– Register now. New Noon Batch starting from August, 29th 2019 timing 1:30pm to 3:30pm. (Ideal for Tally Course, Accounting Course).…
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– Register now. New Noon Batch starting from August, 29th 2019 timing 1:30pm to 3:30pm.
(Ideal for Tally Course, Accounting Course). For more details visit / call S20.
– Hurry up. New Weekend Batch starting from September, 8th 2019 timing 8:00am to 11:00am
(Ideal for Accounting Training, Tally Training, GST Training, Taxation Training).
– Register now. New Morning Batch starting from August, 29th 2019 timing 8:00am to…
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– Register now. New Morning Batch starting from August, 29th 2019 timing 8:00am to 10:00am
(Ideal for Tally Course, Accounting Course). For more details visit / call S20.
– Hurry up. New Noon Batch starting from August, 29th 2019 timing 1:30pm to 3:30pm
(Ideal for Accounting Training, Tally Training, Job-oriented Training).
As most of us are aware, TDS actually stands for tax deduction at source.…
Read MoreAs most of us are aware, TDS actually stands for tax deduction at source. While this is easily known to all, the concepts are not as easily understood, in fact dreaded at times too. As a subject, it is vast and you’ll need a good taxation course to become Mr./Ms. Know-it-all. Here, however, we have provided a brief outline so as to familiarize readers with the first principles.
TDS is not just an Indian tax concept. It is a global code applied everywhere in taxation. Internationally, it is usually referred to as withholding tax, i.e. tax withheld while making payments.
The key reasons behind introduction/ existence/ levy of TDS are:
Chapter XVII of the Indian income tax law (the Income Tax Act, 1961) deals with various provisions relating to TDS, such as:
A lot of these sections in turn refer to Income Tax Rules where further details are provided, such as due dates, format of forms to be issued and return to be filed etc.
Hope you got a quick snapshot of TDS fundamentals from the above. For more detailed learning, you could subscribe to Super 20, a taxation coaching centre in Ahmedabad forming part of various commerce courses of varying levels – Jr. Executive, Executive, Advanced Executive.
TDS concepts may seem complex, but are very relevant for today’s business and taking up the best tax course for these would go a long way in staying tax-compliant, whether self or clients.
Every second person is now aspiring to be an accountant due to the unending…
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Every second person is now aspiring to be an accountant due to the unending demands for the same. But they can be categorized between mediocre, good and excellent. This transition will pave your way towards your goal to excel at accounting. This transition is utmost mandatory to grade up your job position or to attract more clients. If you are still wondering what skills you can work upon to get there, don’t worry.
We shall discuss in this article the accounting skills which you must polish:
An accountant should possess thorough knowledge of how a particular transaction should be dealt with. If the company that he deals in wants to issue a Initial Public Offer and be listed with the National or Bombay Stock Exchange, the accountant should have in depth knowledge of how to proceed with that, what documents, bank requirements, the capital/sales requirements, etc. How is it going to affect the Balance sheet, Profit and loss and cash flows of the company?
An accountant should be aware of the Indian Accounting Principles and Standards set by the Accounting Standard Boards and should also be able to apply them in the practical situation.
An accountant should possess great analytical skills. He should be able to calculate the position of the company by having a glance at its Balance sheet, Cash flows and Profit and loss statements. This power of analyzing the opposite party can help the company to take their decision whether or not to deal with them. Like if their Debt to Equity ratio is more than 1, it implies the company has taken more debts than its capacity and hence riskier to work with it.
Brief knowledge on audit can save the company from complications later. A visionary accountant should foresee any difficulties approaching from the perspective of an auditor so that minimum issues are raised by the auditors after the balance sheet is finalized. Any extra ordinary case shall be looked into deeply as the auditor will not spare that. And its treatment should be convincing enough for the auditor.
Accountants should be able to work on deadlines as most of the work is associated with time lines.
An accountant should be able to think strategically about a particular transaction and its affects if treated one way or the other in the long term. It most often affects the profitability of the company.
A lot of companies have gone global and multi-national. With that, accounting and taxation laws of the other countries are also taken into consideration. An accountant who is easily able to adapt to international laws and its treatment in India can go far in their career. Also, the local clients throw challenge with various fields they work in. Like Textiles, Pharmacy, Food, Construction, Jewelry, etc. The accountant should not be afraid but open to accepting challenges to work in different fields.
Without good communication, one can literally land nowhere. Accountants should acquire the skill of being able to communicate verbally and non-verbally to attract, convince, interact with their clients or bosses. No one can work in isolation. Therefore, with great set of communication skills one can co-ordinate and be more organized in their field.
Since the accountant has lots to do and within set time limits, he will mess things up if his mind is not organized. He should be well aware of the dates and deadlines and should be able to prioritize work according to its urgency.
An accountant is looked up to for his integrity. Even the Government hires accountants for special reports in case of fraud because they trust the accountants as their profession expects them to be honest and transparent.
At times, deciding on how to treat a transaction may inflict a conflict within the organization or between two parties. An accountant possessing knowledge but no convincing power will be of a waste. Developing this skill will be an icing on the cake.
Along with Tally, a lot of new accounting software are launched for business automation and to reduce the clerical work of an accountant. Any small or large enterprise works on one or other accounting software like Zoho Books, Quickbooks, SAP, Saral, MProfit, etc. So, at least basic knowledge of the most used accounting software in the market should be gained to have an upper hand at any interview.
Your love for accountancy will enhance as and when you develop the above skills and for your career. Keep upgrading your knowledge as the past glory will just keep you where you are. You can join accounting coaching classes in Ahmedabad and attain the heights in the accounting profession.
Accounting software becomes imperative as the business expands, making the accounting of expenses, stock,…
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Accounting software becomes imperative as the business expands, making the accounting of expenses, stock, profit, bills, payments, receivables, etc much easier. Most importantly it reduces the manual work as it integrates transactions. There is various accounting software available in the market used by any accounting institute in Ahmedabad or across the country to prepare the accounting statements in the best possible manner.
Well known for its detailed inventory management ability. It also aids in maintaining accounts, taxes, payrolls, sales and purchases. Fruitful for businesses which have global platforms as it offers multi-currency financial reporting facility.
Most popular and user-friendly accounting software which offers accounting, sales, purchase, inventory and payroll for an enterprise. It enables passing journal entries, trial balance, P&L, Cash flow statements, Balance sheet and lot more. The processes from invoice building to filing GST returns and its correction feature makes this the most sought for accounting software for the small and medium enterprises. If you ask any accounting institute in Ahmedabad provide coaching on learning Tally software, they will certainly tell you that its ideal for smooth operation in the business.
Marg is known for designing sector specific accounting software. Most famous for pharmaceutical companies. It enables a small and medium enterprise into speedy invoicing, Taxation, inventory management, accounting, etc.
Profit book is a cloud accounting solution which enables in billing, track profits and losses, stock taking, etc. It also enables in tracking the payment receivables. Once the customer pays through the bank account the journal entries are passed automatically and displayed on the dashboard. Profit book enables speedy tax calculations with the journal entries passed.
Again a cloud-based accounting software can be used from any mobile device. Enables tracking of expenses in detail and thereby manage finances. An accounting Training in Ahmedabad can rest assure that each and every entry is taken into consideration as it connects through the bank account and scans each expense.
Offers portfolio management and accounting software service by allowing the tracking of dividend, interest, profits, other income, etc. Helps in building a balance sheet and trial balance to learn the final performance of the enterprise. Also aids in budgeting, investment, reports for performance evaluation of the company.
So we discussed some of the best accounting software available in the market which provides error-free accounting of the company’s transactions and provides a clear picture of the company’s performance. But before you purchase the software, ask for a demo version to see whether it suits your requirement. After selecting the software, send your accounting officials to get trained on how to use it perfectly and its practical application via consulting the best accounting Course in Ahmedabad. These are mostly user-friendly and with certain training, one can tread towards being an expert.
In computing the total income of an assessee, being an individual or a Hindu…
Read MoreIn computing the total income of an assessee, being an individual or a Hindu divided family (HUF), section 80C deductions are applicable. This section tells us that if we invest our money into specific investment avenues like life insurance, subscription to certain equity mutual funds or debentures, etc., you will get a reduction in your tax payable amount by way of deduction from tax computable income. The deduction does not exceed Rs. 1,50,000/-.
But the question arises where to invest or if any expenses are made then which are the expenses which will get a deduction, right? So here is the list…
1. Life Insurance: Premiums paid toward all life insurance policies are eligible for tax benefits under Section 80C. This deduction can be claimed for premiums paid towards ensuring self, spouse or wife, dependent children and any member of Hindu Undivided Family (HUF).
2. Public Provident Fund: Public Provident Fund (PPF) contributions are eligible for tax deductions under Section 80C. PPF accounts have a maximum or utmost deposit limit of Rs. 1,50,000/- p.a., therefore, we can claim a deduction of the amount deposited in PPF account under Section 80C.
3. Stamp Duty and Registration Charges: While buying a property, one of the largest expenses you will have to bear is the 4.9% stamp duty and 1% registration charges of sale deed value in Gujarat. To give some benefit to the taxpayers or people are eligible to pay tax, the government has included these expenses under Section 80C of the Income Tax Act, 1961. To the benefit of taxpayers.
4. Sukanya Samriddhi Yojana: Investments made in Sukanya Samriddhi Yojana, which is a saving scheme for the girl child, are to be claimed for tax deduction under Section 80C of the Income Tax Act, 1961. A parent or legal guardian of a girl child, who has not crossed the age of 10 years, can open this account. Sukanya Samriddhi Yojana account can be opened for two girl children. We can open one account per one girl child and can be extended to a third if twins are involved.
5. As tuition fees (excluding any payment towards any development fees or donation or payment of similar nature), whether at the time of admission or thereafter-
(a). To any university, college, school or other educational institutions situated within India;
(b). For the purpose of full-time education of any of the persons as specified in the act.
6. As subscription of any units of any mutual fund referred to in clause (23D) of section 10 and approved by the Board of an application by such mutual fund in the prescribed form.
7. As subscription to such bonds issued by the National Bank for Agriculture and Rural Development.
8. In an account under the Senior Citizens Savings Scheme Rules, 2004.
9. The insurance, deferred annuity, provident fund & superannuation fund.
10. Unit-linked insurance plan and an annuity plan.
11. Pension fund and subscription to any deposit schemes as specified.
12. Principal repayment of the amount borrowed for purchase or construction of a residential house.
To learn more about taxation (income tax), join our classes Super20. S20 is well known for the Best Tally Classes and #1 Taxation Institute in Ahmedabad.
Hey, all of the B.COM students out there here is a glimpse of knowledge…
Read MoreHey, all of the B.COM students out there here is a glimpse of knowledge and opportunities on the basis of your stream. As B.Com. students, students have a working knowledge of accounts. Right?
But you know there are some cool buddies who were busy enjoying their college life instead of attending the boring college lectures, but that`s ok. Those free birds also may have a very bright future.
Super 20 the best accounting training institute welcomes all of you to catch your successful flight. You can enroll yourself to book your ticket on that flight. But for that, you must know what services would be provided in that amazing flight.
So here you go, our Super 20 team will provide you knowledge of accounts from `TOE TO HAIR`. B.com student can land their future in a very good company or our team will help to improve your skills so that you can get a prestigious job.
A B.com student always has so many doors to enter. A student can go for accounting, taxation, corporate sectors etc. but what you need all is sharp skills and effective communication. Super20 gives the shape to your personality along with our super training and courses so that you can go for any door with the most effective entry. We all are like not BOOK WORM and even we don’t like to learn things with books, we get bored of books, so our institute gives you practical knowledge on several real cases without any book. Oh, this sounds so amazing yeah, it must be fun and how we can learn things with real cases and that’s also without any BIG FAT BOOKS.
You know what, I have seen that CA is always in trend but that trend not for all of us right? But you guys have ever wondered that if you cannot go for that trend but at least you can do accounting. Right? So what Super 20 does? Super 20 enables you to learn professional accounting. S20 trains a student in a very well manner. The process starts from the very basics. So B.com student is always suitable for the required job. You guys must go for this option because Super 20 after training gives 100% placement opportunity with very well reputed companies.
As I am saying again and again that a B.com student has very bright future ahead and they can be eligible or suitable for any field because this is the reality, a B.com student can never be unemployed until unless he or she willing to do work. We would just like to say that don’t waste your time students, do something, get experience, get a failure, get success. But do something, never stop learning. Analyse yourself; find out what you are good at. There are so many opportunities waiting for you, come out of your comfort zone and go grab your opportunities.
See friends, there are lots of fields to choose from but choosing the right path is difficult. So choose that field through which you can get something. That can add something new to your personality. Accounting, taxation is something which is very interesting to learn and important too, this can be added as your technical skill in your CV. To learn something under the experts is really amazing and worthy, it really gives you the extra perks to your knowledge and our personality.
So guys what I am saying go for the internship which can be good for you and that would be the best way to know your interest and then easily you can take your successful flight and land it at your best destination.
ALL THE VERY BEST !
Key Highlights of the changes in the interim budget affecting the individual taxpayer are…
Read MoreKey Highlights of the changes in the interim budget affecting the individual taxpayer are as under:
Income under the head salaries
Section 16(ia): Limit of Standard deduction from income under the head salary is increased from Rs. 40,000/- p.a. to Rs. 50,000/-p.a. for all salaried person.
Income from house property
Section 23(4): Previously, If we own more than one house property, we have to pay tax on the rental income or notional rent income for second house property whether we had given it on rent or not. Now, the second house is also exempted from tax as we don’t require to calculate notional rent if we have not given second house property on rent.
Rebate from tax
Section 87A: rebate from income tax is increased from Rs. 2,500/- to Rs. 12,500/- for individual or HUF. This rebate is allowed to the individual who has net total income up to Rs. 5,00,000/-. If the net total income of any individual is more than Rs.5,00,000/- then the benefit of the rebate is not available.
Tax Deducted at Source (TDS)
Section 194A: Limit for TDS deduction is increased from Rs. 10,000/-p.a. to Rs. 40,000/-p.a. for interest income from bank deposits and post office savings. Limit for other interest is remained the same, i.e., Rs.5,000/-p.a.
Section 194I: Limit for TDS deduction is increased from Rs. 1,80,000/-p.a. to Rs. 2,40,000/-p.a. for Rent income from property or plant and machinery took on rent.
Capital Gain
Section 54: If we invest capital gain on sale of house property to another house property it is exempted from tax under section 54. Now, the same benefit can be availed up to new house property maximum up to Rs. 2 Crores. However, this benefit can be claimed only once in a lifetime.
Incentives for farmers
Government has also provided incentive of Rs. 6000/- p.a. (under the scheme of Pradhan Mantri Kisan Samman Nidhi) to all the farmers having agriculture land less than 2 hectares of cultivable land. It will be applicable from September 2018. The amount will be transferred to farmer’s account in three installments. It will cover 12 crore small and marginal farmers of the country.
Pension Scheme for the unorganized sector
The government has introduced a mega pension scheme to provide a monthly pension of Rs. 3000/- for workers in the unorganized sector after the age of 60 years with a contribution of Rs. 100/- p.m.
Super20 is one of the best taxation coaching Institute, located in Ahmedabad. If you have any query regarding the tax you can contact s20 at info@s20.in.
Can we imagine that if a salaried person is getting Rs. 10,00,000/- p.a. still,…
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Can we imagine that if a salaried person is getting Rs. 10,00,000/- p.a. still, he need not to pay tax under the income tax act. The answer is yes after the budget announcement it can happen with smart investment and tax planning.
Let us understand the same with an example
| SR | Particulars | Amt(Rs.) | Amt(Rs.) |
| Income from salary | 10,00,000 | ||
| – | Less: Standard Deduction (Under Section 16(ia)), irrespective of the allowances received by the employees of the company) | (50,000) | |
| – | Net Income from salary | 9,50,000 | |
| – | Less: Interest on housing loan (Max. allowable deduction under section 24(b) is Rs.2,00,000 for self-occupied house property) | (2,00,000) | |
| Gross Total Income | 7,50,000 | ||
| Deduction under chapter VI of the Income tax act | |||
| – | Under section 80C (Max. deduction allowed is Rs. 1,50,000/-)(for investment in ELSS Mutual fund, PPF, LIP, tuition fees of school or recognized university for full-time course, NSC, KVP, a stamp duty of house, principal repayment of housing loan, sukanya samriddhi yojana, etc.) | (1,50,000) | |
| – | Under Section 80CCD (Max. deduction allowed is Rs. 50,000/- for investment in recognized National Pension scheme) | (50,000) | |
| – | Under section 80D (Max. Rs. 25,000/- for self, spouse and children and Rs. 25,000/- for parents). It will be Rs. 30,000/- if self and spouse or parents any of them is a senior citizen) | (50,000) | |
| – | Total Deduction | (2,50,000) | |
| Total Income | 5,00,000 | ||
| Tax on total income | |||
| – | On First upto Rs. 2,50,000/- | Nil | |
| – | On Next upto Rs. 2,50,000/- @ 5% | 12,500 | |
| – | On Next upto Rs. 5,00,000/- @ 20% | N.A. | |
| – | Income Above Rs. 10,00,000/- @ 30% | N.A. | 12,500 |
| – | Less: Rebate under section 87A (Max. upto Rs. 12,500/- for a person having total income upto Rs. 5,00,000/-) | (12,500) | |
| Net Tax Payable | Nil | ||
The government has given various benefits under different heads of income as well as under deduction sections of the income tax act. So, even if any person is earning Rs. 10,00,000/- p.a. he need not to pay any income tax to the government.
However, if the total income of the individual is increased even by Rs. 1/- above Rs. 5,00,000/- then benefit of section 87A is not available to individual then in that case the tax amount will be increased by Rs. 12,500/- as the benefit under section 87A is not available to the individual. Moreover, the above-mentioned benefits are available to only Individual and HUF. Partnership firm or company will not be getting such benefits of slab rate or rebate or deduction under chapter VI as mentioned above.
Super20 aim to improve students’ skills to build their careers in the accounting area. Every year we enrolled hundreds of students who are completed or pursuing B.com degree and help them to get 100% Placement Assistance after completion of our course. S20 is one of the best taxation coaching centers in Ahmedabad.
As soon as the filing season begins, salaried class are frenzy about taxes they…
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As soon as the filing season begins, salaried class are frenzy about taxes they must pay for the said financial year. It is important to understand tax slab and what each of salary breakup component means. This can help to figure out how to save on taxes. Here are the important things to understand.
Standard Deduction: Salaried person are given a standard deduction of Rs. 40,000/- from their salary income irrespective of their salary per annum.
House Rent Allowance: This allowance can be claimed by those individuals who live in rented house. This can be partially or completely exempted from tax. Method for computing HRA is given in the income tax act that can be claimed as exemption. Also note that, if you received HRA and don’t live on rent, then it is fully taxable.
Leave Travel Allowance (LTA): Salaried employees can avail exemption for a travelling expenses, i.e., travel fare within India under LTA if the same is reimbursed by the employer. This allowance can only be claimed for a trip taken with your spouse, children, and parents, but not with other relatives. This particular exemption is up to the actual expenses, therefore unless you actually take the trip and incur these expenses, you cannot claim it. It can be avail only 2 times in block of 4 years. Submit the bills to your employer to claim this exemption.
Professional Tax: In our income tax return, professional tax is allowed as a deduction from our salary income. It is usually deducted by the employer and deposited with the state government. The maximum amount of professional tax that can be levied by a state is Rs. 2,500.
Food Allowance: The amount given as food allowance upto Approx. Rs. 15000/-per annum is non-taxable in the hands of employees.
Donation to Political Parties U/s 80GGC: Any Donation made to political parties is exempt from tax if it satisfies certain conditions.
Donation to Charitable Trust u/s 80G: Any donation made to registered charitable trust by cheque is exempt upto 50% of donation amount from tax if it satisfies certain conditions.
Interest On Housing Loan: Under Section 24 of the Income Tax Act, an individual can claim tax deduction of the interest payment on the housing loan up to a maximum amount of Rs. 2,00,000.
Deduction u/s 80C: Following expenses are claimed as exemption u/s 80C. Maximum amount which can be claimed as deduction for the following expenses is Rs. 1,50,000/- per annum.
NPS: An individual can avail an exemption of Rs.50,000 if he invested in National Pension Scheme under section 80CCD regardless to the deduction of 1,50,000 in 80C.
Mediclaim u/s 80D: This deduction can be avail by an assesse upto Rs.25000 for his family. However, if any of the parents covered by the mediclaim policy is a senior citizen, then the deduction amount is increased to Rs. 30,000.
Education Loan u/s 80E: The deduction allowed is the total interest part of the EMI paid during the financial year. There is no limit on the maximum amount that is allowed as deduction. You, however, need to obtain a certificate from your Bank.
You can also write to us at info@s20.in. We provide people of any background a simple, effective and practical training in Accounting, Taxation, GST, Tally. You can know more about our courses at www.s20.in/courses.
