How to know the dispatch status of the C Forms requested
After the VAT Dealer has requested for the C Forms through submission of C Form Utilisation File to the Computerized Dealer Service Center (CDSC), they will verify the file and prepares the C Forms and dispatched to the Dealer address choosen by the dealer at the time of upload the C Form Utilisation file. Here […]
Filing of Income Tax Return as per Income Tax Act, 1961
After the Assessee has computed his/her Total Income and Tax Liability he has to submit the Return of Income to the Central Board of Direct Taxes. This Return of Income is nothing but a self declaration of Income earned by the assessee and tax liability during the period in a prescribed format provided by the […]
Computation of Total Income for Tax Payment as per Income Tax Act, 1961
Income Tax Act, 1961 has formulated certain provisions for the computation of Total Income of the assessee to levy Income Tax. And there is a specific procedure to be followed for the computation of the Total Income. And the procedure starts from knowing the Residuary Status of the assessee to the deduction of Advance Tax […]
How to record Life Insurance Premium paid in Accounts
When ever a person paid his or his dependents’ Insurance Premium can account in his books of Accounts for assessment of Accounts. And there are two different possible methods available for Accounting of payment transaction of Premium of an Insurance to Life Insurance Corporation of India, or other such Insurance Companies. The most common thing […]
Upload C Form Utilisation File (Excel) to obtain C Form
In order to obtain the C Form from the Computerized Dealer Service Center (CDSC) through courier first the VAT Dealer need to upload the details pertaining to the CST Purchases, for which he is requesting the C Forms. And that information need to be prepared in a specific file named C Form Utilisation excel file […]
Meaning of Income as per Income Tax Act, 1961
Income Tax is collected based on the Income earned by the assessees and it is mandatory to know the definition of the Income as per provisions of Income Tax Act, 1961. The definition for the Income starts with “Income includes” In the Act. In the Act the definition does not confines the scope of the […]
Introduction to Income Tax and related Law in India
In India Income Tax is the most prominent, and significant Direct Tax collected by the Central Government. Income Tax is levied on Total Income of the previous year of Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of Individuals (BOI), Firms, Companies etc., annually at once. And there are different Slab Rates are […]
Introduction about Indirect Taxes in India
If the Tax is levied on the Selling Price of the Product or Service in the Country then it is called as Indirect Tax. Under this type of Taxes, Government involves the Dealers, Agencies, and other Local Bodies to collect the taxes from the ultimate product or service user and they pays back to the […]
Introduction about Direct Taxes in India
Direct Taxes are having big scope and having its effect throughout the Country and having no partiality among the State Governments. It is levied by the Central Government and the amendments are being done by the Ministry of Finance of India in each and every year in the form of Finance Budget according to the […]
Introduction about Tax and why Government collects Taxes in India
Before begin to learn Tax, it is better to understand the Meaning of Tax and why the Government is Collecting or Levies Tax on Individuals, Firms, and Companies. In general, Tax is nothing but a kind of fee to be payable on a product, services (financial activities) and Income earned. At present, there are different […]
How to Reconcile Bank Ledger in Tally ERP 9
It is common practice of every firm or a company to verify its Books of Bank Accounts against the Pass Book of its Bank. Both records are inappropriate with each other due to the reasons of financial transaction happened in Bank and at Business. Hence, our books of records would show excess or deficit Bank […]
How to write Request Letter for Bank Statement
Bank Statement will show you the financial record, pertaining to a particular period. Obvious we get our day to day bank transactions in the Bank Passbook, yet in some cases it is mandatory for us to obtain a separate Bank Statement from our banker it might be the reason that you might be obtaining Bank […]