Education Session

  Payroll management using tally ERP 9 Tally ERP 9 offers enhanced payroll management or payroll calculator with the automatic calculation of salaries and pay slip generation. Payroll process is a series of accounting transaction that deals with the procedure of paying employees for their services provided to company after processing necessary deduction such as taxes, insurance premium, employee benefit, garnishment and deduction. Payroll records content information related to employees such as payment method details, statutory details, passport and visa details. Tally calculate salary of employees using two method i.e. manual method and autofill method and capable to print single or multiple pay slip. Payroll feature is fully integrated with accounting feature and developed to maintain simplified records. It also provide statutory reports and details such as pay slip, payroll register, statement of attendance, overtime registers, gratuity and other reports. It allow the user t...

  Implementation of goods and services tax When talking about GST big question arises “how GST applied”. Goods and services tax is proposed system of indirect taxation in India. The concept behind the introduction to new tax regime, merging most of the existing taxes into a simple system of taxation.   Introduction of goods and services tax in India It was introduced by 101 amendment in constitution act 2016 the chairman of the gst bill introduced by finance minister. It was held that gst would be comprehensive indirect tax for manufactures self-consumption of goods and services. Throughout India to replace the different tax levied by the central and state government goods and service tax would be levied and collected at each stage of sale or purchase of goods and services based on the input tax credit.   Impact goods and services tax. By following this method it has allowed business to register themselves to take benefit of the scheme and endeavor to gove...

 What is tax collected at source ? Tax collected at source 'meaning'. Tax collected at source also known as 'TCS' is a tax collected at source on some specified goods by the seller (collector) from the buyer (payee) after collections from the buyer then seller would be liable to deposit the same to the government by filling TCS returns. The tax are charged in particular  manner as so prescribed by government on particular goods. It's applicability only bind some specified goods not all goods. Tax collected at source examples: TCS calculation If purchase value of goods is 10000 then for purchasing this good the buyer will have to pay an amount of 10000+x (x being the value of TCS as prescribed by government) to the seller. The seller will be  accountable for deposit the tax collected at source (TCS) at any of the manner which deem to be fit to the government. Classification of seller A seller of particular goods may be of any other in following heads and subject to ...

  What TDS means ? TDS stand for " tax deducted at source " which means tax amount is deductible at source where income is generated. The collection of income is required by way of tax on income, dividends or assets sales. The tax payers are required to pay tax due before paying balance to the payee. TDS (tax deducted at source) TDS is part of direct tax collections by the government from every individual of the country. It collects taxes on prescribed rates from the source of income. TDS returns are filled in different forms prescribed in annual and quarterly returns. The income tax department has specified criteria for collection of TDS.  It has a great importance while conducting tax audits. The tax changed on specified criteria helps to the government to generate higher rate of revenue from people of country. Let us take an example of TDS Assuming the nature of payment is commission and brokerage on which the specified rate is 10%. XY Ltd makes a payment of Rs 60,000 towa...