHTS  ECONOMY & RELATED 1) Real GDP growth to jump to 7.4%, making India the largest growing economy in the world.2)  CAD for this year is expected to be 1.3% of GDP 3)  Expect CPI inflation to remain close to 5% by end of the year, FM: Our objective is to keep inflation below 6 percent4)  Expect to implement Goods & Services tax by April 20165)  Incremental change is not going to take us anywhere we have to think in terms of quantum6)  MNREGA to stay, says FM7)  Roadmap to achieve Fiscal deficit of 3% of GDP in three years: - [TIN number validation with State code](https://accountsknowledgehub.in/tin-number-validation-with-state-code/): State code and Tin number co-relation for implementing and validation .The chart given below is very useful for verification of Tin number with the respected State code. Sr. No. State Name First two digit TIN No. State Code 1 Andaman and Nicobar Islands 35 AN 2 Andhra Pradesh 28 AP 3 Andhra Pradesh (New) 37 AD 4 Arunachal Pradesh 12 AR 5 Assam 18 AS 6 Bihar 10 BH 7 Chandigarh 4 CH 8 Chattisgarh 22 CT 9 Dadra and Nagar Haveli 26 DN 10 Daman and Diu 25 DD 11 Delhi 7 DL 12 Goa 30 GA 13 Gujarat 24 - [Best Valuation Method of Companies](https://accountsknowledgehub.in/best-valuation-method-of-companies/): Different valuation tools are used for valuation of companies at different levels of business.   (a) Start-Ups Start-ups are driven by far too many factors to be captured by simplistic valuation models. Their sensitivity to economic factors, sector specific and company specific factors must be captured as far as possible to reasonably value them. These factors can only be captured with the DCF method.   (b) High Growth Companies High growth companies have drastically changing market shares and hence it is very difficult to compare them with a benchmark, making comparable valuation difficult and leaving one to go with the DCF approach.   (c) Matured Companies - [Revised Stipend Rate for Articled Assistants w.e.f. January 23, 2015](https://accountsknowledgehub.in/revised-stipend-rate-for-articled-assistants-w-e-f-january-23-2015/): In a latest move to serve the cause of our students, the Institute has decided with immediate effect (i.e. 23 January 2015) to double the stipend rates for each of the year payable to the articled assistants pursuing Chartered Accountancy Course. A  notification  issued  in  this  regard  to  revise  the  Regulation  48  of  the  Chartered Accountants Regulations, 1988, is available on the website of the ICA at the link http://220.227.161.86/36524council25906-sas.pdf. The stipend rates so revised are as follows: Classification of the normal place of service of articled assistant During the first year of training During the second year of training During the - [New CA (Chartered Accountant) Course applicable from 2016](https://accountsknowledgehub.in/new-ca-chartered-accountant-course-applicable-from-2016/): Change in CA Foundation :-  Name changed from CPT to CA Foundation  Duration increased to 9 months  Number of Papers 4 Paper 1 – Fundamentals of Accounting (100 Marks)  Paper 2- Quantitative Aptitude (100 Marks) Paper 3A – Mercantile Law (60 Marks) Paper 3B – General  Economics (40 Marks) Paper 4A – General English (50 Marks) Paper 4B – Business Communication (50 Marks) [wp_ad_camp_1] – Partly descriptive & partly MCQ paper. Change in CA Intermediate :- – Cost Accounting & FM to be 2 different subject. – Duration increased from 9 months to 12 months. – ITSM removed – Number of - [How to incorporate a One Person Company in India](https://accountsknowledgehub.in/how-to-incorporate-a-one-person-company-in-india/): Detailed Procedure of Incorporation of a One Person Company (OPC) Under Companies Act, 2013 One Person Company is a new concept in India which has been introduced by the company’s act 2013. More than 1,400 one-person companies, a majority of them engaged in business services, have been set up in just nine months starting April 2014 when regulations allowing such entities came into force. Latest data compiled by the Corporate Affairs Ministry shows that up to December 31, 2014, a total of 1,403 OPC were registered with it and their collective authorised capital stood at Rs 31.31 crore. Section 2(62) of - [Website Privacy Policy format](https://accountsknowledgehub.in/website-privacy-policy-format/): Privacy Policy This privacy policy sets out how [Website Address] uses and protects any information that you give when you use this website. [Website Address] is committed to ensuring that your privacy is protected. Should we ask you to provide certain information by which you can be identified when using this website, then you can be assured that it will only be used in accordance with this privacy statement. [Website Address] may change this policy from time to time by updating this page. You should check this page from time to time to ensure that you are happy with any changes. - [Acceptance of deposits by Companies under Companies Act 2013](https://accountsknowledgehub.in/acceptance-of-deposits-by-companies-under-companies-act-2013/): Section 73(1) of the Companies Act, 2013 says that no Company (Whether Public or Private) shall invite, accept or renew deposits under this Act from the public except in a manner provided herein under. The following Companies are exempted : 1) A Banking Company 2) A NBFC Company 3) A housing Finance Company registered with National Housing Bank. Section 73(2) – Now, a Private Limited Company may accept Deposits from its members subject to fulfillment of following conditions: (a) Passing a resolution in General Meeting (b) Issue of Circular to Members showing the Financial Position of the Company, the Credit Rating obtained, the total No. - [Service Tax on Under Construction Property](https://accountsknowledgehub.in/service-tax-on-under-construction-property/): Service Tax is Levied on Services provided by builders or Real Estate developers or any other person, where Building Complexes, or civil structure or part thereof are offered for sale but the payment is received before issuance of Completion certificate by a competent Authority. Construction of complex, Buildings, Civil Structure or part thereof has been stated as Declared Service under Clause (44) of section 66 B which is definition of Services. Computation of Service Tax on under Construction Property At the time of sale of property, the amount paid by the purchaser to the builder is for, 1. Value of Land - [Penalty for late filing of the e-forms under Companies Act, 2013](https://accountsknowledgehub.in/penalty-for-late-filing-of-the-e-forms-under-companies-act-2013/): Hello!! Don’t delay the filing of e-forms under companies act by more than 270 days from the last date of filing the form!! Let’s start with discussing the charging section of penalties. Section 403:   Brief: If a assessee delays filing of e-form by more than 270 days from the time period granted for filing of the respective e-form, then penalty as given in the concerned section will be imposed. For eg: If the resolution to be attached in MGT-14 is passed on 21.01.2015, then normal time to file the form is 30 days. Penalty will be imposed if the person - [Service Tax on service portion in Works Contract (effective from 1st October, 2014)](https://accountsknowledgehub.in/service-tax-on-service-portion-in-works-contract-effective-from-1st-october-2014/): Service portion in the execution of a work contract is subjected to provisions of partial Reverse Charge Mechanism in case such service has been provided by any individual, HUF or partnership firm, whether registered or not, including association of persons, located in the taxable territory to a business entity registered as body corporate located in taxable territory. As per existing rules in such cases 50% of service tax is payable both by service provider and service recipient. The valuation of service portion in Works Contract is governed by Rule 2A of Service Tax (Determination of Value) Rules,2006 which provides two options - [Inter Corporate Investment in India](https://accountsknowledgehub.in/inter-corporate-investment-in-india/): Company not to be made inter corporate Investment through not more than two layers of investment companies.  Limits for the Investment, Guarantee and Loan The Company shall make 60% of Paid-up Capital +Free Reserve + Security Premium or 100% of free reserve +Security Premium (Whichever is more).But the Company may give loan, guarantee or provide any security acquisition beyond the limit with the prior approval of Share holders in General Meeting.  It is mandatory to take prior approval From Financial institutions, Banks from which Company takes loan and made any defaults against repayment of loan amount or interest. The Company shall maintain - [Procedure for issue of Rights shares](https://accountsknowledgehub.in/procedure-for-issue-of-rights-shares/): Procedure for issue of Rights shares (i) Check whether the rights issue results in increase of authorized capital., (ii) If so call a board meeting to approve the notice of General meeting to pass necessary special resolutions at the general meeting to amend Memorandum/Articles of Association (iii) Convene the general Meeting and obtain shareholders’ approval through special Resolution. (iv) The offer should be made by notice, specifying the number of shares offered and  limiting a time not being less than fifteen days and not exceeding thirty days from the date of the offer within which the offer, if not accepted, shall be deemed to - [Reduction of Share Capital ~ Detail Procedure](https://accountsknowledgehub.in/reduction-of-share-capital-detail-procedure/): (The provisions relating to reduction of capital under Companies Act, 2013 is not yet notified, the provisions of Companies Act, 1956, are dealt under ‘Reduction of Capital’) 1. Ensure that its articles of association contain a provision authorizing it to reduce its share capital. If there is no such provision then the articles have to be first altered in accordance with the provisions of  Section 31 of the Companies Act, 1956. 2. Convene and hold a Board meeting to – (i) approve the scheme of capital reduction by a resolution; (ii) fix time, date and venue for holding a general meeting - [Point of Taxation Rules amendment w.e.f.1st October, 2014](https://accountsknowledgehub.in/point-of-taxation-rules-amendment-w-e-f-1st-october-2014/): As per existing Rule 7 of the Point of Taxation Rules, 2011, the point of taxation is respect of persons required to pay tax as recipients of service under reverse charge mechanism is the date on which payment is made. However, the first proviso of said Rule mandates that where the payment is not made within a period of six months of the date of invoice, the point of taxation shall be determined as if this Rule did not exist, i.e., we need to fall back on Rule 3 of the Point of Taxation Rules which states that point of taxation - [How to file Online Income Tax Rectification application under section 154 ?](https://accountsknowledgehub.in/how-to-file-online-income-tax-rectification-application-under-section-154/): This article explains Procedure for Filing Online Request for Rectification of Mistake U/s. 154 of the Income Tax, Prerequisites for Filing Such Application, Common mistakes while filing Rectification, Important Notes before e-Filing Rectification, Tips on filling Income Tax Return to avoid mistakes. Introduction – Rectification application maybe filed u/s 154 of the Income Tax Act by the taxpayer in case of any mistake apparent from the record. An Income Tax authority may: a) Amend any order passed by it under the provision of this Act b) Amend any intimation or deemed intimation under sub-section (1) of Section 143. Subject to the - [Why Cenvat not utilized in Reverse Charge ?](https://accountsknowledgehub.in/why-cenvat-not-utilized-in-reverse-charge/): The CENVAT are available as credit to a service provider when : a)  Any input or capital goods received in the premises of the provider or output service on or after the 10th day of September’ 2004 b)  Any input service received by the provider of output services on or after the 10th day of September’ 2004 The Cenvat Credit so available can be used for the following purpose to a service provider: • An amount equal to Cenvat Credit taken on inputs if such inputs are removed as such after being partially processed • An amount equal to the Cenvat - [Income Tax Refund Failure Reasons and Resolution](https://accountsknowledgehub.in/income-tax-refund-failure-reasons-and-resolution/): We have discussed 28 Reason for Failure or non issuance of Income Tax Refund and Solutions for the same. 1. Expired Cheque Your refund cheque has been expired. You are requested to apply for refund reissue to claim your refund. The refund reissue can be applied through online by following the procedure given above. 2. Incorrect A/C No The account number provided by you was incorrect. You are requested to apply for refund reissue by providing the correct account number to claim your refund. The refund reissue can be applied through online by following the procedure given above. 3. House Locked - [Checklist for Vat Audit](https://accountsknowledgehub.in/checklist-for-vat-audit/): VAT AUDIT SCHEDULES REQUIRMENT 1 Vat Working in Excel Highlighing the Following things : a. Month wise sales Net, Vat, Cst, Other items (Transport,Freight etc.) item should be shown separately b. Month wise Purchases Net, Vat, Cst, Other items (Transport,Freight etc.) item should be shown separately c. Totaling should be done as per the periodicity of Vat return. d. Totaling Should be done annual Seperately. e. Sales Rerturn & Purchase Return should be shown      separately. f. Net Sales & Purchase,Gross Sales & Purchased should be clearly showned. g. Opening Balance of Vat Credit should be shown clearly. h. Vat - [Standard on Audit](https://accountsknowledgehub.in/standard-on-audit/): Standard on Audit ~ main points ~ Overall Objectives Of The Independent Auditor Agreeing The Terms Of Audit Engagements, Quality Control For An Audit Of Financial Statements Audit Documentation, The Auditor’s Responsibilities Relating To Fraud In An Audit Of Financial Statements, Consideration Of Laws And Regulations In An Audit Of Financial Statements Communication With Those Charged With Governance,Communicating Deficiencies In Internal Control To Those Charged With Governance And Management, Responsibility Of Joint Auditors, Planning An Audit Of Financial Statements, Identifying And Assessing The Risk Of Material, Misstatement Through Understanding The Entity And Its  Environment, Materiality In Planning And Performing An Audit, - [Procedure for Service Tax Refund](https://accountsknowledgehub.in/procedure-for-service-tax-refund/): For claiming Self Adjustment for Excess Service Tax Paid, the Service Provider shall comply with the following:- 1. The Application shall be filed in the prescribed format 2. The Application shall be filed before the expiry of the limitation period of 1 year from the date of payment of Tax 3. The Application for Refund shall be accompanied by a documentary evidence that the Excess Service tax paid has actually been borne by the Service Provider himself and has not been passed on to any other person (Doctrine of Unjust Enrichment) How to apply for Service Tax Refund online To apply - [How legal heir file Income Tax Return & Tax Audit report?](https://accountsknowledgehub.in/how-legal-heir-file-income-tax-return-tax-audit-report/): The Income Tax return of a deceased person is filed on his/her behalf by the legal heir of the assessee under the provisions of the Income Tax Act’1961. The income tax return of the deceased assessee will be signed on behalf of the deceased assessee by his legal heir. The procedure for filing tax audit report is similar to filing the return. Here the tax audit report will be approved by the legal heir before filing of income tax return. The procedure to file income tax return and tax audit report of a deceased assessee as a legal heir is as - [International Financial Reporting Standards (IFRS) ~ more about](https://accountsknowledgehub.in/international-financial-reporting-standards-ifrs-more-about/): What is IFRS? International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements. 2. What is the IASB? The IASB is an independent accounting standard-setting body, based in London. It consists of 15 members from nine countries, including the United States. The IASB began operations in 2001 when it succeeded the International Accounting Standards Committee. It is funded by contributions from major accounting firms, private financial institutions and industrial companies, central and development banks, national funding regimes, and - [PPF (Public Provident Fund) Scheme - Benefits and Rules](https://accountsknowledgehub.in/ppf-public-provident-fund-scheme-benefits-and-rules/): What is PPF  or Public Provident Fund Scheme ? The full form of PPF is Public Provident Fund Scheme.  It is a scheme of the Central Government, framed under the PPF Act of 1968.   Thus we can say PPF  is a government backed, long term small savings scheme, which was initially started by the Government to provide retirement security to self employed individuals and workers in the unorganized sector.   However, at present it is considered as the best tax saving scheme across all sections of the people who needs to invest to save some tax.   Who Can Open - [Analysis of GST (Goods & Service Tax)](https://accountsknowledgehub.in/analysis-of-gst-goods-service-tax/): Analysis of GST (Goods & Service Tax)1. The GST is to have single Taxation System for Goods and Services across the country. Currently Indian economy has various taxes on Goods and services such as VAT, Service Tax, Excise, Entertainment Tax, Luxury Tax Etc. now in the new Proposal of GST; we will be having only two taxes on all goods and Services as follows:   a. State Level GST(SGST)   b. Central Level GST (CGST) 2. In case of Central GST, following Taxes will be subsumed with CGST which are at presently levied separately on goods and services by Central government: a. Central - [Vendors (Creditors) Ledger Scrutiny](https://accountsknowledgehub.in/vendors-creditors-ledger-scrutiny/): Consideration of important points while vendors ledger scrutiny. A) Creditors having opening debit / credit balance and no transaction during the period. a) Date since the balance is outstanding (Debit / Credit) is to be analyzed b) It is to be checked that whether the Debit Balance is due to Advance payment for supply of Material or due to excess payment to the party or due to debit note raised for shortage of material / quality defect or any other reason. c) If the debit balance is due to advance payment for Supply of Material – To check whether material is - [Checklist and Guideline for Excise Audit ( Internal & External)](https://accountsknowledgehub.in/checklist-and-guideline-for-excise-audit-internal-external/): Checklist and Guideline for Excise Audit.Excise Audit is very important in organisations where excise is applicable.Excise auditor need to check various factors while auditing such as examine the controls and procedures for accounting and claim in respect of Cenvat on eligible inputs – particularly examine the cases where Cenvat could not be claimed due to various reasons i.e. non-eligible items, loss of documents etc. Checklist How to check Identify all the account balances appearing in the Trial Balance / Financial Statements relating to Excise / Cenvat Checked from the excise Reconciliation Statement Verify the returns / relevant records to ensure that - [Treatment of Exchange Fluctuation from Income Tax point of view](https://accountsknowledgehub.in/treatment-of-exchange-fluctuation-from-income-tax-point-of-view/): As we know today’s world is dominated by globalization in which geographical boundaries of business houses has spread beyond its countries also. As a consequence of which, exchange fluctuation in currencies is becoming one of the major concern for importers & exporters. Therefore it is vital to know the treatment of these exchange fluctuations from the income tax point of view. As we all of us aware that in running business there are usually two types of expenditure one is revenue and other is capital. Hence, exchange fluctuation also affects only these two accounts which are discussed one by one below. - [Application procedure for fresh IEC (Import Export Code)](https://accountsknowledgehub.in/application-procedure-for-fresh-iec-import-export-code/): IEC Applications can be submitted in three ways : 1. Filing application Online 2. Application can be submitted in person at office of Zonal      Jt.DGFT(CLA),New Delhi. 3. Complete application can be sent to our office by post.     Guidelines for filing online application are given at DGFT        website. 1. How to submit application Application can be submitted in person by Authorised Representative of the Company at the R & I counters in the office on any working day between 10.00am to 1.00pm Or It can be sent by post/courier. The procedure for submitting IEC application using option 2 - [Implementation of Investment Accounting in Tally ERP 9](https://accountsknowledgehub.in/implementation-of-investment-accounting-in-tally-erp-9/): As you know in tally we don’t have an inbuilt feature that could be used to maintain the share transactions. Most of the traders depend upon boring spreadsheets or the statements issued by the brokers for computing capital gains. But tally or excel is like a plain paper you can draw out anything on it.Similarly, stumbled upon this idea of using the inventory feature in tally for maintaining the stock transactions.  We fell it is good for accounting. Here is what you have to do. [wp_ad_camp_1] STEP 1: CREATE A COMPANY: Make sure that ‘accounts with inventory’ is selected. In case you already have created a company use - [What is Form 16B ? FAQ on Form 16B](https://accountsknowledgehub.in/what-is-form-16b-faq-on-form-16b/): 1. What is Form 16B? Form 16B is the TDS certificate to be issued by the deductor (purchaser/buyer of immovable property) to the deductee (Seller of immovable property) in respect of the taxes deducted on the sale of immovable property and deposited into the Government Account. 2. Who can download Form 16B? Only a purchaser/buyer, who is registered on TRACES as tax-payer can download Form 16B, using unique acknowledgment number generated while filing of Form 26QB (statement cum challan form). 3. From where will I get the Form 16B? Buyer/ Purchaser of immovable property can download Form 16B after registering on - [Checklist and documents required related to Employee](https://accountsknowledgehub.in/checklist-and-documents-required-related-to-employee/): Documents required related to Employee1.  Personal Files:                            Application Form                            Doctors Certificate/Age proof                            Fittness Certificate                            Form-F for Gratuity Nomination                            Form-25 for Nomination for EL With Photo                        - [Checklist and documents required for factories or shop establishment](https://accountsknowledgehub.in/checklist-and-documents-required-for-factories-or-shop-establishment/): Steps for Factories or Shop Establishment  1. Business Registration Certificate or License or Registration under Shops & Establishment Act 2.  Local Municpal or Corporation Certificate 3. Display Related to Factory , Address Detail ,Factory Manager , Weekly off ,Working Hour ,Approved strength etc 4.  Display of Factrory Layout of Each Floor , Entry & Emergrncy Exit of Factory. 5.  Providing & Display of Facilities-Drinking Water ,Spittons , Medicines or First aid kits ,Toilets ,Canteen ,Creech ,Doctors Room ,Welfare Officer ,Safety Officer & Fire Extinglishers etc 6.  Certified Factory Plan -Given while Factory Registration 7.  Approval of Manpower 8.  Approval of Overtime - [Checklist for Monthly Accounts Closing](https://accountsknowledgehub.in/checklist-for-monthly-accounts-closing/): Monthly Closing of Accounts – Check points 1 Vendor Invoice Posting  2 Amortization of Prepaid Exp 3 Insurance of Fixed Assets (If Any) 4 Cash Balance Confirmation 5 Sales invoice raising 6 Sales invoice accounting 7 Bank Reconciliation 8 Intercompany Reconciliation 9 Loans Reconciliation 10 Stock reconciliation 11 Fixed asset posting 12 Depreciation Run 13 Provisions 14 Investment (FD / MF / Others) 15 Interest Calculation of Loans / OD / CC 16 Vendor Advance Followup 17 Interest on Investment 18 Interest on Debenture 19 Balance Sheet & P&L 20 Bank Guarantee Confirmation Post Closure Activities 1 Cash Certificates 2 Balance - [Wealth Tax Return](https://accountsknowledgehub.in/wealth-tax-return/): Applicability of Wealth Tax Return: Every Individual, Hindu Undivided Family and Company whose net wealth exceeds the maximum amount which is not chargeable to wealth tax in any previous year ending of 31st March is liable to file the wealth tax return. The maximum limit of net wealth not chargeable to tax under the provisions of the Wealth tax Act, 1957 is Rs. 30 lakhs at present. This provision does not apply to–  a. Company registered U/s 25 of the companies Act, 1956, b. Co­operative society, c. Any social club, d. Any political party, e. Any mutual fund U/s 10(23D), f. - [Form 15G - 15H](https://accountsknowledgehub.in/form-15g-15h/): Basic points No TDS to be deducted by bank in case of –   i) Interest on saving bank account.  ii) Recurring deposits. Bank deducts TDS on interest payment of fixed deposit u/s 194 A. (As per sec 194 A for payment of interest other than on securities, bank deducts 10% TDS, if payment exceed Rs. 10000 p.a.) Form no. 15G and 15H are to be submitted every year with bank. These forms are valid only for the financial year in which you have furnished these forms. If you want to apply for nil TDS in the new financial year, then - [Checklist for External Commercial Borrowings (FEMA)](https://accountsknowledgehub.in/checklist-for-external-commercial-borrowings-fema/): External Commercial Borrowings Whether the transaction falls under Automatic Route ? Does the foreign lender holds minimum paid up equity of 25% in case of ECB upto 5 million USD ? Does the foreign lender holds minimum paid up equity of 25% and ECB Deby Equity ratio not exceeding 4:1,in case of ECB more than 5 million USD Is the ECB from indirect equity holders? Whether the ECB proceeds repatriated to India? S.No. Particulars Observations Comments Remarks 1 Whether the transaction falls under Automatic Route If not, approval from RBI required 2 Does the foreign lender holds minimum paid up equity - [Maternity Benefit Act 1961](https://accountsknowledgehub.in/maternity-benefit-act-1961/): Coverage of the  Maternity Benefit Act Upon all women employees either employed directly or through contractor except domestic women employees employed in mines, factories, plantations and also in other establishments if the State Government so decides. Therefore, if the State Government decides to apply this Act to women employees in shops and commercial establishments, they also will get the benefit of this Act. Bihar, Punjab Haryana, West Bengal, U.P., Orissa and Andhra have done so. Conditions for eligibility of benefits Women indulging temporary of unmarried are eligible for maternity benefit when she is expecting a child and has worked for her employer for at least 80 - [Checklist For TAN Registration](https://accountsknowledgehub.in/checklist-for-tan-registration/): CHECKLIST FOR TAN REGISTRATION (FOR PARTNERSHIP FIRM) 1. APPLICATION FORM DULY FILLED AND SIGNED. 2. FEE ………………….. 3. PHOTOGRAPH (PASSPORT SIZE) OF AUTHORISED              PARTNER. 4. IDENTITY PROOF (CLEAR COPY OF PAN CARD IN A4          SIZE PAPER) 5. CURRENT OFFICE ADDRESS PROOF (COPY IN A4 SIZE      PAPER). 6. KYC OF ONE PARTNER     i)  2 COLOR PHOTOGRAPHS (PASSPORT SIZE).   ii)  IDENTITY PROOF (CLEAR COPY OF PAN CARD IN A4         SIZE PAPER).  iii) CURRENT RESIDENCE ADDRESS PROOF (IN A4 SIZE         PAPER). - [Interest on late deposit of service tax](https://accountsknowledgehub.in/interest-on-late-deposit-of-service-tax/): Simple interest rate enhanced, where there is short payment or delay in payment of service tax, vide notification no. 12/2014-ST, dated 11th July, 2014  As per section 75, interest on delayed payment of service tax would be as follows:   1) Turnover below Rs. 60lacs in F.Y/preceding F.Y.–15% p.a  2) Turnover above Rs. 60lacs in F.Y/preceding F.Y.  18% p.a. From 1st October, 2014, Simple interest rates per annum payable under section 75, to vary on the basis of extent of delay in payment of service tax: Extent of delay Simple interest rate per annum: Up to six months       - [Checklist for Tax Audit](https://accountsknowledgehub.in/checklist-for-tax-audit/):    CHECK LIST FOR TAX AUDIT Copy of appointment letter and acceptance thereof. Comparison with the last years Audit Report if available. VAT, Service Tax Registration Numbers- Assessment and return filing status to be furnished. Check the Digital signature of Client and Chartered Accountant and confirm that the digital signatures are not expired. Login into the income tax website using client’s login prior to uploading Tax audit forms so that no contact details update problem arises. [wp_ad_camp_2] Keep the passwords of digital signature ready. Confirm that chartered Accountant details are available like Pan No, Membership No, Address etc. Stock details of - [Service Tax Reverse Charge w.e.f. 01.10.2014](https://accountsknowledgehub.in/service-tax-reverse-charge-w-e-f-01-10-2014/): SERVICE TAX REVERSE CHARGE CHART (NORMAL RATE 12.36%) w.e.f 01.10.2014 For the services: Goods Transport by Road,Sponsorship, Advocate, Directors,Government Support Service, Hiring Cars, Manpower incl. security, Works contracts. SERVICE DETAILS SR SP-NON-CO SP-COMPANY Goods Transport by Road Up to Rs.750 per carriage, Rs.1500 per goods carriage exempted and 75% abatement available 3.090% – – Sponsorship 12.36% – – Advocate ` 12.36% – – Directors Sitting fee etc 12.36% – – Govt support Serv CISF, police etc 12.36% – – Hiring cars : if cenvat not availed by service provider 4.944% – – if cenvat not availed by service provider (SP-Company) – – 4.944% - [Double Taxation Avoidance Agreement (DTAA) Between India and Australia](https://accountsknowledgehub.in/double-taxation-avoidance-agreement-dtaa-between-india-and-australia/): Agreement for avoidance of double taxation and prevention of fiscal evasion with Australia Whereas the annexed Agreement between the Government of the Republic of India and the Government of Australia for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income has entered into force on the 30th day of December, 1991, on the exchange of notes notifying each other that the last of such things has been done as is necessary to give the said Agreement the force of law in India and in Australia, in accordance with paragraph (1) of Article 28 - [Audit Report (New) for F.Y. 2013-2014](https://accountsknowledgehub.in/audit-report-new-for-f-y-2013-2014/): NAME OF AUDITOR FIRM CHARTERED ACCOUNTANTS To The Members ofName of CompanyReport on the Financial Statements We have audited the accompanying financial statements of Name of Company, which comprise the Balance Sheet as at 31st March, 2014 and the Statement of Profit & Loss for the year then ended and a summary of significant accounting and other explanatory information. Management’s Responsibility for the Financial Statements The Company’s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the company in accordance with the Accounting Standards notified under the - [Financial Statement of Group of Companies (Consolidated)](https://accountsknowledgehub.in/financial-statement-of-group-of-companies-consolidated/): Consolidated financial statements of group of companies means that financial statements which shows all the financial result and positions of both parent company and its subsidiary companies. Suppose, A is holding company. B is its wholly owned subsidiary company. C is subsidiary of B. D is subsidiary of C. E is subsidiary company of E. Now, if A company makes financial statement  in which it includes B,C,D and E’s financial result and position. This financial statement will be consolidated financial statement of group of companies. Benefits of Making Consolidated Financial Statements of Group of Companies  Main benefit will be to the - [One Person Company - As per companies act, 2013](https://accountsknowledgehub.in/one-person-company-as-per-companies-act-2013/): One Person Company (OPC) is a new type of business structure in India, introduced through the Companies Act, 2013. One Person Company is a hybrid between a Private Limited Company and Proprietorship, providing a single entrepreneur with a host of features only available for an association of people. Definition as per companies act, 2013 sec.2 (62): – “One Person Company” means a company which has only one person as a member. Formation of Company: – Incorporating a One Person Company in India is very similar to the incorporation of a Private Limited Company. A one person company may be formed for - [Internal Audit of Manufacturing Company](https://accountsknowledgehub.in/internal-audit-of-manufacturing-company/): Internal Audit of Manufacturing Company Purchase, Store, Production, Sales, Marketing, Security, Lab, are important department of every Manufacturing Company,  Internal audit have big role to analyse for smooth functioning of every departments. Here is brief function of Internal audit of manufacturing company.   Sr.No FUNCTIONS 1 Plant Operation a Yield-Machinery, Manpower & Material b Budgeted Variance of Production c Power Analysis d Labour Analysis e Treatment of Focus Coil lying unused f Production Delay due to unavailability of Resources (Material,Labour,Machinery & others) g Capacity Utilisation of Machine & Labour h Transit damaged Material i Abnormal Losses If Any j Quality Audit - [Overheads ~ Cost Accounting Standard](https://accountsknowledgehub.in/overheads-cost-accounting-standard/): Overheads 1. Introduction  In Cost Accounting the analysis and collection overheads, their allocation and apportionment to different cost centres and absorption to products or services plays an important role in determination of cost well as control purposes. A system of better distribution of overheads can only ensure greater accuracy in determination of cost of products or services. It is, therefore necessary to follow standard practices for allocation; apportionment and absorption of overheads for preparation of cost statements. 2. Object  2.1 The standard is prescribe the method of collection, allocation, apportionment of overhead and absorption  there of to products an absorption thereof  to - [Highlights of Companies Act 2013](https://accountsknowledgehub.in/highlights-of-companies-act-2013/): HIGHLIGHTS OF COMPANIES ACT 2013 As per “Companies Act 2013” following provisions required instant action: 1) The Act is organised in 29 chapters, 470 sections & 7 schedules. 2) Substantial part of this act is in the form of Rules. 3) The Act introduced the concept of CEO, CFO and KMP. 4) The Act also introduced concept of one Resident director. 5) Loan taken from shareholders is now treated as deposit. 6) Companies must provide companies details such as Name, CIN, Registered Office Address, Email, Phone no. etc. in its documents Including Letter Heads & Other Stationery. 7)  Digital signature certificate is now - [Adjustment against excess Service Tax Paid](https://accountsknowledgehub.in/adjustment-against-excess-service-tax-paid/): Whether the excess payment of service tax can be adjusted against the future liability without any monetary or period limit? For example, whether the excess payment of say Rs. 10 lakhs during the month of March, can be adjusted straightaway against the payment due for April, or in a few installments spread over a few months, say @ Rs. 2 lakhs for 5 months starting April, as the adjustment depends upon arising of the future liability? Sub-rules (4A) and (4B) of rule 6 of the Service Tax Rules, 1994 which are relevant, read as follows. “(4A) Notwithstanding anything contained in sub-rule - [List of the Excise Record to be maintained](https://accountsknowledgehub.in/list-of-the-excise-record-to-be-maintained/): Every assessee is required to maintain certain records and submit returns periodically as prescribed in the various rules. Before these records are brought into use, the assessee is required to give page numbers to the records and get the same counter signed from the Sector officer having jurisdiction over the premises. General records to be maintained by the assessee.     1. RG-1 register, i.e. daily stock account of excisable goods;     2. Form-IV register of receipt and issue of raw material;     3. Personal Ledger Account;     4. Invoice book. Additional record to be maintained by the - [Professional Tax Rates in Maharashtra w.e.f. 1st July 2014](https://accountsknowledgehub.in/professional-tax-rates-in-maharashtra-w-e-f-1st-july-2014/): Profession tax has given a relief to employees earning up to Rs. 7,500/- p.m.The new rates as applicable w.e.f. 01/07/2014 are as follows: Salary/Wages up to Rs. Profession Tax to be Paid (Rs.) 7,500/- per month NIL 7,500/- to 10,000/- per month 175/- per month Above 10,000/- per month “2,500/- per annum. (March to January – 200/- per month, February – 300/- per month)” - [Important Financial Dates chart for the year 2015-16](https://accountsknowledgehub.in/important-financial-dates-chart-for-the-year-2015-16/): Compliance of Statutory activities is most important part of every organization. To do such activities remembering financial dates is also tough job for every accountant.  Here is important  financial dates chart for year 2015-16 S. No. Particular Name Particular Occurance Date 1 Form 15G/15H submission 7-Apr-15 2 ER-1 Excise Return (Non SSI) 10-Apr-15 3 ER-6 Monthly Input and Output 10-Apr-15 4 MP VAT/CST/ET Payment 10-Apr-15 5 Professional Tax Payment 10-Apr-15 6 ER-2 Excise Return (EOUs) 10-Apr-15 7 PF Payment 15-Apr-15 8 Excise Dealer Return 15-Apr-15 9 Return of Employees Qualifying for Membership to EPF for the first time 15-Apr-15 10 EDLIS - [Statutory Compliance To Do Chart for Financial Year 2015-16](https://accountsknowledgehub.in/statutory-compliance-to-do-chart-for-financial-year-2015-16/): Compliance of Statutory work is most important job in every organisation,  every month some specific statutory work must be done on or before due date. Statutory compliance such as – file pay service tax and file service tax return, Tds payment- quarter return, Payment of advance tax, complete tax audit report and upload it , file income tax return of company etc. [wp_ad_camp_2] Here is important statutory compliance to do chart Month Date Compliance April 25th File Service Tax Return for October, 2014 to March, 2015 30th Pay Tax Deducted in March, 2015 May 5th Pay Service Tax for April, 2015 - [How to Register New Company in India ~ Important Steps](https://accountsknowledgehub.in/how-to-register-new-company-in-india-important-steps/): Do you want to start an Indian Company? Apply for the name of the company to be registered by filing Form INC-1 for the same. After that depending upon the proposed company type file required incorporation forms listed below. Form INC-7 or Form INC-2 : Form INC-7 for Application for incorporation of a company (Other than OPC) or Form INC-2 for Application for Incorporation of OPC. Form INC-22 : Notice of situation or change of situation of registered office based on the option chosen in Form INC-7. Form INC-22 is to be filed within 30 days from the date of Incorporation - [ESIC Registration Procedure for Employee's](https://accountsknowledgehub.in/esic-registration-procedure-for-employees/): For registration of employees coverable under the Scheme, the Employer shall submit Employees Declaration Form (Form 1) in respect of every individual employee separately .  Procedure for Registering Employees Step 1.  The monthly wage limit for coverage would be such as prescribed by the Central Govt. vide Rule 50 of ESI (Central) Rules 1950. The existing wage ceiling is Rs.10000/- p.m. (with effect from 1.10.2006). All those persons employed for wages drawing an amount within the wage ceiling employed in clerical, manual, skilled, semi-skilled, unskilled without distinguishing casual, temporary, technical & non-technical are to be covered. In respect of each of - [ESIC (Employee's State Insurance Corporation) Registration Procedure for Employer](https://accountsknowledgehub.in/esic-employees-state-insurance-corporation-registration-procedure-for-employer/): EMPLOYER REGISTRATION Registration of a factory/establishment with the Employees’ State Insurance Corporation is a statutory responsibility of the employer under Section 2-A of the Act read with Regulation 10-B. The employer, in respect of a factory/establishment to which the Act applies for the first time, is liable to furnish Declaration of Registration in Form 01 (Employers’ Registration Form) to the concerned Regional / Sub Regional Office  within 15 days after the Act becomes applicable. This is obligatory on the part of the Employer. In addition to this, the employer will have to indicate, in a separate sheet, the name and address - [Co-operative Banks and BDDR](https://accountsknowledgehub.in/co-operative-banks-and-bddr/): After a close reading of the RBI circular titled “Prudential Treatment of Bad and Doubtful Debt Reserve (BDDR) by Co-operative Banks” issued on August 2, 2024 (RBI/2024-25/58), few pertinent issues arise and that have caused lots of confusion amongst the cooperative banks. Here is a comprehensive analysis of the key provisions, interpretational contradictions, and the anomalies that are creating confusion among stakeholders. Purpose of the Circular: The RBI aims to standardize how BDDR (Bad and Doubtful Debt Reserve) is treated, especially: • Its accounting treatment in the Profit & Loss (P&L) account, • Its impact on Net NPAs and regulatory capital, - [Important points to know about crime insurance policy](https://accountsknowledgehub.in/know-about-crime-insurance-policy/): QUESTION 1: How is the professional liability cover different from other liability covers? REPLY: The professional liability insurance differs from other liability insurance policies in a few ways. These are as follows: i). While other liability insurance policies usually specify the per occurrence limit, (there is usually a maximum limit for each claim), there is no limit per occurrence in case of a professional liability policy. Further, no distinction is made between bodily injury and property damage liability. ii). Professional liability insurance is not restricted to accidental acts, faulty diagnosis or faulty performance is also covered. Deliberate acts giving unintended results - [LETTER OF INDEMNITY](https://accountsknowledgehub.in/letter-of-indemnity/): LETTER OF INDEMNITY To: Assessing Officer Income Tax Department Sir, Sub:                Request to Register as ‘Representative Assessee’ for (Late) Sri. …………………………………………….. and His PAN : 1)         I/We, the undersigned, hereby inform you that (Late) Sri……………………………, holder of Permanent Account Number ………… and resident of ………………… …………………………………………………………………………………………………..(Deceased) / died on ………….. at………………………………………………………… 2)         That, the Deceased died (tick the appropriate option) : o        Intestate, i.e. without leaving behind a valid and enforceable will, and that in accordance with the law of intestate succession as applicable to him/her at his/her time of death, the Deceased left behind as his/her only surviving heirs, - [HRA receipt u/s.10(13A) and Form No.10BA](https://accountsknowledgehub.in/hra-receipt-u-s-1013a-and-form-no-10ba/): RECEIPT OF HOUSE RENT :- [ Under Section 10(13A) of Income Tax Act ] Received a yearly sum of Rs. 60,000 /- (Rupees Sixty Thousands only) towards the rent @ Rs.5,000 /- (Rupees Five Thousands only) per month from 01-April-2021 to 31-March-2022 in respect of House situated at …………………………………………………………………………………….. ………………………………………………………………………………………………………………………………. ………………………………………………………………………………………………………………………………. PARTICULARS OF HOUSE OWNER / LANDLORD Name of House Owner / LandLord   Address of House Owner / LandLord   PAN number of House Owner / LandLord   Resident Status of House Owner (Tick) Resident / Ordinary Resident NRI – Non-Resident Indian Signature of House Owner / LandLord Paste Rs.1/- - [CA Fees estimation letter for Internal Audit](https://accountsknowledgehub.in/ca-fees-estimation-letter-sample/): Date: 1-Apr-2022 To XXXXXXXXXXXXXXXX Respected Sir / Madam Subject:            Estimate of fees for carrying on Internal Audit – shared as per your request over phone / email Reference:        Based on phone call / email from your representative Mr. ________________ on _________ In connection with the request made by Mr. / Mrs. _____________________ (Designation: ___________ ) of your concern, we have furnished hereunder an estimate of fees for the assignment proposed: Sl.No. Description of Work Estimate of Days / Hours / Units involved Amount (INR) 1 Internal Audit Fees Flat Rate 0.0 2 Certification Fees (For Internal Purposes) Rs.____/- per certificate issued - [Calculation of machine electricity and power consumption](https://accountsknowledgehub.in/machine-electricity-and-power-consumption/): Historically, horsepower was the first power unit emerged and widely used around the world. In the middle ages, a horse was one of the most important elements of almost every household, that is why starting from the 18th century, with the development of first steam engines, a horsepower was chosen as a great comparative unit of power. In our times, there are a few types of horsepower are used. In those countries where the Imperial system is practiced, mechanical or imperial horsepower is used, which is approximately equal to 745.7 watts. Electrical horsepower is a unit that is equivalent to 746 watts. It is usually - [Format of declaration for creation of HUF](https://accountsknowledgehub.in/format-of-declaration-for-creation-of-huf/): DECLARATION I, ________________ son of __________________ residing at ______________________ aged ___Adult do hereby declare- That I am Karta of ___________________________________________ . That I received on behalf of the H U F gift of Rs. ___________ by way of CASH/CHEAUE from my FATHER/MOTHER ___________________________(name of relative of karta of HUF) on dt.  _______________ this formed the corpus of the HUF. That the HUF at present is consisting of the followings members Shri _____________________, Adult, Residing at _________________ Smt. _____________________, Adult, Residing at _________________ Kumari _________________-Minor, Residing at ___________________ That the above statements are true to the best of my knowledge & belief. - [Online Tds Payment Process](https://accountsknowledgehub.in/online-tds-payment-process/): Online Tds Payment Process FIRST ENTER TO https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp           ↓     CHALLAN NO./ITNS 281 (Tax Deducted at Source / Tax Collected at Source (TDS/TCS) from corporates or non-corporates)           ↓ Select the Payment (Company Deductee(020) or Non company Deductee (021))           ↓ TAX DEDUCTION ACCOUNT NUMBER (TAN NO. EXAMPLE(SRTR04580N)           ↓ SELECT THE ASSESSMENT YEAR (NOT TO F.Y.)           ↓ ENTER THE ADDRESS DETAILS           ↓ SELECT THE TYPES OF PAYMENT IF NORMAL PAYMENT CLICK ON   (200)TDS/TCS OTHERWISE SELECT THE (400) ASSESSMENT TAX           ↓ NATURE OF PAYMENT (Like a Contractors Payment (94C),TDS INTEREST (94I),PROFESSIONAL TAX (94J) OR ETC.)           ↓ SELECT MODE - [Stock audit of bank borrowers](https://accountsknowledgehub.in/stock-audit-of-bank-borrowers/): Working capital finance in the form of cash credit/overdraft facility against the security of hypothecation of stock and debtors is one of the most common modes of finance frequently adopted by various bankers. The borrowers in such cases are expected to submit the details of stock and debtors every month on the basis of which Drawing Power after reducing the prescribed margin is calculated by the banks. Stock and debtors being the primary security, bankers for ascertaining the genuineness & correctness of such statements appoint chartered accountant firms at frequent time intervals to conduct stock audit specifically where the exposure exceeds - [16 Rules for the Master Swing Trader](https://accountsknowledgehub.in/16-rules-for-the-master-swing-trader/): Swing trading can be a great way to profit from market upswings and downswings, but as I’ve always said, it’s not easy. Mastering the swing- trading techniques takes time and effort. To help get you started, I am giving you 16 Rules to think about as you begin – and ultimately master – swing trading. Rule 1: Trends depend on their time frame. Make sure your trade fits the clock. Price movement aligns to specific time cycles. Success depends on trading the right ones. Rule 2: Price has memory. What happened the last time a stock hit a certain level? Chances are it will happen again. - [Basic knowledge of Indian Power Sector](https://accountsknowledgehub.in/basic-knowledge-of-indian-power-sector/): 1. Ministry of Power – Website https://powermin.nic.in 2. The Ministry of Power started functioning independently with effect from 2nd July, 1992. Earlier it was known as the Ministry of Energy sources. 3. Power – Ministry of State (Independent Charge) – R.K.SINGH 4. Electricity is a concurrent subject at “Article 246 – Seventh schedule – List III- Entry 38” of the Constitution of India. 5. The Ministry of Power is primarily responsible for the development of electrical energy in the country. 6. The Ministry of Power is responsible for the Administration of the Electricity Act, 2003, the Energy Conservation Act , 2001 - [Trading Psychology and Risk Management](https://accountsknowledgehub.in/trading-psychology-and-risk-management/): Learning objectives After studying this chapter the student should be able to understand: Why to put stop loss and use optimal trade size Qualities of successful traders Do’s and Don’ts in trading Trading along with trend Choosing the Right Markets to Trade Importance of Discipline in trading  Introduction It is generally noticed that when we invest or trade our focus is on potential gains rather than dwelling on possible losses. Traders are often so confident about their trades that they push back their minds and don’t think that something could go wrong. But in order to be successful trader, we must - [Why traders lose money and what to do about it?](https://accountsknowledgehub.in/why-traders-lose-money-and-what-to-do-about-it/): Nowadays we read about several people on social media who have become traders and made a fortune. This is maybe one of the reasons why people are entering the trading world and unfortunately in several cases these end up losing money. Why is this? Never learned the basics In order to enter the market quickly, some traders just open an account without even having the knowledge of certain basic concepts. This will, more often than not, end up in burning all the investment before even starting. Forget to save To open an account, you don’t need a huge amount of money. - [Does Long-Term Investment In Stocks Really Pay You Off?](https://accountsknowledgehub.in/does-long-term-investment-in-stocks-really-pay-you-off/): Seeing lots of posts regarding success stories of Infosys, Wipro, Eicher Motors circulating these days. Does Long-Term Really Pay You Off? Stock Markets are fascinating. Indian Stock Markets can compete with the rest of world for the success stories, scandals, intrigue and the tales of disasters. It is said that Stock Markets are the barometer of a nation’s economic progress. It is often debated but the majority argument favors this statement. The stock market has given returns which are higher than any other asset class. Then there are the great stories of Infosys, Wipro, Eicher Motors giving unimaginable returns on investment. - [Financial wisdom distilled like a single malt](https://accountsknowledgehub.in/financial-wisdom-distilled-like-a-single-malt/): Some thoughts on Financial Independence 1) Bonds are for storing wealth and equities are for creation of wealth. 2) In my opinion, the biggest asset one can have is zero debt. 3) The greatest discipline in personal finance is living below your means. 4) As Ben Carlson says, emotions cannot be back tested. That’s why past bear market always looks like opportunities and future ones scary. 5) Early financial independence and early retirement are completely different. To me, the former is a blessing and the latter is a curse. 6) Don’t think how it would have been if you’ve started 10 - [Taxable - Long Term Capital Gain on Equity Shares](https://accountsknowledgehub.in/taxable-long-term-capital-gain-on-equity-shares/): Taxability on Long Term Capital Gain arising from transfer of capital asset, being an equity share in a company or a unit of an equity oriented fund or unit of a business trust. As per the amendment given in the finance bill 2018, Long term Capital gain exemption under section 10(38) in respect of listed STT paid shares, is being withdrawn with effect from 1st April 2018. Amendment under section 10(38) has been reproduced below for ready reference: In clause (38), after the third proviso, the following proviso shall be inserted, namely:—“Provided also that nothing contained in this clause shall apply - [Direct Labour Costing Formula](https://accountsknowledgehub.in/direct-labour-costing-formula/): Labour Turnover (i)                  Separation Rate Method = Number of separations ina period ÷ Average number of workers in the period x 100 (ii)                Replacement Method = Number of replacements in a period ÷ Average number of workers in the period x 100  (iii)               Flux Rate Method = No. Of separations + No. Of replacements ÷ Average number of workers in the period x 100 No. Of separations + No. Of replacements ÷ 2 / Average of workers in the period x 100 (iv)              Equivalent Annual Turnover Rate = Turnover rate x 365 ÷ No. Of days in the relevant period x - [How to incorporate limited liability partnership](https://accountsknowledgehub.in/how-to-incorporate-limited-liability-partnership/): STEP WISE PROCEDURE.: for  Incorporate Limited Liability Partnership In 2008, Ministry of Corporate Affairs brought the concept of Limited Liability Partnership. As per the LLP Act 2008 an “LLP is defined as that business entity where having two Designated Partners is minimum requirement and such partners had their liability limited to their contribution towards the LLP It has following below mentioned features. 1. Separate Legal entity 2. Have perpetual succession 3. Formation cost is nominal. 4. Unlimited numbers of partner. 5. Less compliance as compare to the Company. STEP INVOLVED: 1. Obtain DPIN of all the designated partner. 2. Apply for - [How to prepare Bank Loan project report](https://accountsknowledgehub.in/how-to-prepare-bank-loan-project-report/): Project Report for Bank Loan: Basic Information required:  What is the nature of Business: Manufacturing, Trading, Service, Professional   What is the Constitution of Business: Proprietorship, Partnership Firm, Pvt. Ltd. Co. Public Ltd. Co, Trust etc.  Existence: Whether the business is already existing or new. Depending upon the above parameters, project reports vary. Depending upon the nature of business, the requirements differ, depending upon constitution of business the Tax related issues differ and depending upon existence of the business, the projections differ. In case of existing business the projections can be prepared on the basis of past data, in case of new business - [E-Way bill - Updated](https://accountsknowledgehub.in/ewaybillupdated/): Meaning: E-way bill is an electronic way bill for movement of goods which can be generated on the GSTN common portal. When an E-way bill is generated, a unique E-way bill number (EBN) is allocated and is available to supplier , recipient , transporter. E-way bill also be allowed to be generated or cancelled through SMS.   Condition: Every registered person, Movement of goods, Consignment value> Rs.50,000.   When should an E-way bill be generated ? In relation to a supply; or for reasons other than supply(say a return); or due to inward supply from an unregistered person, due to Job - [Marginal Costing Formula](https://accountsknowledgehub.in/marginal-costing-formula/): Marginal Costing equation, profit volume ratio, Break even point, Margin of safety,cost break even point,finding  the selling price, finding the profit,.                                 Marginal Costing 1 Marginal Costing Equation Sales – VC = FC + Profit 2 Contribution Sales – VC Profit + FC 3 Profit Volume Ratio Contribution / Sales (In Marginal Costing, Profit = Contribution) Change in Profit / Change in Sales (Profit = EBIT) Change in Contribution / Change in Sales 100% – VC Ratio (PV % + VC % = 100% of Sales) - [Format of Net Worth Certificate](https://accountsknowledgehub.in/format-of-net-worth-certificate/): NET WORTH CERTIFICATE We hereby certify below the position of Assets & Liabilities of the person mentioned hereunder as on 31.03.18 The same has been verified from the records & other details produced before us: Name                           : PAN                            : Date of Birth               : Permanent Address    :                                   Office Address:                         (A) Total Value of Immoveable Property: (This includes beneficial share owned in Land, Building, Flat, Factory, Shop, House etc.) Nature of Property Location with Complete Address Value at Cost ( ` In Lacs) Flat at Shop Shop Jewellery TOTAL (B) Total Value of Other Assets: (This includes Cash, Bank balance, Gold, - [Pearls of financial wisdom](https://accountsknowledgehub.in/pearls-of-financial-wisdom/): 1) Bonds are for storing wealth and equities are for creation of wealth. 2) In my opinion, the biggest asset one can have is zero debt. 3) The greatest discipline in personal finance is living below your means. 4) As Ben Carlson says, emotions cannot be back tested. That’s why past bear market always looks like opportunities and future ones scary. 5) Early financial independence and early retirement are completely different. To me, the former is a blessing and the latter is a curse. 6) Don’t think how it would have been if you’ve started 10 years ago. Start today and - [Investment Options to Retirement Money](https://accountsknowledgehub.in/investment-options-to-retirement-money/): Majority of retired men in PSU has only handful of savings. They may not be conversant with investment options and risks associated with investing. Thus, it is of absolute importance to invest retirement money carefully. Every paisa of retirement money invested properly gives huge confidence to the family. Investment must be low on risk and must generate fixed income. While retiring, it is advised to recall those funds/loans that was given to the family/friends and consider selling some assets, that one thinks, must be liquidated to add-up to the retirement corpus. Remember, every Rupee added to retirement corpus is very precious. - [Tally ERP9 last year closing balances current year opening balances](https://accountsknowledgehub.in/tally-erp9-last-year-closing-balances-current-year-opening-balances/): Make change in tally.ERP9 last year closing balances current year opening balances Option-1 First Open your company in tally Gateway of Tally Screen then change the Period (ex.  1.04.2018  to 31.03.2019). This option is useful when using same company for the next year. Option-2  Split Your company in tally First Open your company Gateway of tally Screen Press Alt+F3—Split Company Data—Select your company-Split from (Ex.1.04.2018) Then Open new company in tally. (Note: Before splitting Select period 1.4.17 to 31.3.19)  Option-3 Export  Import Option in tally First Open Your company Gateway of Tally Press Display––list of Accounts–– Press ALT+E   Export the - [Tally ledger under group list](https://accountsknowledgehub.in/tally-ledger-under-group-list/): Tally ledgers creation under group of accounts is main part of Tally ERP 9 implementation. In every implementation of Group wise Tally ledger list prepared first which affects Trading a/c, Profit and loss a/c and Balance sheet. Here is the list of ledger head and respected group of ledgers.   TRADING A/C Ledger Name Tally Head Ledger Name Tally Head PUR.RETURNS PURCHASE SALE RETURN SALES PURCHASE PURCHASE SALES SALES CARRIEGE DIRECT EXPENSES FACTORY LIGHTING DIRECT EXPENSES FRIEGHT & CARTAGE DIRECT EXPENSES IMPORT DUTY DIRECT EXPENSES RENT (DR) DIRECT EXPENSES ROYALITY DIRECT EXPENSES WAGES DIRECT EXPENSES   PROFIT & LOSS A/C Ledger - [Checklist for FCRA Registration](https://accountsknowledgehub.in/checklist-fcra-registration/): SI. No Document 1 Registration Certificate of Association. 2 Memorandum of Association/Trust Deed. 3 Activity Report for the Last 3 Years. 4 Audited Statement of accounts for the last three years. 5 12A Registration Certificate Following Information is also required. Sr. No. Requirement Details 1. Contact details of the association such as Address, e-mail ID, Website, Landline no. etc. 2. Contact details of the Chief functionary such as mobile no. and mail id 3. Registration details of the Organization such as date and place of registration, PAN etc. 4. List of Main objects and definite programmes for which the contribution is - [Identification of NPA in Bank Audit](https://accountsknowledgehub.in/identification-npa-bank-audit/): BANK AUDIT: IDENTIFICATION OF NPA: In the Bank Audit main area of concern is the NPA. It affects the profitability of the Bank and overall advances portfolio. There is tremendous pressure on Branch Managers to keep the NPA at minimum level. The NPA level at the branch also affects the career of the officials at the branch, the controlling authority of the branch and other heads. Due to this reason, every effort is taken to curtail the NPA level. Apart from genuine efforts of curtailing the NPA level, Branch staff is compelled to HIDE the NPA somehow. Generally the Statutory Auditors - [GST Registration Cancellation Procedure](https://accountsknowledgehub.in/gst-registration-cancellation-procedure/): Who can cancel registration ? 1. Proper officer on his own motion 2. Application by registered person 3. Application by legal heir of registered person, in case of death of such person Grounds for cancel of registration 1. Business has been discontinued. 2. Business has been transferred fully due to death or amalgamation or demerger or otherwise dispose of. 3. Any change in the constitution of business. 4. Person no longer liable to be registered , except in case of person who registered himself voluntarily. (Note: Person registered voluntarily shall be allowed to cancel registration only after expiry of one year - [Insurance audit Check List (Trail Balance)](https://accountsknowledgehub.in/insurance-audit-check-list-trail-balance/): Basic legal frameworks to be familiarize before doing an insurance audit 1) The Insurance Act , 1938 as amended by the Insurance laws (amendment act) ,2015 including insurance Rules, 1939 2) The Insurance Regulatory and Development authority of India Act, 1999 as Amended by the Insurance Laws (Amendment ) Act, 2015 3) Regulations Framed under IRDA act 1999 4) The Companies Act 2013 5) IRDA Investment Regulations as amended from time to time Points for a Glance a) CARO 2016 is Not applicable b) As 3 Cash flow Statement should be in Direct Method c) As 13 Not applicable Before Starting - [Accounting entries under GST](https://accountsknowledgehub.in/accounting-entries-gst/): GST Accounting Entries for Intra state Transactions (i.e. within the State) Mr. A purchased goods Rs. 2,00,000 locally (intrastate). He sold them for Rs. 3,00,000 in the same state. He paid legal consultation fees Rs. 10,000. He purchased furniture for his office for Rs. 40,000 from XYZ Furniture (Assuming CGST @8% and SGST@8%) Sr. No. Particulars Dr. Cr. 1 Purchase A/c ………………Dr.  200,000.00 Input CGST A/c ……………Dr.  16,000.00 Input SGST A/c ……………Dr.  16,000.00               To Creditors A/c  232,000.00 2 Debtors A/c ………………Dr.  348,000.00              To Sales A/c  300,000.00              To Output CGST A/c  24,000.00              To Output SGST - [Checklist for Balance Sheet finalization](https://accountsknowledgehub.in/checklist-balance-sheet-finalization/): BALANCE SHEET FINALISATION CHECKLIST: Given below is the checklist for finalisation of Balance sheet hope this will help you for sure in finalising the balancesheet of all organisations. Must check the following things before finalising: 1. No Entry On National Holiday. 2. Confirmation of Secured Loans. 3. Confirmation of Unsecured Loans. 4. Confirmation of S.Creditors (Specialy Those With Debit Balance.) 5. Confirmation of S.Debtors (Specialy Those With Credit Balance) 6. Bonus Sheet To Be Tallied With Bonus Paid In Cash And By Cheque. 7. Check Cash For Negative Balance. 8. Electricity Charges For 12 Months Entered Or Not. 9. Salary Sheet - [No objection certificate for GST Practitioner](https://accountsknowledgehub.in/no-objection-certificate-gst-practitioner/): LETTER FORMAT Date: – 25/06/2017 NO OBJECTION CERTIFICATE for GST Practitioner TO WHOMSOEVER IT MAY CONCERN This is to certify that I Mr………………(Name of the owner), owner of the property Address :…………………………………….. (Principle address have permitted and allowed Mr……………….. (Name of the Proprietor) Having PAN:AXXXXX1234L for operating and conducting their business from ADDRESS MENTIONED ABOVE. To use the above mentioned property Address for his business purpose and that no extra rent will be charged from them for the above said purpose. It is hereby solemnly affirmed that I have no objection in the above property being used for the business purposes. - [Introduction of GST to vendor and make changes in agreement](https://accountsknowledgehub.in/introduction-gst-vendor-changes-agreement-format/): LETTER FORMAT To Authorized Signatory name The Supplier name Supplier Address Date : 1 July 2017 Sub : Changes in agreement terms with introduction of GST Dear Vendor At the outset, we would like to thank you for being a trusted supplier/service provider and providing us quality products/services helping us reach millions of customers across the country. As you are aware that our country is moving towards GST regime and the expected date of implementation is 1st july 2017. We believe that this progressive move has potential long term benefits for the economy and for all of us. This change would - [Board Resolution for goods and service tax (GST) related issues](https://accountsknowledgehub.in/board-resolution-goods-service-tax-gst-related-issues/): CERTIFIED TRUE COPY OF THE RESOLUTION PASSED AT THE MEETING OF THE BOARD OF DIRECTORS HELD ON …, [.] AT ITS REGISTERED OFFICE AT… [.] “RESOLVED THAT the Board does hereby appoint [.],  Director of the company as Authorised Signatory for enrolment of the Company on the Goods and Service Tax (GST) System Portal and to sign and submit various documents electronically and/or physically and to make applications, communications, representations, modifications or alterations on behalf of the Company before the Central GST and/or the concerned State GST authorities as and when required.” FURTHER RESOLVED THAT [.], Director of the company be and - [GST Registration or Migration - Documents required](https://accountsknowledgehub.in/gst-registration-migration-documents-required/): Documents required for Sole proprietorship/Individual – Individual documents • PAN card and ID proof of the individual. • Copy of Cancelled cheque or bank statement. – Registered Office documents • Copy of electricity bill/landline bill, water Bill • Rent agreement (in case premises are rented) Documents required for Private Limited Company (Pvt Ltd)/Public Company (limited company)/One person company (OPC): – Company documents • PAN card of the company • Registration Certificate of the company • Memorandum of Association (MOA) /Articles of Association (AOA) • Copy of Bank Statement • Copy of Board resolution – Director related documents • PAN and ID - [GST Returns](https://accountsknowledgehub.in/gst-returns/): Returns Under GST Detail of 27 returns prescribed under Goods and Services Tax (GST).  Under the GST law, a  tax payer will be required to furnish 3 returns monthly and one annual return. Similarly, there are separate returns for a tax payer registered under the composition scheme, tax-payer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS) S.No Form Frequency Detail Who is required to file Due Date 1 GSTR-1 Monthly Details of outward supplies of taxable goods and/or services effected Registered Taxable Supplier 10th of the next month 2 GSTR-1A Monthly Details of - [Valuation of Goodwill Adjustments](https://accountsknowledgehub.in/valuation-goodwill-adjustments/): ADJUSTMENTS IN VALUATION OF GOODWILL 1. Replacement value of fixed assets were Rs. 1,100 lakhs on 31.03.2014 and Rs. 1,250 Lakh on 31.03.2017 and Rate of Depreciation was 5% p.a. • This replacement value considered in calculation of CAPITAL EMPLOYED and its depreciation in FMP 2. 50% of the Inventory is to be valued at 120% of its book value • This adjustment effect in revalued figure in Capital Employed and Include in the last year of FMP • If there are 2 years given in the question hence it should be a revaluation of difference between opening and closing inventory. - [Excellent Interview Questions with Responses](https://accountsknowledgehub.in/excellent-interview-questions-responses/): Excellent Interview Questions & Sample Excellent Responses: 1. How would you describe yourself? Sample excellent response: My background to date has been centered around preparing myself to become the very best financial consultant I can become. Let me tell you specifically how I’ve prepared myself. I am an undergraduate student in finance and accounting at _________ University. My past experiences have been in retail and higher education. Both aspects have prepared me well for this career. 2. What specific goals, including those related to your occupation, have you established for your life? Sample excellent response: I want to be working for - [Penalties under Income Tax Act 1961](https://accountsknowledgehub.in/penalties-income-tax-act-1961/): Income Tax : Penalties 1. Penalty under Section 270A (Penalty for under reporting and misreporting of income): If during the assessment proceedings, it is found that an assessee have under reported or misreported his income, then penalty u/s. 270A will be imposed on the Assessee. This is the harshest penalty that can be imposed by the department. The amount of penalty will be 50% of the tax payable on under reported income. However, under reported income is a result of misreporting, then the penalty amount is increased to 200% of the tax payable on under reported income. 2. Penalty under Section - [Letter of Credit](https://accountsknowledgehub.in/letter-of-credit/): Understanding and Using Letters of Credit Letters of credit accomplish their purpose by substituting the credit of the bank for that of the customer, for the purpose of facilitating trade. There are basically two types: commercial and standby. The commercial letter of credit is the primary payment mechanism for a transaction, whereas the standby letter of credit is a secondary payment mechanism. Commercial Letter of Credit Commercial letters of credit have been used for centuries to facilitate payment in international trade. Their use will continue to increase as the global economy evolves.  Letters of credit used in international transactions are governed - [Introduction and Procedure for GST](https://accountsknowledgehub.in/introduction-and-procedure-for-gst/): INTRODUCTION OF GST This is the term which currently everyone has to deal today, one way or the other, after the passing of much-delayed constitutional amendment bill on 6th May to introduce the Goods and Service Tax, hectic preparations were on to practically implement it. Though the motion was set way back in 2000 when the Vajpayee Government started discussion on GST by setting up empowered committee. GST is a indirect tax on manufacture, sale, consumption of goods and on services. Multiple types of tax on goods and services will be eliminated. Goods and Services shall have tax: a) State Level - [Important links for student of CA/ICWAI/CS](https://accountsknowledgehub.in/important-links-for-students/): Income Tax: Official Website http://www.incometaxindia.gov.in E-Filling http://incometaxindiaefilling.gov.in Tax information Network http://www.tin-nsdl.com ITAT http://www.itat.nic.in Service Tax: Official Web Site http://www.servicetax.gov.in e – Filling                                 http://www.aces.gov.in CBEC Official Web Site http://www.cbec.gov.in XBRL: International http://www.xbrl.org India http://www.xbrl.org/in MCA: http://www.mca.gov.in LLP: http://www.llponline.in ICAI:                                                      http://www.icai.org SEBI: http://www.sebi.gov.in C&AG of India:                 http://www.cag.gov.in RBI: http://www.rbi.org.in/home.aspx EPF:                                                       http://www.epfindia.com ICSI: http://www.icsi.edu ICMAI: http://icmai.in/icmai/index.php BoS Knowledge Portal: http://www.icai.org/post.html?post_id=5720&c_id=314 ICAI Now app: http://online.icai.org/mobile/ ICAI Knowledge Gateway: http://www.icaiknowledgegateway.org/ ICAI e-learning:                             http://elearn.icai.org/ ICAI TV: http://icaitv.com/ ICAI Cloud Campus: http://cloudcampus.icai.org/ ICAI Digital Library: http://icaidigitallibrary.org/index.php?option=com_booklibrary&view=all_categories&layout=categories&Itemid=697 ICAI Online Store: https://icaionlinestore.org/ Students’ Journal :   http://www.icai.org/new_post.html?post_id=2283&c_id=241&newbg=true Article Training Resource: http://cloudcampus.icai.org/page.html?page_id=15 CA Students Work Diary: http://workdiary.icai.org/ CAclubindia: - [Standard Costing - Easy understanding](https://accountsknowledgehub.in/standard-costing-easy-understanding/): Standard costing made easy Standard costing is such a simple lesson. But students of CA, CMA and CS are really struggling to study this lesson. Please don’t approach the problem with formulae available in your book. First understand the concepts. Example Raman and Somu are going to film Kabali. Their budget is Rs. 200 (Rs 100 each). On the way they meet their girlfriend Roja and Rani. They also join with Raman and Somu. When they reach theatre, they notice that ticket fare is Rs 120. They buy the ticket and see the film. Find price variance and Qty variance in - [7 Success Tips for Examinations](https://accountsknowledgehub.in/7-success-tips-examinations/): Simple success tips for any examinations you are going to appear very soon. 1. Don’t purchase New Books :- Most Important thing, do not purchase new books now , just focus on study materials you have and go through them. 2. Don’t Study in Groups :- In my Opinion, you should not study in groups, Study Alone, but you can have group discussions and doubt sessions with friends but that should not be more than 2-3 hours in a week , maximum- 2 times a week. 3. Don’t try to study every topic in detail : – It’s not a time for a detailed - [Time Limits under Income Tax Provisions](https://accountsknowledgehub.in/time-limits-income-tax-provisions/): Time limit for various sections of  income tax provisions Sr. No. SECTION TITLE TIME LIMIT 1 131 Impounding of Books under Summon Proceeding Not beyond 15 (exclusive of holidays) without obtaining the approval of the CCIT/DGIT/CIT/DIT 2 132 (8) Retention of Books Seized/Deemed Seized The books shall not be retained for a period exceeding 30 Days from the date of the order of assessment u/s 153A (Unless reasons for retaining are recorded in writing & approval of Principal Chief Commissioner (PCCIT)/Principal Director General (PDGT)/Principal Commissioner(PCIT)/ Principal Director (PDIT)/CIT/DIT. 3 132 (8A) Restraint Order The order shall not be in force for - [9 types of incomes that don't attract any income tax](https://accountsknowledgehub.in/9-types-incomes-dont-attract-income-tax/): Here are nine incomes you need not pay tax on……  Agricultural income: India is primarily an agrarian economy. To boost the agricultural sector as a whole, the Indian Income Tax Act of 1961 exempts any income one generates through agriculture from tax liability. However, agriculture income is included, for the limited purpose of determining the tax rate, in computing the income tax liability if the net agricultural income exceeds Rs 5,000 for, say, FY15 and-and total income, excluding net agricultural income, exceeds applicable basic income exemption of Rs 2,50,000. (Note that the basic income exemption for an individual of age between - [How to save TDS on bank fixed deposits](https://accountsknowledgehub.in/save-tds-bank-fixed-deposits/): Banks have instructions to deduct tax at source on your fixed deposits, should they earn more than Rs10,000 in a financial year. Here’s how you can avoid it altogether. A bank fixed deposit (FD) is the most popular Indian investment. It’s safe and the 9-10% returns we’ve seen for the past few years are great. But at the end of the day, all your returns are taxed. And if the interest you earn is over Rs10,000 in one financial year (April to March), it is eligible for tax deduction at source 10.3 percent of the interest earned. This is regardless of - [Interview questions for accountant commerce students freshers](https://accountsknowledgehub.in/interview-questions-accountant-commerce-students-freshers/): Interview Questions : For Accountants, Commerce Students, Freshers, B.Com Students, B.com Freshers 1. Questions on favorite subject: (Income Tax) were asked. Specifically on capital gains. 2. Should the limited liability clause be abrogated. 3. Make a profit and loss account and a balance sheet. 4. What is operating profit? Gross profit? Net profit? Cost of goods sold? Cost of sales? Where will commission on sales come? 5.Differentiate between commerce, trade and business. 6.Comment on the new EXIM policy. 7. Comment on India’s EXIT policy. 8. What is zero base budgeting? 9. What are disclosure norms? 10. When should a firm be - [5 Changes in Health Insurance Regulations 2016](https://accountsknowledgehub.in/5-changes-health-insurance-regulations-2016/): IRDA (INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY) announced Health Insurance Regulations 2016 on 12th July, 2016. There are few positives to insured individuals to look for. Let us know about all these changes. Below are the major five changes of IRDA’s Health Insurance Regulations 2016. 1. Life Insurance Companies can’t sell Mediclaim Policies There are two types of health insurance policies. One is Indemnity Plans and another is Defined-Benefit Plans. Indemnity Plans means the insured will indemnify against hospitalization expenses up to the pre-defined limit i.e. reimburse the actual expense incurred during hospitalization up to the sum insured available in the policy. For - [Amendment in Tds rates from 1st june 2016](https://accountsknowledgehub.in/tds-new-rates-1st-june-2016/): TDS threshold limits w.e.f 01.06.2016 Present Section Heads Existing Threshold Limit (Rs.) Proposed Threshold Limit (Rs.) 192A Payment of accumulated balance due to an employee in EPF 30,000 50,000 194BB Winnings Form Horse Race 5,000 10,000 194C Payments to Contractors Aggregate annual limit of 75,000 Aggregate annual limit of 1,00,000 194LA Payment of Compensation on acquisition of certain Immovable Property 2,00,000 2,50,000 194D Insurance Commission 20,000 15,000 194G Commission on sale of lottery tickets 1,000 15,000 194H Commission on brokerage 5,000 15,000 Changes in TDS rates w.e.f 01.06.2016  Present Section Heads Existing Rate of TDS (%) Proposed Rate of TDS (%) - [5 Skills Every Professional Needs To Master](https://accountsknowledgehub.in/5-skills-every-professional-needs-master/): Top 5 Skills Every Professional Needs To Master 1. Communication Skills One must communicate clearly, effectively and with confidence to be successful at workplace. It is essential to put forth your ideas in an engaging way to progress. 2.Networking Skills Networking is essential to boost career. It is near impossible to achieve greater career success if you are alienated and work in a silo. It is equally important to build a strong professional network on social media in today’s digital world. 3.Decision Making Skills One must know how to make decisions that will generate the desired outcome for business. At every - [How to generate fvu file and eFiling return](https://accountsknowledgehub.in/generate-fvu-file-file-online-return/): Steps to generate fvu file and online eFiling return       Step -1 https://www.tdscpc.gov.in/app/login.xhtml Insert your Traces Login details and login step – 2 After Login see the left side “Register at E-filing site” After checked click the redirect Step – 3 Fill the password(this is your TDS efilling site pw) and other all currect details. After filled click the submit button. step – 4  https://incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html Click the  link and insert your login details step – 5  After login click the worklist tab there have “worklist” tab => pending work click it Click the click here option for Approval / modification of - [Certification of Annual Return-Management Representation Letter](https://accountsknowledgehub.in/certification-annual-return-management-representation-letter/): Management Representation Letter  On the letter head of the company  (Sample format) M/s Abcd comany Ltd Company Secretaries D-4, Chinchwad MIDC, Pune – 411 019 (Maharashtra) Sub: Management Representation Letter for Signing/Certification of Annual Return Kind Attn: Mr. ————————– Dear Sir, This Representation Letter is provided in connection with our signing/certification on Annual Return for the period from 1st April, 2015 to 31st March, 2016 according to the provisions of the Companies Act, , 2013 ( the Act) and rules made there under; We the undersigned acknowledge our responsibility for maintaining the Statutory registers & Secretarial records under the Act & rules - [Income Tax on Futures and Options Profit](https://accountsknowledgehub.in/income-tax-on-futures-and-options-profit/): In today’s world , more and more people are toward earning easy money by trading in derivatives. Now, with a plethora of investments avenues, individuals with a high-risk appetite have been venturing into capital markets for quick gains. Futures and options (F&O) trading is preferred by risk-savvy investors with a high risk appetite. So, it is essential to have some knowledge about the F&O mechanism from an investment perspective and the relevant tax implications. Here’s what they are: There are two broad kinds of instruments in financial market : 1. Derivatives 2. Fundamentals – Fundamental instruments are stocks, bonds, etc. -While - [National Pension Scheme India](https://accountsknowledgehub.in/national-pension-scheme-india/): National Pension System (NPS) Overview National Pension System (NPS) is a voluntary, defined contribution retirement savings scheme. The NPS has been designed to enable systematic savings during the subscriber’s working life.. It is an attempt towards finding a sustainable solution to provide adequate retirement income to every citizen of India. How NPS Works? • Under the NPS, an individual’s savings is pooled in a pension fund. • These funds are invested by Pension Fund Regulatory and Development Authority (PFRDA) regulated professional fund managers as per the approved investment guidelines in the diversified portfolios comprising of government bonds, bills, corporate debentures and shares. - [New Procedure on MVAT](https://accountsknowledgehub.in/new-mvat-procedure/): Maharashtra Sales Tax Department is making substantial changes in its automation processes relating to taxpayer interface, w.e.f F.Y 2016-17. This is expected to result into significantly more efficiency in the working of the Department, less errors due to minimum human intervention and maximum benefits in relation to time management. Under New Process the dealer is required to give invoice wise details each local taxable, tax free, exempt, inter-state transactions etc for Sales & Purchases in Annexure of the Return Form which have been integrated with the returns. These Sales and Purchase annexure will be linked to respective MVAT Return Forms like - [Explanation about Repo Rate, Reverse Repo Rate , CRR and Interest](https://accountsknowledgehub.in/explanation-repo-rate-reverse-repo-rate-crr-interest/): Detail explanation about Repo Rate, Reverse Repo Rate , CRR and Interest with nice conversation Son: I have heard recently that Mr. Rajan has reduced Repo Rate by 50 basis points and everyone is saying that this is good for the market. Loan EMI may also come down. What is this rate cut means actually? I want to understand this. Dad: To understand this you first need to know, how does a bank function. Son: Why? Dad: Because all these are inter-related. Tell me – what does a bank do? Son: Bank takes money from depositors and gives loan to earn interest. - [Make In India](https://accountsknowledgehub.in/make-in-india/): Manufacture in India and sell the products worldwide A) BACKGROUNDS After the Jan Dhan Yojna, PM Narendra Modi, in his I-Day speech launched a new scheme to boost the manufacturing sector and foreign investors with an invitation to the world with “come, make in India”. Thus initiating Make in India & “Zero Defect; Zero Effect policies. Logo is striding lion made of cogs that symbolize strength & manufacturing, different lions made of different things to symbolize different sectors, designed by the agency Wieden & Kennedy. Key Elements: • 25 sectors to work on initially • 24 manufacturing cities identified • 10% - [what is Telegraphic Transfer and Swift](https://accountsknowledgehub.in/telegraphic-transfer-swift/): Difference between ‘Telegraphic Transfer’ and ‘Swift’ – This is another common question among traders about swift and TT (Telegraphic Transfer). What is the meaning of Telegraphic Transfer, How does swift work? Whether swift and TT are same? What is swift and what is TT? However, in order to differentiate, let explain once again: What is Swift ? Society for Worldwide Interbank Financial Telecommunication is abbreviated as SWIFT. SWIFT extends service of network which enables banks and other financial organizations all over world to send and receive financial transaction information in a standardized, secured and reliable environment. SWIFT does not facilitate funds transfer; - [Income tax rules applicable for financial year 2016-17](https://accountsknowledgehub.in/income-tax-rules-applicable-financial-year-2016-17/): Income tax rules applicable for the FY 2016-17 : 1. No change in income tax slab for FY 2016-17. Basic exemption limit is same Rs.2,50,000 for non senior citizen and Rs.3,00,000 for senior citizen. 2. There is no change in income tax rate for fy 2016-17. 3. Additional deduction of Rs.3000 is available u/s 87A. Now, Section 87A will provide Rs.5000. 4. Rate of surcharge is increased from 12% to 15% for income more than Rs. 1 crore. 5. Additional Rs.50000 income tax deduction for interest on housing loan is available for first time buyer of house. Loan should not be - [Income Tax Provisions w.e.f. 1st June 2016](https://accountsknowledgehub.in/incometax-provisions-w-e-f-june-1-2016/):   Income Tax Provisions Applicable from 1st June 2016 .  Amendment relating to Advance Tax (The change is effective from financial year 2016-17 onwards) The schedule for payment of Advance Tax by an Individual and other non-corporate assessee has been amended w.e.f.  1st June 2016 as under: Due Date of Installment Amount Payable On or before 15th June 15% of Advance Tax On or before 15th September 45% of Advance Tax On or before 15th December 75% of Advance Tax On or before 15th March 100% of Advance Tax  Earlier, there was no requirement of paying advance tax in respect of - [Auditors Independent Report](https://accountsknowledgehub.in/auditors-independent-report/): on letter head of firm  To, The Members of, (Company Name) Report on the Financial Statements 1. We have audited the accompanying financial statements of (‘the company’), which comprises Balance Sheet as at 31st Mar 2016, the Statement of Profit and Loss account and cash flow statement for the year then ended, and a Summary of significant accounting policies and other explanatory information. Management’s Responsibility for the Financial Statements 2. The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements that - [Sovereign Gold Bond Scheme 2015 - More about](https://accountsknowledgehub.in/sovereign-gold-bond-scheme-2015/): Sovereign Gold Bond Scheme 2015 1. Eligibility for Investment: The Bonds under this Scheme may be held by a person resident in India, being an individual, in his capacity as such individual, or on behalf of minor child, or jointly with any other individual. “Person resident in India” is defined under section 2(v) read with section 2 (u) of the Foreign Exchange Management Act, 1999. 2. Form of Security The Bonds shall be issued in the form of Government of India Stock in accordance with section 3 of the Government Securities Act, 2006. The investors will be issued a Holding Certificate - [Analysis of Ratio Analysis](https://accountsknowledgehub.in/analysis-of-ratio-analysis/): Liquidity Ratios Working Capital Working capital compares current assets to current liabilities, and serves as the liquid reserve available to satisfy contingencies and uncertainties. A high working capital balance is mandated if the entity is unable to borrow on short notice. The ratio indicates the short-term solvency of a business and in determining if a firm can pay its current liabilities when due. Formula Current Assets – Current Liabilities Acid Test or Quick Ratio A measurement of the liquidity position of the business. The quick ratio compares the cash plus cash equivalents and accounts receivable to the current liabilities. The primary - [How to select proper ITR to filed Return?](https://accountsknowledgehub.in/how-to-select-proper-itr-to-filed-return/): Details  of various ITR for Income Tax Return  ITR-1 OR SAHAJ This Return Form is to be used by an individual whose total income for the assessment year 2016-17 includes:- • Income from Salary/ Pension; or • Income from One House Property (excluding cases where loss is brought forward from previous years); or • Income from Other Sources (excluding Winning from Lottery and Income from Race Horses) Who cannot use this Return Form? This Return Form cannot be used by any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located - [TDS Rates for FY 2016-17 (AY 2017-18) w.e.f. 01-06-2016](https://accountsknowledgehub.in/tds-rates-for-fy-2016-17-ay-2017-18-w-e-f-01-06-2016/): TDS Rates under various sections : For payment of Salary income, Epf- premature withdrawal, interest on securities, interest on debentures, divident,interest other than on securities by banks / post office, interest other than on securities by others, winning from lotteries /puzzle /game, winning from horse race, payment of insurance commission, payment in respect of life insurance policy, payment of NSS deposits, commission on sale of lottery tickets, commission or brokerage, rent of land building furniture, rent of plant and machinery, transfer of immovable property, other than agriculture land, interest from infrastructure bond. Here is detail TDS Rates chart w.e.f. June 1, - [Provident Fund (PF) - Detail PF procedures, forms, maintaining pf books](https://accountsknowledgehub.in/provident-fund-pf-detail-pf-procedures-forms-maintaining-pf-books/): PF: Various procedures, pf returns, pf forms, pf related routine work for organization    1. The Employees Provident Fund Scheme, 1952 2. The Employees Family Pension Scheme, 1971 3. The Employees Deposit-Linked Insurance Scheme, 1976   Calculations: P.F from Basic Employee: 12% (P.F) Employer: 3.67% Provident Fund (A/c 1) + 8.33% Pension (A/c 10) + 1.10% Admin Charges on PF (A/c 2) + 0.50% EDLI (A/c 21) + 0.01% Admin Charges on EDLI (A/c 22) =>13.61% on basic   * Pension (8.33% or 541/- which ever less)   Regular activities: 1. Time of joining: Form 2: Employee should fill, at the time - [Budget 2015- Allowance of balance 50% additional depreciation w.e.f. April 1st 2016](https://accountsknowledgehub.in/budget-2015-allowance-of-balance-50-additional-depreciation-w-e-f-april-1st-2016/): [wp_ad_camp_2] Budget 2015- Allowance of balance 50% additional depreciationThis amendment will take effect from 1st April, 2016 and will, accordingly, apply in relation to the assessment year 2016-17 and subsequent assessment years. To encourage investment in plant or machinery by the manufacturing and power sector, additional depreciation of 20% of the cost of new plant or machinery acquired and installed is allowed under the existing provisions of section 32(1)(iia) of the Act over and above the general depreciation allowance. On the lines of allowability of general depreciation allowance, the second proviso to section 32(1) inter alia provides that the additional depreciation - [Tally Group List](https://accountsknowledgehub.in/tally-erp-9-ledgers-and-groups-creations/): Creating Groups and Legers is most important part in Tally ERP 9 implementation, First we have to create Tally Groups then we can create various ledgers under specific groups.  In every implementation of Group wise Tally ledger list prepared first which affects Trading a/c, Profit and loss a/c and Balance sheet. Here is the list of ledger head and respected group of ledgers. TRADING ACCOUNT Ledger Name Tally Head Ledger Name Tally Head PUR.RETURNS PURCHASE SALE RETURN SALES PURCHASE PURCHASE SALES SALES CARRIEGE DIRECT EXPENSES FACTORY LIGHTING DIRECT EXPENSES FRIEGHT & CARTAGE DIRECT EXPENSES IMPORT DUTY DIRECT EXPENSES RENT (DR) DIRECT - [Real Estate Developer's Business Income Computation](https://accountsknowledgehub.in/real-estate-developers-business-income-computation/): COMPUTATION OF BUSINESS INCOME OF REAL ESTATE DEVELOPERS  Real estate sector is the fastest growing sector in the country; it provides employments to lakhs of people and has contributed a lot in the exchequer of the Government. Real Estate activity may consist of development of Townships, Residential Complexes, Commercial or Industrial Complexes etc. Real Estate projects are of long term projects, takes years to be completed.   [wp_ad_camp_1] The real estate activities are spread over many years at or its takes more than one year to complete a project, thus it involves complex issue, while calculating business income of real estate - [Business Transactions Vs Investment Transactions](https://accountsknowledgehub.in/business-transactions-vs-investment-transactions/): BUSINESS TRANSACTIONS vs. INVESTMENT TRANSACTIONS The income arising from Sale of Shares/Debentures or other securities and real estate business will be determined and taxed on the basis, whether they are Capital Asset or Business Asset. It is important to determine, whether the income is generated from Capital Assets or from Business Assets and be determined as Capital Gain or Income from business.   It is important to determine the nature of income because the rate of tax will be different in case of Capital Gain or Business Income.  There is no parameter prescribed under the Income Tax Act, 1961 to characterised - [Service Tax Section Wise list](https://accountsknowledgehub.in/service-tax-section-wise-list/): [wp_ad_camp_1]                              Service Tax Section wise list Service Tax (Chapter -V of Finance Act 1994): Section 64 Extent, commencement and application. Section 65B Interpretations Section 66B Charge of service tax Section 66C Determination of place of provision of service Section 66D Negative list of services Section 66E Declared Services Section 66F Principals of interpretation of specified descriptions of services or bundled services. Section 67 Valuation of taxable services for charging Service tax Section 68 Payment of service tax. Section 69 Registration [wp_ad_camp_2] Section 70 Furnishing of Returns Section - [Statutory Bank Audit ~ essential records, Information ,evidences](https://accountsknowledgehub.in/statutory-bank-audit-essential-records-information-evidences/): Following information / records / details / evidences for the purposes of Statutory audit of Bank : 1. Closing circular issued to the branch / reference in their website to download the same. 2. The extent, size and specialization of the branch 3. The profile of the branch and performance in the past two years. 4. Comparative analysis of movement of interest income and expenses vis a vis advances and deposits respectively for two years. 5. List of top borrowers accounts accounting for 2% of the advances of the branch or Rs.1 crore whichever is lower, covering at least 60% of - [Interview Questions for freshers Chartered Accountant's (CA)](https://accountsknowledgehub.in/interview-questions-for-freshers-chartered-accountants-ca/): Here is General Interview Questions for freshers CA’s which are asked in almost every interview irrespective of the type of job profile. These Interview Questions are more important for freshers as they generally don’t have much to talk on the experience side. One thing you should remember in any interview is, you should be completely honest about your work and experience else you may get in to problem. Interview Questions relating to your CV/Resume [wp_ad_camp_2] >> Take me through your resume / Tell me about your self? This question is asked as interviewer may not had the chance to review your - [How to crack CA Final / IPC Examination?](https://accountsknowledgehub.in/how-to-crack-ca-final-ipc-examination/): Ca Final/ IPC exam are going to be held in May month of 2016 & students are trying to give their personal best to crack the exam but most of the students commit some common mistake which they should avoid achieving success in the examination & one of the mistakes is “Studying without Rules” I am providing here golden rules with my personal experience to crack an examination-   One & Half Times It is one of the most common but important rule to crack exam and relates to time management. Apply this rule to complete your question paper in a - [Sales Tax Registration Procedure - MVAT](https://accountsknowledgehub.in/sales-tax-registration-procedure-mvat/): A. IN CASE OF FRESH REGISTRATION :1) Proof of Constitution of business (as applicable)I. In case of proprietary firm  : No proof requiredII. In case of partnership firm : Copy of Partnership Deed                                                     (Registered or unregistered)       III.     In case of Company           : Copy of List of present Director obtained from                                     - [What is difference between CV and a Resume?](https://accountsknowledgehub.in/what-is-difference-between-cv-and-a-resume/): “ What is meaning of CV?” is a question job seekers often find themselves asking. Approach 10 professionals and odds are high only one or two can tell you the real answer. Good news, you’re about to be one of those few people who know not just what the letters stand for, but how the CV compares to a resume, and whether or not you should have one. Curriculum Vitae, more commonly referred to by its shorthand abbreviation CV (a Latin term meaning course of life), got tossed around a lot when I was in graduate school. I’m pretty sure I - [How to verification of marks - Company Secretaries Examination](https://accountsknowledgehub.in/how-to-verification-of-marks-company-secretaries-examination/): In the terms of Regulation 46 (2) of the Company Secretaries Regulations, 1982, as in force, a candidate can seek “Verification of Marks” in any subject(s) of CS examination within 30 days from the date of declaration of results. The application for verification of marks should be made by interested candidates in the prescribed method   with requisite fee @ Rs. 250/- per subject within 30 days (one month) from the date of declaration of results.  Interested candidates can apply for verification of marks either through On-line mode or Off-line mode as detailed below:. (A) Application of Verification of Marks – - [TDS Rates Amendment in Finance Bill 2016](https://accountsknowledgehub.in/tds-rates-amendment-in-finance-bill-2016/): AMENDMENTS  IN TDS RATES IN FINANCE BILL 2016   SECTION Nature of Tranasaction INCREASE IN EXEMPTION LIMIT Amendment in TDS Rates Exsiting Current w.e.f. 01.06.2016 Exsiting Current w.e.f. 01.06.2016 192A Payment of Accmulated PF to employee 30000 50000 10% 10% 194BB Winning from Horse Race 5000 10000 30% 30% 194C Aggregate Contractual Payment 75000 100000 1% /2% 1% /2% 194D Insurance Commission 20000 15000 10% 10% 194DA Payment in respect of Life Insurance Policy 100000 100000 2% 1% 194G Commission on Lottery Tickets 1000 15000 10% 5% 194H Brokerage payment 5000 15000 10% 5% 194LA Payment of Compensation on acqusition of - [Railway Budget Highlights 2016-2017](https://accountsknowledgehub.in/railway-budget-highlights-2016-2017/): Railway minister Mr. Suresh Prabhu announced Rail Budget 2016.  • Railways to get Rs 40,000 crore budgetary support from the government • Rs 8.5 lakh crore to be spent over 5 years for modernization of railway infrastructure • Railway electrification increased by 50%; 2,000km route to be electrified next fiscal • Completely paperless contract system in 2016-17 • WiFi in 100 stations this year and 400 other stations next year • To have CCTV surveillance at all stations, 300 major stations covered this year • Enhanced capacity of e-ticketing system – from 2000 tickets a minute to 7200 a minute • - [CARO 2016 Vs CARO 2015](https://accountsknowledgehub.in/caro-2016-vs-caro-2015/): [wp_ad_camp_1]  CARO  means Companies Auditor’s Report Order, Here is differential between CARO 2015 & 2016 DRAFT CARO 2016 CARO 2015 1.       Short title, application and commencement (v) a private limited company, not being a subsidiary or holding of a public company, having a paid up capital and reserves and surplus not more than rupees one crore as at the balance sheet date and which does not have total borrowings exceeding rupees one crore from any bank or financial institution at any point of time during the financial year and which does not have a total revenue as defined in Scheduled III - [Budget Highlights 2016 (Tax Related)](https://accountsknowledgehub.in/budget-highlights-2016-tax-related/): Budget Highlights 2016 (Tax Related) 1. Raise the ceiling of tax rebate under section 87A from `2000 to `5000 to lessen tax burden on individuals with income upto 5 lakhs. 2. Increase the limit of deduction of rent paid under section 80GG from `24000 per annum to `60000, to provide relief to those who live in rented houses.   3. Increase the turnover limit under Presumptive taxation scheme under section 44AD of the Income Tax Act to 2 crores to bring big relief to a large number of assessees in the MSME category.   4. Extend the presumptive taxation scheme with - [Do's and Don’ts to Improve Your Email Communication](https://accountsknowledgehub.in/dos-and-donts-to-improve-your-email-communication/): Email has become a scourge in many workplaces. Too many emails flooding your inbox, poorly written notes, and senseless Reply-All copies. The good news is that email can be a productive tool if you follow some common sense tactics.   Bad Email or Bad Behavior? Email isn’t bad… it’s just written that way. Bad email behavior is commonplace in many companies. Long unreadable emails. Red fonts. Silly signatures. Unwieldy attachments that clog your inbox. It seems silly, and it really is inexcusable. Yet, when were you or anyone at your company taught how to write better emails? Chances are, there aren’t - [Audit of Cash and Bank Transactions in Tally ERP 9](https://accountsknowledgehub.in/audit-of-cash-and-bank-transactions-in-tally-erp-9/): In Tally ERP 9 ~ Functioning the below option we can compare the cash flows and get the information about the changes in are of cash receipts and cash payments. 1.Verification of negative, highest & lowest cash balance. Gateway of Tally-Display-Account Book- Ledger-Cash-Press F6 (for daily breakup)- Press F12– to Show high/low balances – Enter Yes in option. By functioning above options we can verify the highest, lowest and average cash balance. Which may help the management to check the blockage and shortage of fund at various locations. 2.Verification of negative ledgers and stock Gateway of Tally-Display-Exception Reports-Negative Stock(Ledgers) For viewing - [What is the Trust and Society?](https://accountsknowledgehub.in/what-is-the-trust-and-society/):  Trust and Society   :                   S. No. Basis of Difference Trust Society 1. Registration under  Indian Trust Act, 1882 Societies Registration Act, 1860 2. Minimum Members Two Seven 3. Area of Activities All over India, Without mentioning in Deed Separate registration for All India level (8- different states members required) 4. Nature of control One man control, i.e. SETTLER Democracy system 5. Possibility of amendment Easy,  by a supplementary Trust Deed Difficult, amendment in  MOA and R&R both. 6. Name Availability Easily available Difficulty in availability 7. Bank a/c operation One person,  Settler Two persons, either President or Secretary and Treasurer - [Improve CIBIL :Unlock the Financial Health](https://accountsknowledgehub.in/improve-cibil-unlock-the-financial-health/): Your CIBIL (A credit score) score is a three digit number, in the range 300-900. In today’s date this number has assumed immense significance with banks unwilling to lend to anyone who does not have a score above 750. It is a good financial practice for you to make a constant effort to improve CIBIL score, as the Reserve Bank of India, the central banking authority in the nation has made it mandatory for all lenders to refer to the CIBIL score as an integral part of their credit assessment process. Therefore it makes sense for you to enhance your credit - [Calculation of Machine's Electricity Consumption for Costing](https://accountsknowledgehub.in/calculation-of-machines-electricity-consumption-for-costing/): Historically, horsepower was the first power unit emerged and widely used around the world. In the middle ages, a horse was one of the most important elements of almost every household, that is why starting from the 18th century, with the development of first steam engines, a horsepower was chosen as a great comparative unit of power.   [wp_ad_camp_1] In our times, there are a few types of horsepower are used. In those countries where the Imperial system is practiced, mechanical or imperial horsepower is used, which is approximately equal to 745.7 watts. Electrical horsepower is a unit that is equivalent - [Who can become a partner in a LLP](https://accountsknowledgehub.in/who-can-become-a-partner-in-a-llp/): [wp_ad_camp_1] 1. Who can become a partner in a LLPa) An individual unless other disqualified b) A company incorporated under the Companies Act 1956 or Companies Act 2013c) A LLP incorporated under LLP Act 2008d) A LLP incorporated outside Indiae) A company incorporated outside India2.  Who cannot become a partner in LLP?a) An individual, if:–  he has been found to be of unsound mind by a Court of competent jurisdiction and the finding is in force; – he is an undischarged insolvent; or  – he applied to be adjudicated as an insolvent and his application is pending.       b) A minorc) A HUFd) A - [Service Tax Registration Procedure](https://accountsknowledgehub.in/service-tax-registration-procedure/): Procedure for Service tax registration.1. Create login id on ( https://www.aces.gov.in/STASE/ui/jsp/common/registerWithACES.do )2. Fill and submit ST-1Requirements for filling of ST-1• PAN of Firm, Company.• Email ID & Mobile number.3. Save the Acknowledgement generated after submission of ST-14. Collect the required documents as mentioned is acknowledgment.It  may include :-• Copy of pan card of the proprietor or the legal entity registered.• Photograph and proof of identity of person filling the application namely AAdhar card, voting card,passport,etc.• Document to be establish possession of the premises to be registered : It can be proof of ownership ,Rent agreement in the case of rented premises - [Professional Opportunities for Chartered Accountant (C.A.)](https://accountsknowledgehub.in/professional-opportunities-for-chartered-accountant-c-a/): The opportunities for a Chartered Accountant are clearly vast, the scope massive. For a small and medium practice to grow, the firm has to “THINK BIG”. Success comes only to doers and not onlookers and observers. Success demands maximum efforts. The key to success in life is to have faith in oneself. There is no shortcut to success. And there is no substitute to hard work. But hard work must be in the right direction in order to yield the fruits of success. If you are prepared to invest your time in activities that generate results from the most potent section of your client - [15 Ways to Overcome Stage Fright When Speaking in Public](https://accountsknowledgehub.in/15-ways-to-overcome-stage-fright-when-speaking-in-public/): 15 Ways to Overcome Stage Fright When Speaking in Public   There are two types of people in the world: those who love speaking in public and those who are scared stiff at the thought of it. Performance anxiety and stage fright are perfectly normal phenomena that occur to many people. It is important for you to understand what stage fright is, so that you can fully overcome it. Stage fright or performance anxiety is a persistent phobia which is aroused in an individual when required to perform in front of an audience. So how do you overcome stage fright when - [Taxation (VAT) on Developer's ~ Frequently Asked Questions [FAQ]](https://accountsknowledgehub.in/taxation-vat-on-developers-frequently-asked-questions-faq/): Taxation on Developers 1. What is the effective date from which the VAT will be applicable for sale of under constructed flat? – Ans: The VAT is payable from the date of amendment i.e. 20 June, 2006. 2. On what type of contracts the VAT is payable? Ans: VAT is payable in respect of sale of under construction flat. 3. Whether VAT is payable on the sale of completed flat? Ans: VAT is not payable if a completed flat is sold by the developer. 4. How is VAT calculated? Is it on under construction or ready flats? Ans: It is on under construction - [10 Tricks To Be More Confident for Your Interview](https://accountsknowledgehub.in/10-tricks-to-be-more-confident-for-your-interview/): Important points to know for your Interview   1. Just Breathe While waiting to be greeted by your interviewer, take a few moments to do some breathing. (Yes, like a pregnant woman in labor!) By doing this, you can redirect the troublesome emotion you’re experiencing (e.g., nervousness or fear) and be able to focus on something else (in this case, the amazing job that you’re hoping to land). Holistic health expert Andrew Weil, MD praises breathing exercises, saying, “Since breathing is something we can control and regulate, it is a useful tool for achieving a relaxed and clear state of mind.” - [Conversion of Private Company into Public Company](https://accountsknowledgehub.in/conversion-of-private-company-into-public-company/): Updated information about Conversion of Private Company into Public Company    1. BOARD MEETING • Convene the Board Meeting  a) For Conversion  b) For calling of EGM 2. Issue of notice according to section 101 3. Hold Meeting &  Pass S/R (u/s sec14 and u/s sec13) 4. ROC filing  • MGT-14 within 30 days of passing S/R u/s(14 and 13) • Attachment of MGT-14  a] Copy of S/R  b] Altered MOA  c] Altered AOA [wp_ad_camp_2]  d] Copy of board resolution 5. As per Rule 33 of companies (incorporation) rules 2014 • Application shall be filed in INC-27  Attachments of INC-27 a) - [How to stop overthinking?](https://accountsknowledgehub.in/how-to-stop-overthinking/): How to Stop Overthinking Everything:   1. Put things into a wider perspective. It is very easy to fall into the trap of overthinking minor things in life. So when you are thinking and thinking about something ask yourself: Will this matter in 5 years? Or even in 5 weeks? I have found that widening the perspective by using this simple question can snap me quickly out of overthinking and help me to let that situation go and focus my time and energy on something that actually does matter to me. 2. Set short time-limits for decisions. If you do not - [How to work more professionally in the office?](https://accountsknowledgehub.in/how-to-work-more-professionally-in-the-office/): Be More Professional in The Office – few Tips   Consider The Dress Code   There’s usually a dress code set for a workplace. This is different for men and women, and can be different for each company. To remain professional in the office, I would suggest dressing above the dress code. Let me explain what I mean by this. If a company has a dress code that states employees must at least wear pants and a collared shirt in the office, then I would suggest wearing suit pants and a dress shirt. It meets the criteria, but it’s a little - [How to motivate yourself?](https://accountsknowledgehub.in/how-to-motivate-yourself/): Self Motivation Tips   1. Make a deal with yourself. Good for overcoming procrastination and getting things done. You can make the deal small or large. You simple tell yourself something like: When I’m done with this chapter/these reports I can take a walk in the park and enjoy an ice-cream.   2. Act like it. If you don’t feel motivated or enthusiastic then act like it. The strange thing is that within a few minutes you actually start to feel motivated or enthusiastic for real.   3. Ask uplifting questions in the morning. Here’s what you do; every morning ask - [Checklist for submission of Statutory Returns (month wise)](https://accountsknowledgehub.in/checklist-for-submission-of-statutory-returns-month-wise/): Checklist for submission of Statutory Returns (month wise)This month wise checklist is very useful for everyone. [wp_ad_camp_1] MONTH & DATE-WISE NAME OF THE STATUE FORM NAME OF RETURN/COMPLIANCE TO BE SENT TO January 15 The Employment Exchanges (CNV) Act,1959 & Rules ER-I Quarterly Return for quarter  Local Employment Exchange (Rule 6) ended 21 The Maternity Benefit Act, 1961 LMNO Annual Returns and details  Competent authority Rule 16(1) of payment ending 31st Dec. under the Act 30 The Contract Labour 9 (R&A) Act, 1970 & Rules XXIV Half yearly return by contractor  Concerned Licensing Officer Rule 82(1) (Indupllcate) 31 The Factories Act, - [Practical Procedure of Auditing](https://accountsknowledgehub.in/practical-procedure-of-auditing/): GENERAL PROCEDURE 1. Study the previous year’s income tax file of the concern maintained by the Chartered Accountant. Documents which we have to study in the file said above: a. General information about the client’s name, his nature of business, its Status Whether it is Firm/Company/Proprietary (individual)  concern  . b. Permanent Account Number (PAN FOR INCOME-TAX RETURN). c. Study the Tax Audit Report (under section 44AB) if any, ( in case of the business if turnover exceeds 60 lakhs or in case of profession if turnover exceeds 15 lakhs) duly prepared and signed by the chartered accountant. d. Tax Audit Report ## Pages - [Privacy Policy](https://accountsknowledgehub.in/privacy-policy/): Privacy Policy Who we are Our website address is: https://accountsknowledgehub.in. Comments When visitors leave comments on the site we collect the data shown in the comments form, and also the visitor’s IP address and browser user agent string to help spam detection. An anonymized string created from your email address (also called a hash) may be provided to the Gravatar service to see if you are using it. The Gravatar service privacy policy is available here: https://automattic.com/privacy/. After approval of your comment, your profile picture is visible to the public in the context of your comment. 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