Sunday, March 11, 2018


Friends,  Now there is no question regarding submission of GST returns.  Too many GST returns have been submitted in India. Every person like businessman or consultant is aware regarding procedure of GST returns.  

Now,  after submission returns,  it is pertinent to mention here that there are many errors have been left in returns due to human problems.   Lot of persons are  aware that corrections in GST returns is required time to time.

There are two types of corrections required :-
1.  Add Detail.
2.  Modify  / Correction in submitted Data

Add :-  In case you have submitted your GSTR1 upto Jan 2018 and know it has come to notice that you have not submitted one B2B invoice in the month July, 2017.   You can add  Invoice  related to July, 2017  while submitting GSR1 return of the month Jan 2018 mentioning all details like Invoice No and Invoice Date of July, 2017.

Modify / Correction Data : -  Government has provided a word "Amendment" for making correction in GST returns.  User can use Amendment feature in the current return  for correction of previous months returns. If  B2B old invoice is required to modify,  then same invoice number can not be used for modified invoice. i.e.  Old Invoice Number is 2000, New Invoice Number May be 2000A etc. It means Unique Invoice numbers will be maintained in GST portal in a Financial Year .

Tuesday, February 27, 2018

Income Tax :- Excel Based Individual Calculator for the Assessment Year 2018-19

Friends,  Individual income tax Calculator for the Financial Year 2017-18 or Assessment year 2018-19 has been updated and available for users.  It is totally free of cost for its users.  We have tried to make it accurate as per income tax requirement.  In case anyone found any error or  feel any difficulty in its use, he may be requested to send error along with screenshot so that the may be rectified at the earliest. 

Download (Click Here)

Monday, January 22, 2018

Income Tax :- 89(1) Calculator with Form 10E for the Financial Year 2017-18


                 On demand , for getting rebate of 89(1) on account of bifurcation of salary arrear for the Financial Year 2017-18 Assessment Year 2018-19 has been prepared.  

                Utility of this excel sheet is that an individual can avail Income Tax benefit for the amount of arrear of Previous Years received in this year.    This utility is based on Financial Year 2005-06 to Financial Year 2017-18. 

How can Use of 89(1) Calculator 
  1. Simple in use. 
  2. Collect copy of ITR-V for the financial years for which arrear is to be bifurcated.
  3. Current Year earning details like salary statement etc. 
  4. Current Year detail of savings.
Now Download 89(1) Calculator free of cost and save your income tax yourself.. 

Monday, December 25, 2017

GST :- First Quarterly Return (July17 to Sep 17)

Friends,   The GST holders who have selected Quarterly return due to Sales or Turnover upto 1.50 Crore in Last Financial Year or in Current Financial Year, It is necessary to know that now First return will be submitted for the month Aug and Sep 17 data for those who have already submitted July,2017 return. 

In case, you have not submitted July 17 return earlier, then  first submit July, 17 separately and after that Aug and Sep 17 Data return will be submitted for completion of First Quarter Return .

Complete guidelines are given in the link given below:\ 

Tally :- Entry of Fixed Assets

Friends,   I am using Tally Accounting Software since 1996, but not know about entry of Fixed Assets.   There are too many modes of entry, but proper entry is required to get benefit of entry in future. 

Below screenshot help the users to make entry of fixed assets in entry.   Entry should be done as Item Invoice. 

Create a item for which you want to make entry in tally :-

In case above screen is not showing with "At Zero Cost" then  Press F12 and Allow Advanced entries in  Master with Yes.

Secondly in case you are also enable to find Ledger of fixed assets during purchase entry you should  Press F12 in twice  while making purchase invoice and and mark Yes for "Allow expenses/fixed assets for accounting allocations ? ". Screenshot for the same is also given below :-

Benefit of Entry in Proper Manner :-

  1.  Only quantity of fixed assets will be displayed in Stock Summary.
  2. Value of fixed assets will not be displayed in Trading Account.
  3. Stock Quantity of fixed assets can be checked at any time in future. 
  4. No need to pass Physical Voucher for removing Value  & Quantity of Fixed Assets from Balance Sheet.

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