November 2022

For consignments involving the movement of commodities exceeding the declared value, an “electronic waybill,”…

For consignments involving the movement of commodities exceeding the declared value, an “electronic waybill,” also known as an “e-way bill,” is necessary. Most states have a threshold value of Rs.50,000, however, others have greater threshold levels. An e-way bill is not a new or recently discovered idea. It has actually been around for a while and was around before GST under several titles. The supplier or carrier must first generate an e-way bill from the website before transporting or sending the goods. When the e-way bill is generated, the supplier has the option to record the individual consignment’s unique number on the document.

Today, the majority of firms create e-way bills by entering the invoice information directly on the portal or using offline tools (JSON). Even though it is a requirement, creating the e-way bills takes time and effort, which makes the entire process of invoicing and shipping difficult. Regardless matter how big or little your organisation is, you must have already experienced this widespread problem.

The most recent version of TallyPrime includes an integrated connected e-way bill solution that generates e-way bills quickly, which helps to reduce the complexity in the present method of generating them and makes the entire process simple and smooth.

You may quickly generate e-way bills with TallyPrime’s internet linked e-way bill solution. Simply enter an invoice as you normally would, and TallyPrime will generate an e-way bill and record the e-way bill number on the invoice.

Let’s first take a look at what an e-way bill is.

What is an e-way bill?

Most businesses today create e-way bills by directly inputting the invoice data on the portal or using offline tools. The process of invoicing and shipping is challenging since, despite being required, preparing the e-way bills requires time and effort.

A connected integrated e-way bill solution that generates e-way bills fast is part of the most recent version of TallyPrime. This makes the process simple and straightforward and helps to lessen the complexity of the current way of generating them.

How to Generate an e-Way Bill in Tally Prime?

You can quickly create an e-Way Bill while keeping a copy of your invoice and printing the QR code and other information. Set the Send e-Way Bill information with e-Invoice option to Yes in your company’s (F11) features if you want to create an e-Way Bill with details.

As per usual, record a GST transaction.

1. Choose the party by clicking on Party A/c name. The screen for dispatch details will now appear.

A. Press Enter after entering the necessary information. It will then display the Party Details screen. This will already be filled in with the data from the party ledger.
B. Press Enter to continue with the transaction and, if necessary, update the Party Details.

2. Include additional voucher information, such as the Sales ledger, the Name of the Item, the GST ledger, and so forth.

3. Set the option Provide GST/e-Way Bill to Yes. The Additional Details: Sales Taxable will appear. On the basis of the information entered in this screen, the e-Way Bill will be generated.

4. Press Enter to proceed with the transaction.

5. To save, press Ctrl + A.
The generation of an e-Way Bill will be confirmed on a screen.
a. Press Enter to continue. The screen for e-Way Bill Login will appear.
b. Username and password must be entered.
If you do not shut down the computer or reset your password, you will be signed in for the following six hours.

6. Press the Enter key. The e-Way Bill system and TallyPrime will begin exchanging data. Following the information transmission, a confirmation message will show up. A preview of the invoice is available.

7. To view the created e-Way Bill with all the necessary information and the QR Code, press Page Down.

8. The Additional Details screen will also be updated with the e-Way Bill No. and Validity Date. You can press Ctrl+I (More Details) or F12 (Configure) to view additional options for setting your e-Way Bill .

How Tally Prime’s Online Connected e-Way Biils Help You

The fully automated, straightforward e-way bill solution from Tally requires no manual effort. Consider some of the salient characteristics of a connected e-way bill solution.

Instantly Generate and e-Way Bill

There is no longer a need to consider invoicing and e-way bill generation separately given the compliance need of e-way bills in the process of invoicing and shipment. With TallyPrime, you can easily create an online e-way bill by just entering the invoice. The fully integrated solution from TallyPrime reduces complexity by delivering information directly to the portal in the required format and automatically retrieving information about e-way bills.

Generate e-invoice along with e-way bill

The GSTN and e-way bill system are integrated with the e-invoice system (IRP) by design. As a result, it is possible to create both an e-invoice and an e-way bill. Even more freedom is provided by the integrated e-way bill solution from TallyPrime. Depending on your needs, you may decide whether to generate an e-way bill in addition to an e-invoice or solely an e-way bill.

Ability to Generate several e-way bills at once

The connected e-way bill solution from TallyPrime offers the option to generate e-way bills individually or in bulk. In the process of recording the transaction, you have the option to generate an e-way bill for a single invoice, or you can select to generate e-way bills in bulk (for several invoices) from the report. Creating e-way invoices, whether in bulk or just one, couldn’t be easier or faster.

Flexibility to Edit e-way bills online

In rare cases, it is necessary to cancel invoices for which an e-way bill has already been generated. It might be due to a number of things, including a data entry error, an order cancellation, etc. Additionally, you could want to extend the validity of the e-way bill in the event of an extraordinary case, such as a natural disaster, trans-shipment delay, accident, breakdown, etc. Whatever the circumstances, TallyPrime enables you to cancel, extend, and update e-way invoices online without having to manually do these tasks via the portal.

In-depth e-way bill report

You can view all e-way bill transactions and their status with TallyPrime’s connected e-way bill solution thanks to its special e-way bill reports. You can use the report to keep track of the e-way bill status (Pending/cancelled/generated) and to take any necessary actions, such as cancelling or extending a transaction, as needed.

Alternative e-way bill creation methods are supported

If you want to use alternative methods of generating an e-way bill, such as utilising an offline utility, a direct input on the portal, etc., you can do so in emergency situations where internet services are unavailable on a system or for any other reason. These scenarios are completely supported by TallyPrime. Not only does it take into account these situations, but it also automatically obtains information and updates the e-way bill number on the invoice. keeping your books up to date as a result.

The knowledge to find your e-way bill around Tally Prime is incredibly important. Head over to S20’s website to learn more about it. And if you have the hunger to learn more, come visit our Tally institute in Ahmedabad!

Almost everyone has some kind of asset, such as a house, gold, jewelry, stocks, or other investments. So, it’s important to know how taxes affect the gain or loss from selling such assets. How much tax you have to pay on these assets depends on how long you’ve had them. This is done under the heading “Capital Gains.” Learn more about Capital Gains in our account taxation course in Ahmedabad for detail understanding and how to manage this in your business.

What is Capital Gain?

A capital gain is a profit or gain made from selling something like a house, gold, jewelry, or stocks. There are two different kinds of capital gains:

Long-term Gain in Capital

For example, if you bought a house in FY 2017-18 and sold it 24 months later in FY 2017-18, the money you made would be called LTCG. Different types of capital assets have different holding periods.

Capital Gain in the Short Term

When an asset is sold before a certain amount of time has passed since it was bought, it is called a short-term capital gain (STCG). For example, if you bought a house in FY 2017-18 and sold it within 24 months, the money you made would be called STCG. But shares and mutual funds are treated differently when it comes to long-term and short-term capital gains. When it comes to listed shares and equity-oriented mutual funds, you get a long-term capital gain if you hold them for more than a year and a short-term capital gain if you sell them before a year has passed. Now, let’s figure out the tax rate that applies to the income from these assets, such as property, gold, jewelry, stocks, etc., based on how long they’ve been owned.

When you sell a capital asset and make a profit, this is called a “capital gain.” The profit that is made is an example of income. So, a tax has to be paid on the money that comes in. Capital gains tax is the name of the tax that is paid, and it can be either long term or short term. The tax on long-term gains starts at 10%, and the tax on short-term gains starts at 15%.

Under India’s Income Tax Act, a person doesn’t have to pay capital gains tax if they inherit property and don’t sell it. But if the person who got the property as an inheritance decides to sell it, taxes will have to be paid on the money made from the sale. Jewellery, machinery, leasehold rights, trademarks, patents, vehicles, house property, buildings, and land are all examples of capital assets.

Indexed Cost of Buying and Making Changes

The costs of making improvements and buying a property are indexed to account for inflation over the number of years the property has been owned. This lowers capital gains and also makes the cost base bigger.

How to figure out the indexed tax on improvements:

Cost of improvements multiplied by the Cost Inflation Index (CII) for the year the property was sold and divided by the CII for the year the improvements were made.

How to figure out the indexed tax on an acquisition:

The total costs of buying the property multiplied by the CII of the year it was sold and divided by the CII of the year it was bought by the seller (or 2001-2002 whichever is later).

How to figure out how much tax to pay on short-term and long-term gains from selling assets

Gain/Loss in the Short Term

Short-term capital gains are taxed at the same rate as the person’s income tax slab. For example, if a person has a short-term capital gain of Rs 6 lakh and is in the 30% tax bracket, he or she must pay Rs 1,87,200 (31.20% of Rs 6 lakh). The gain or loss from the sale of an asset is found by taking the sale proceeds and subtracting the cost of buying the asset, the cost of making improvements to the asset, and any costs that were only related to the sale.

Short-Term Capital Gain = Sale Consideration – Cost of Acquisition – Cost of Improvements (if any) – Expenses Paid Only for the Sale of the Asset.

Exception

If you sell listed shares or equity-oriented mutual funds within a year, you will have a short-term capital gain. This gain will be taxed at a rate of 15.60% (including a 4% health and education cess). But if you sell unlisted shares, which means you don’t sell them through the Indian stock exchange, you will have to pay taxes based on the income tax slab rate that applies to you.

Long-Term Gain/Loss on Capital

Long-term capital gains are taxed at a rate of 20.8%, which includes a 4% surcharge for health and education. Indexation is a way to change the price of an asset so that it matches the inflation index. It will raise your costs and lower your profits, so you will owe less tax. So, the benefit of indexation is available for long-term capital assets, and people in the 30% tax bracket also get the benefit of paying the lower 20% tax rate. Long-term capital gains are calculated the same way as short-term capital gains, but the purchase cost and cost of improvement are replaced with the indexed cost of acquisition and the indexed cost of improvement.

Long-Term Gain in Capital = Sale Price Indexed cost of improvement Indexed cost of acquisition (if any) -Expenses that were only used to sell the asset. -Exemptions under sections 54, 54F, and 54EC, if any were used.

The following formula can be used to figure out what the Indexed cost is:

Indexed Cost of Acquisition = Cost of Acquisition * Cost Inflation Index (CII) of the year of sale / CII of the year the property was first held or FY 2001-2002, whichever is later.

Note: If the property was bought before April 1, 2001, the actual cost of the property or its fair market value (FMV) as of April 1, 2001, should be considered the cost of acquisition.

Indexed Cost of Improvement = Cost of Improvement * CII of the year of sale / CII of the year of improvement

Note: Costs for improvements made before FY 2002-02 shouldn’t be counted.

Exception

Before, long-term capital gains on Listed Shares and Equity-oriented Mutual Funds were not taxed if they were sold after a year. But it only applied to shares that were listed on the Indian Stock exchange. This was true for both Indian and foreign companies. And the shares can only be sold on the platform of the Indian stock exchange.

Month: November 2022

How to Generate an e-Way Bill Instantly in TallyPrime

What is an e-way bill?

How to Generate an e-Way Bill in Tally Prime?

How Tally Prime’s Online Connected e-Way Biils Help You

Instantly Generate and e-Way Bill

Generate e-invoice along with e-way bill

Ability to Generate several e-way bills at once

Flexibility to Edit e-way bills online

In-depth e-way bill report

Alternative e-way bill creation methods are supported

What is Capital Gains Taxation in Accounting Taxation India

What is Capital Gain?

Long-term Gain in Capital

Capital Gain in the Short Term

Indexed Cost of Buying and Making Changes

How to figure out how much tax to pay on short-term and long-term gains from selling assets

Gain/Loss in the Short Term

Exception

Long-Term Gain/Loss on Capital

Exception

Courses

Contact Us

Social Media