tips to be an effective accountant

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TIPS TO BE AN EFFECTIVE ACCOUNTANT
CA CHANDRESH CHHEDA
THURSDAY 16-02-2012
CA CHANDRESH CHHEDA
1
MAIN FUNCTION
TO PREPARE BOOKS OF ACCOUNTS ON THE
BASIS OF VOUCHERS AND OTHER RELEVANT
DOCUMENTARY EVIDENCE RESULTING INTO
PREPARATION OF FINAL ACCOUNTS i.e.
PROFIT & LOSS A/C AND BALANCE SHEET.
CA CHANDRESH CHHEDA
2
BUT
 This is not enough for being an effective accountant…
CA CHANDRESH CHHEDA
3
ADDITIONAL RESPONSIBILITIES
COMPLIANCE REQUIREMENTS
UTMOST USE OF INFORMATION TECHNOLOGY
FOCUS ON RISK MANAGEMENT & INTERNAL
CONTROL
CA CHANDRESH CHHEDA
4
COMPLIANCE REQUIREMENT
 Income Tax (TDS Provisions)
Vat
Service Tax
Excise
Professional Tax
PF
ESIC
CA CHANDRESH CHHEDA
5
INCOME TAX-TDS PROVISIONS
TDS RATE FOR F.Y. 2011-12
Nature of payment made to Resident
Threshold
Co/firm Indiv &
, co-op HUF
soc, L.A
If NO/
Invalid
PAN
Rate
Rate
Sec
Description
194A
Interest-payable by banks
Interest-payable by others
10,000
5,000
10
10
10
10
20
20
194B
Wining from lotteries/crossword
10,000
30
30
30
194C
Payment to contractor-single transaction
Payment to contractor- Aggregate during FY
30,000
75,000
2
2
1
1
20
20
194D
Insurance commission
20,000
10
10
20
194H
Commission/brokerage
5,000
10
10
20
194 I
Rent
Rent-Plant/Machinery
1,80,000
1,80,000
10
2
10
2
20
20
CA CHANDRESH CHHEDA
Rate
6
Nature of payment made to Resident
Sec
Description
194J
Professional Fees
194
Threshold Co/firm,
Indiv &
co-op soc, HUF
L.A
Rate
Rate
If NO/
Invalid
PAN
Rate
30,000
10
10
20
Dividends other than dividend
covered by sec 115-0
2,500
10
10
20
194BB
Winning from horse races
5,000
30
30
30
194F
Repurchase units by MFs
1,000
20
20
20
194G
Commission –sale of lottery
1,000
10
10
20
Time of deposit of TDS
Description
Time of deposit of TDS
Tax deducted by a person
other than Govt officer
• where income or amount is paid or credited in the
month of march : tax should be deposited by April 30
•Where income or amount is paid or credited before
March 1: Tax should be deposited within 7 days from the
end of the month in which tax is deducted.
CA CHANDRESH CHHEDA
7
TCS RATE CHART
Description
Alcoholic liquor for human consumption
Timber obtained under a forest lease/ other mode, other forest produce
Rate
1
2.5
Scrap
1
Parking lots, Toll Plaza Lease and Mine Quarry Lease
2
Tendu Leaves
5
NOTE: TCS has to be deposited within one week from the last day of the month in
which Tax is collected.
CA CHANDRESH CHHEDA
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GUJARAT VAT
Due Date For Payment For VAT
Tax Liability during P Y
Periodicity
Due Dates
Up to Rs. 60,000
Quarterly
22nd of the month
subsequent to the end of
Quarter.
Above Rs. 60,000
Monthly
22nd of subsequent
month
NOTE: if tax liability exceeds Rs.10 lacs ,compulsory E-Payment is required.
CA CHANDRESH CHHEDA
9
DUE DATE OF E-FILING RETURN
Traders Submitting MONTHLY returns
 Those Paying TAX of Rs.5,000 or less In the concerned
month- within 30 days of the end of the MONTH.
 Those paying TAX of more than Rs.5,000 –within 40
days of the end the MONTH.
Traders submitting Quarterly Return-45 days.
(As per notification dated 15/2/2011 W.e.f
DEC.2010 the above time limit as been
extended by one month more.)
CA CHANDRESH CHHEDA
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DUE DATE FOR MANUAL FILING OF RETURNS
• For traders having lump sum payment
permission /whose TAX liability is less than
Rs.60,000-within 45 days of end of the quarter
• For all other traders not require to E-File –
within 30days of end of the Month.
• In Refund cases
• If Import/Export- Monthly
• Others-Quarterly
CA CHANDRESH CHHEDA
11
SERVICE TAX COMPLIANCE
PAYMENT OF SERVICE TAX
Individual, Proprietorship, Partnership
Corporate Entities, Trust & Soieties
Value realized
Due Date
Value Realized
Due Date
April to June
5th July
March
31st March
July to September
5th October
Other months
5th of succeeding
month
October to
December
5th January
January to march
31st march
 if e-payment is done then effective due date will be 6th (up
to 8pm)of the succeeding month/quarter if Service Tax
Liability exceeds Rs. 10 Lakhs
.
CA CHANDRESH CHHEDA
12
FILING OF ST-3 RETURNS
W.e.f period commencing from 1/4/2011 half
yearly returns are compulsorily require to be
e-filed.
Period
Due Date
April to September
25th October
October to March
25th of April
CA CHANDRESH CHHEDA
13
EXCISE DUTY: PERIODICAL RETURNS
Form
Description
Who is require to file
Time limit
ER-1
Monthly return by large units
Manufacturers not eligible for
SSI concession
10th of following mth.
ER-2
Return by EOU
EOU units
10th of following mth.
ER-3
Quarterly return by SSI
Assesses availing SSI
concession
20th of following qtr.
ER-4
Annual financial information
statement
Assesses paying duty of Rs.
One crore or more per annum
through PLA .
Annually, by 30th Nov. of
succeeding year.
ER-5
Information relating to principal
inputs
Assesses paying duty of Rs.
One crore or more per annum
through PLA and
manufacturing goods under
specified tariff heading
Annually, by 30th
April of current year.
ER-6
Monthly return of receipts &
consumption of each of
Principal Inputs
Assesses who is required to
submit ER-5 return
10th of following month
ER-7
Annual Install capacity
statement
All assessee
Annually on or before
14
30th April.
CA CHANDRESH CHHEDA
PROFESSIONAL TAX
 Professional tax is to be paid by 30th sept. of relevant FY to
local authorities by businessmen on the following bases:
Particulars
Amount of Professional TAX
Turnover less than Rs.2,50,000
NIL
Turnover Between Rs.2.5 to Rs.5.0 lacs
500
Turnover Between Rs.5.0 to Rs.10lacs
1250
Turnover
above 10 lacs
 Professionals
have to pay PT2400
@ Rs.2000 pa.
CA CHANDRESH CHHEDA
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PROFESSIONAL TAX TO BE DEDUCTED
FROM SALARIES PAID TO THE
EMPLOYEES OF PRIVATE SECTOR
Salary limit
Rate
1. Salary < Rs.3,000
NIL
2. Salary > Rs.3,000 but < Rs.6,000
Rs. 20 pre month
3. Salary > Rs.6,000 but < Rs.9,000
Rs. 80 pre month
4. Salary > Rs.9,000 but < Rs.12,000
Rs. 150 pre month
5. Salary > Rs.12,000
Rs. 200 pre month
CA CHANDRESH CHHEDA
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PF, ESIC COMPLIANCE
Type
PF
PF
ESIC
ESIC
PF
Description
Responsibility
Contribution
12% of Baisc+DA
12% of Baisc+DA
Of which 8.33% or Max Rs.541 for Pension Fund
1.75% of Wages
4.75% of Wages
Admin charges
1.1% of Basic+DA
Date
Description
10th
Payment of PF
21st
Payment of ESIC
25th
PF form 12A.
12th May
ESIC from 5.
11th Nov
ESIC from 5.
CA CHANDRESH CHHEDA
Employee
Employer
Employee
Employer
Employer
17
UTMOST USE OF INFORMATION
TECHNOLOGY
Wherever possible use of software's should be
made, like
 Pay roll Accounting.
 Billing Software.
 Stock- Quantitative records, etc.
CA CHANDRESH CHHEDA
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FOCUS ON INTERNAL CONTROL
1. ANALYSING AND RECORDING
TRANSACTIONS
2. ADJUSTMENTS AND FINANCIAL
STATEMENTS
(ADJUSTING ENTRIES, ACCRUDE REVENUE,
ACCRUDE EXPENSES, UNEARNED REVENUES,
PREPAID EXPENSES, DEPRECIATION.)
CA CHANDRESH CHHEDA
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INTERNAL CONTROL(Continues…)
3. COMPLETION OF ACCOUNTING CYCLE
(CLOSING ENTRIES, POST CLOSING TRIAL BALANCE,
REVERSING ENTRIES, CORRECTING ENTRIES.)
4. INTERNAL CONTROL WITH REGARDS;
CASH
RECEIVABLES
INVENTORIES
OPERATING ASSETS (COST OF ASSET, DEP.,
IMPROVEMETNS, DISPOSAL OF ASSET, ETC. )
CA CHANDRESH CHHEDA
20
Thank you
CA CHANDRESH CHHEDA
21
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