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.

Sunday, December 24, 2017


Friends,   I want to share with you that there is no RCM liability of GST on purchase of any Goods and Service from Interstate Unregistered Dealer. 

A Notification No 32 Dated 13.10.17 of Interstate  Rate is available to verify the above facts which is given below :-

In above notification  there is discussion of sub-section (4) of section 5 of GST act which is also required to read to know the clarity of this issue.  

Sub-section (4) of Section 5 is given below :-
(4) The integrated tax in respect of the supply of taxable goods or services or both by a supplier, who is not registered, to a registered person shall be paid by such person on reverse charge basis as the recipient and all the provisions of this Act shall apply to such recipient as if he is the person liable for paying the tax in relation to the supply of such goods or services or both.

Thursday, November 30, 2017

Income Tax :- Due Dates for the Month December 2017

7 December 2017 -
Due date for deposit of Tax deducted/collected for the month of November, 2017. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan
15 December 2017 -
Due date for furnishing of Form 24G by an office of the Government where TDS for the month of November, 2017 has been paid without the production of a challan
15 December 2017 -
Third instalment of advance tax for the assessment year 2018-19
15 December 2017 -
Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of October, 2017
30 December 2017 -Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of November, 2017

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