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How to protect your audited data in Tally Erp 9

Sunil Bhave
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This document acts as a ‘Self Help Guide’ for denying access to users for last/previous financial year using ‘Security Module’ in Tally. By the end of this guide, you would have learnt to:

  1. Alter user rights configuration
  2. Deny access to last/previous financial year
  3. Secure last financial year data

Who can configure?

  • Customers using Security module
  • Customers who have created users such as Data Entry, Accountant, Manager, etc.
 What are the benefits of this function?
  • Denying access to lower level users
  • Users will not be able to create/alter transactions of the last financial year
  • Audited/finalized last financial transactions remain secure

 Walk through in Tally:

 Let us consider the example of a company created in Tally:
 Company financial year/books beginning from 1-1-2008
  • Created users are:
Ø  Administrator/Manager > All rights
Ø  Accountant > Voucher Entry and Reports
Ø  Data Entry Operator > Voucher entry only
Ø  Others > With allowed configuration
  • Vouchers entered from January 2008 to December 2008
  • Started voucher entry for new financial year 2009
  • Completed audit/finalized all transactions for the financial year 2008
Note:  In the above example we have taken two financial years, but you may have data for more than two years.
 Let us now see how we can disallow access to the financial year of 2008 for lower level users such as Accountant, Data entry operator and others.
Step 1.   Select the company and login as ‘Administrator’, then go to Alt F3 Cmp Info > Security Control > Types of Security > Select one user level:
 
  Data Entry level with configuration: 
Set the conditions as shown:
  • Days allowed for Back Dated vouchers = 365 days
  • Cut-off date for Back Dated vouchers = last day of previous financial year, in the above example it is 31-12-2008
  • Under Disallow facilities add Full Access = Back Dated Vouchers.
 Note:  You can set these conditions for other levels also to restrict their access.
 Accept the screen to save the changes. 
 Step 2.  Close/shut the company and re-open with a user name and password of the ‘Data Entry’ level.  Press Alt F2 and select both the financial years.
 a.     Create/alter vouchers of the previous financial year
 Creating a voucher dated 31-12-2008:
 While saving the voucher, the application displays an error message ‘No Access Allowed’.
Altering vouchers for the financial year 2008:
            Tally will not allow you to access the vouchers of the previous financial year.
 b.    Create/alter current financial vouchers:  You can create/alter vouchers for the current financial year.

Importance of PAN CARD

Sunil Bhave
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Importance of Pan Card

It is mandatory to quote PAN on return of income, all correspondence with any income tax authority. From 1 January 2005 it has been mandatory to quote PAN on challans for any payments due to Income Tax Department. 

It is also compulsory to quote PAN in all documents pertaining to the following financial transactions:-

(a) Sale or purchase of any immovable property valued at five lakh rupees or more;

(b) Sale or purchase of a motor vehicle or vehicle, [the sale or purchase of a motor vehicle or vehicle does not include two wheeled vehicles, inclusive of any detachable side-car having an extra wheel, attached to the motor vehicle;]

(c) A time deposit, exceeding fifty thousand rupees, with a banking company ;

(d) A deposit, exceeding fifty thousand rupees, in any account with Post Office Savings Bank;

(e) A contract of a value exceeding one lakh rupees for sale or purchase of securities;

(f) Opening a bank account;

(g) Making an application for installation of a telephone connection (including a cellular telephone connection);

(h) Payment to hotels and restaurants against their bills for an amount exceeding twenty-five thousand rupees at any one time ;


(i) Payment in cash for purchase of bank drafts or pay orders or banker’s cheques for an amount aggregating fifty thousand rupees or more during any one day;

(j) Deposit in cash aggregating fifty thousand rupees or more with a bank during any one day;

(k) Payment in cash in connection with travel to any foreign country of an amount exceeding twenty-five thousand rupees at any one time. 

 on return of income is mandatory, all correspondence with any income tax authority. From 1 January 2005 it has been mandatory to quote PAN on challans for any payments due to Income Tax Department. 

It is also compulsory to quote PAN in all documents pertaining to the following financial transactions:-

(a) Sale or purchase of any immovable property valued at five lakh rupees or more;

(b) Sale or purchase of a motor vehicle or vehicle, [the sale or purchase of a motor vehicle or vehicle does not include two wheeled vehicles, inclusive of any detachable side-car having an extra wheel, attached to the motor vehicle;]

(c) A time deposit, exceeding fifty thousand rupees, with a banking company ;

(d) A deposit, exceeding fifty thousand rupees, in any account with Post Office Savings Bank;

(e) A contract of a value exceeding one lakh rupees for sale or purchase of securities;

(f) Opening a bank account;

(g) Making an application for installation of a telephone connection (including a cellular telephone connection);

(h) Payment to hotels and restaurants against their bills for an amount exceeding twenty-five thousand rupees at any one time ;

(i) Payment in cash for purchase of bank drafts or pay orders or banker’s cheques for an amount aggregating fifty thousand rupees or more during any one day;

(j) Deposit in cash aggregating fifty thousand rupees or more with a bank during any one day;

(k) Payment in cash in connection with travel to any foreign country of an amount exceeding twenty-five thousand rupees at any one time. 


How to get Income Tax Refund quickly

Sunil Bhave
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Income tax refund is often a long winding process that can require a lot of effort as well as time. While luck will play some role in exactly how quickly a refund comes, there are several things that can be done by even small individuals which can ensure that they are able to get their refund quickly and that too without any problems.Here are some of the things to watch out for while handling the entire income tax refund process so that this is completed quickly. While these factors might not guarantee a quick refund under all circumstances, it will be an effort that will help the taxpayer.

File the income tax return in time
The entire tax refund process starts with them taking some specific action. For any tax payer, doing nothing will not yield any result in any benefit on the tax front. Thus if there is some outcome desired, then there will have to be efforts to get that particular outcome. When it comes to the question of getting an income tax refund, the first thing that has to be done is to file an income tax return which mentions all the correct figures about the income, deductions and tax paid. This will result in a demand for the refund based on documentary evidence.

Filing the income tax return is just a part of the process because doing this by the due date will ensure that this helps the tax payer in getting the refund. There are different due dates for people falling in different categories.  It is not that missing the initial due date will kill the refund, as you could still get your refund if you file the returns a bit late. But, there are some conditions under which this will happen. Otherwise you can find the entire process delayed and in several cases the workings will change and hence to avoid such a situation it is better that you are  able to file it in  time and then move ahead on the  process,

Give complete information
It is also important to avoid mistakes and disputes in the tax calculation process by giving all the required information which is also the right information. This will ensure that all the details are available with the tax authorities for them to be able to make the required workings and then quickly issue a refund. Otherwise, there could be a lot of time wasted in the process of giving the information as the tax officer will call for the information and this will then be sent by the tax payer which will be evaluated and then the effect given to arrive at the final situation.

Giving complete information will cover all the details about the income that has been earned plus the details of the tax saving investments or deductions, tax paid details as well as the other information that is required in the tax return form. Filling in the appropriate form that is required will also be helpful for the individual and it will ensure that the process has been completed properly.

Give TDS and other tax paid information.
There are a lot of times when the key information related to the tax actually paid by or on behalf of the tax payer is not given. A refund case will arise when there is some tax that is collected by the government when this should not have been done or that the tax collected is in excess of what should actually  be collected. In such a situation giving the complete information about the tax that has been deducted and then taken with the government is vital.

Further if there is some additional tax that has been paid on behalf of the tax payer then this should also be mentioned so that these can be traced and then the individual will get the refund quickly. Now there is also the facility of checking the tax paid details through the website of the tax department (also called Form 26AS) and the tax payer can also check that the figure of tax that they are showing as being paid matched with the amount deposited with the government. If this is done then it will help the refund process speed up.

Paying attention to details
While preparing and filing the income tax return it is important that the individual looks at some information carefully to ensure that this is reflected appropriately. The bank account details mentioned in the return need to be correct so that the amount of the refund can come directly here thus saving time for the tax payer. Further giving the right working and calculations in the income and tax figures will help in ensuring that the process is cleared quickly.  All this will go on to ensuring that there is an early refund that awaits the tax payer leading to less wastage in time as well as effort.

Complete Notes on TDS year 2011-12

Sunil Bhave
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TDS Rate Chart 11-12 Resident Senior Citizen (65 years or more at any time during the financial year)

TDS Rate Chart 2011-12 For Assessment Year 2012 – 2013
TDS Rate Chart 11-12 Resident Senior Citizen (65 years or more at any time during the financial year)
Taxable Income
Tax Payable
Upto Rs.250,000
NIL
From Rs.250,001 to Rs.300,000
10% of income above Rs.250,000
From Rs.300,001 to Rs.500,000
Rs.5,000 + 20% of income above Rs. 300,000
Above Rs.500,000
Rs.46,000 + 30% of income above Rs.500,000
Surcharge
NIL (Surcharge has been removed for Individuals)
Education Cess
2% of Total tax payable
Secondary & Higher Education Cess
1% of Total tax payable
TDS Rate Chart 11-12 Resident Women / Female
Taxable Income
Tax Payable
Upto Rs.190,000
NIL
From Rs.190,001 to Rs.300,000
10% of income above Rs.190,000
From Rs.300,001 to Rs.500,000
Rs.11,000 + 20% of income above Rs.300,000
Above Rs.500,000
Rs.51,000 + 30% of income above Rs.500,000
Surcharge
NIL (Surcharge has been removed for Individuals)
Education Cess
2% of Total tax payable
Secondary & Higher Education Cess
1% of Total tax payable
TDS Rate Chart 11-12 All Resident Individuals (Excluding Females & Senior Citizens), any HUF (Hindu Undivided Family), AOP(Association of Persons), BOI (Body of Individuals), Artificial Juridical Person, NRI (non Resident Indian), RNOR (Resident but not ordinarily Resident)
Taxable Income
Tax Payable
Upto Rs.180,000
NIL
From Rs.180,001 to Rs.300,000
10% of income above Rs.180,000
From Rs.300,001 to Rs.500,000
Rs.12,000 + 20% of income above Rs.300,000
Above Rs.500,000
Rs.54,000 + 30% of income above Rs.500,000
Surcharge
NIL
Education Cess
2% of Total tax payable
Secondary & Higher Education Cess
1% of Total tax payable
TDS Rate Chart 11-12 Co-operative Society
Taxable Income
Tax Payable
Upto Rs.10,000
10%
From Rs.10,001 to Rs.20,000
Rs.1,000 + 20% of income above Rs.10,000
Above Rs.20,000
Rs.3,000 + 30% of income above Rs.20,000
Surcharge
NIL
Education Cess
2% of Total tax payable
Secondary & Higher Education Cess
1% of Total tax payable
TDS Rate Chart 11-12 Local Authorities
Taxable Income
Tax Payable
Tax Rate
30% of taxable income
Surcharge
NIL
Education Cess
2% of Total tax payable
Secondary & Higher Education Cess
1% of Total tax payable
TDS Rate Chart 11-12 Firms & LLPs (Limited Liability Partnerships)
Taxable Income
Tax Payable
Tax Rate
30% of taxable income
Surcharge
NIL
Education Cess
2% of Total tax payable
Secondary & Higher Education Cess
1% of Total tax payable
TDS Rate Chart 11-12 Domestic Companies
Taxable Income
Tax Payable
Tax Rate
30% of taxable income
Surcharge (if taxable income exceeds Rs.10,000,000)
10% of total tax payable
Education Cess
2% of (Total tax payable + Surcharge)
Secondary & Higher Education Cess
1% of (Total tax payable + Surcharge)
TDS Rate Chart 11-12 Foreign Companies
Taxable Income
Tax Payable
For Royalties received from Government of India, or an Indian concern in pursuance of an agreement made by it with the Indian concern after 31-Mar-1961 but before 01-Apr-1976, or FEES for rendering technical services in pursuance of an agreement made by it after 29-Feb-1964 but before 01-Apr-1976 and where such agreement has in either case been approved by the central government
50% of this income
Any other taxable income
40% of taxable income
Surcharge (if taxable income exceeds Rs.10,000,000)
2.5% of total tax payable
Education Cess
2% of (Total tax payable + Surcharge)
Secondary & Higher Education Cess
1% of (Total tax payable + Surcharge)
Marginal Relief
The net amount payable as income tax and surcharge shall not exceed the total amount payable as income tax on total income of “Surcharge limit” by more than the amount of income that exceeds the “Surcharge limit“
Note: Surcharge Limit
For Firms, Domestic Companies and Foreign Companies (Rs.10,000,000)
194BB
Winnings from Horse Race > Rs. 5,000
30
194C
Contracts to Transporter, who has provided a valid PAN
0*
Contracts TDS Slabs on salary income for the FY 2011-12 and AY 2012-13
Form 24Q:
Male
Female
Senior Citizen
Tax (%)
 For Income Between 0 to 1,80,000
 For Income Between 0 to 1,90,000
 For Income Between 0 to 2,40,000
0
 For Income Between 1,80,001 to 5,00,000
 For Income Between 1,90,001 to 5,00,000
 For Income Between 2,40,001 to 5,00,000
10
 For Income Between 5,00,001 to 8,00,000
 For Income Between 5,00,001 to 8,00,000
 For Income Between 5,00,001 to 8,00,000
20
 For Income above 8,00,001
 For Income above 8,00,001
 For Income above 8,00,001
30
Surcharge
0
Education Cess
3
Form 26Q:
Section
Nature of Payment
Status
Tax (%)
193
Interest on Debentures & Securities
10
194
Deemed Dividend
10
194A
Other Interest
  > Aggregate sum exceeding Rs. 10,000 for Banking Co’s , etc.per person during the financial year.
  > Aggregate sum exceeding Rs. 5,000 per person during the financial year
10
194B
Lottery/Crossword Puzzle > Rs.10,000
30
to Individuals/HUF
1
Contracts to others
2
194D
Insurance Commission > Rs.20,000
10
194EE
Withdrawal from NSS > Rs.2,500
20
194F
Repurchase of Units by MF/UTI
20
194G
Commission on Sale of Lottery Tickets > Rs.1,000
10
194H
Commission or Brokerage > Rs.5,000
10
194I
Rent > Rs.1,80,000 p. a.
           Rent of Plant & Machinery
2
           Rent of Land, Building, Furniture, etc
10
194J
Professional or Technical Fess > Rs.30,000
10
194LA
Compensation on Compulsory Acquisition of immovable property >Rs.1,00,000 during the financial year
10
Surcharge
0
Education Cess
0
* If there is no PAN details, then it is 20%. (or at actual, whichever is higher)
Form 27Q:
Section
Nature of Payment
Status
Tax (%)
194E
Payment to nonresident sportsmen or sports association
10
195(a)
Income from foreign exchange assets payable to an Indian citizen
20
195(b)
Income by way of long-term capital gain referred to in sec. 115E
10
195(c)
Income by way of Short-term capital gains u/s. 111A
15
195(d)
Income from other long-term capital gains
20
195(e)
Income by way of interest payable by Government/Indian concern on money borrowed or debt incurred by Government or Indian concern in foreign currency
20
195(f)
Royalty payable by Government or an Indian concern in pursuance of an agreement made by non-resident with the Government or the Indian concern after March 31, 1976, where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to section 115A(1A) to the Indian concern or in respect of computer software referred to in the second proviso to section 115(1A), to a person resident in India –
1.Where the agreement is made before June 1, 1997
30
2.Where the agreement is made after May 31, 1997 but before June 1, 2005
20
3.Where the agreement is made on or after June 1, 2005
10
195(g)
Royalty (not being royalty of the nature referred to in (e) sub para) payable by Government or an Indian concern in pursuance of an agreement made by non-resident with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to matter included in the industrial policy, the agreement is in accordance with that policy
1.Where the agreement is made after March 31, 1961 but before April 1, 1976
COMPANY
50
OTHERS
30
2.Where the agreement is made after March 31, 1976 but before June 1, 1997
30
3.Where the agreement is made after May 31, 1997 but before June 1, 1997
20
4.Where the agreement is made on or after June 1, 2005
10
195(h)
Fee for technical services payable by Government or an Indian concern in pursuance of an agreement made by non-resident with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to matter included in the industrial policy, the agreement is in accordance with the policy –
1.Where the agreement is made after February 29, 1964 but before April 1, 1976
COMPANY
50
OTHERS
30
2.Where the agreement is made after March 31, 1976 but before June 1, 1997
30
3.Where the agreement is made after May 31, 1997 but before June 1, 2005
20
4.Where the agreement is made on or after June 1, 2005
10
195(i)
Any other income
COMPANY
40
OTHERS
30
196A
Income in respect of Units of Non-residents
20
196B
Income and Long-term Capital gain from units of an Off shore fund
10
196C
Income and Long-term Capital Gain from Foreign Currency Bonds or shares of indian companies
10
196D
Income of Foreign Institutional Investors for Securities
20
Surcharge ( On Tax)
Applicable for Foreign Companies if payment/credit exceeds Rs.1 crore of such companies
2.5
Education Cess
on Tax deducted Plus Surcharge
3

Procedure of e-Payment for Excise Duty and Service Tax

Sunil Bhave
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0
e-Payment of Excise Duty and Service Tax ~ To pay Excise Duty and Service Tax online, the Assessee has to enter the 15 digit Assessee Code allotted by the jurisdictional Commissionerate., There will be an online check on the validity of the Assessee Code entered.
 

1. To pay Excise Duty and Service Tax online, the Assessee has to enter the 15 digit Assessee Code allotted by the jurisdictional Commissionerate.

2. There will be an online check on the validity of the Assessee Code entered.
3. If the Assessee code is valid, then corresponding assessee details like Name, Address, Commissionerate code etc. as present in the Assessee Code Master will be displayed.
4. Based on the Assessee Code, the duty / tax i.e. excise duty or service tax to be paid will be automatically selected.
5. The Assessee is required to select the type of duty / tax to be paid by clicking on Select Accounting Codes for Excise or ,Select Accounting Codes for Service Tax  depending on the type of duty / tax to be paid.
6. At a time the assessee can select upto six Accounting Codes.
7. The assessee should also select the bank through which payment is to be made.
8. On submission of data entered, a confirmation screen will be displayed. If the taxpayer confirms the data entered in the screen, it will be directed to the net-banking site of the bank selected.
9. The taxpayer will login to the net-banking site with the user id/ password provided by the bank for net-banking purpose and enter payment details at the bank site.
10. On successful payment, a challan counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment being made.
Note:
Excise or service tax payment done through ICICI Bank, HDFC Bank and Axis Bank can be done by assesses for select commissionerates only. For all other banks authorized for collection of excise duty or service tax, payment can be made for all commissionerates.. 

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