Accounting Training

Blog

Archive


2016
  • *if payment consideration (or any part of it)* is received in cash of sale of ANY goods/ provision of any service (exceeding Rs. 2. lac), TCS @ 1% should be deducted:
  • MR A purchases goods from distributor for Rs. 8.00 lac on 10.06.2016, payment of Rs. 795000/- has been made by cheque/RTGS on 11.06.2016, balance 5000/- has been paid in Cash on 12.06.2016. Please note that Seller has to collect TCS @ 1% on Rs. 800000/- (i.e. Rs. 8000/-).
  • This TCS is applicable regardless of the fact whether A is dealer in goods or A purchased for his personal consumption.
  • This new provision is seriously going to affect business cash transactions.

2016
  • Being depressed can make you feel helpless. You're not. Along with therapy and sometimes medication, there's a lot you can do on your own to fight back. Changing your behavior -- your physical activity, lifestyle, and even your way of thinking -- are all natural depression treatments.
  • These tips can help you feel better -- starting right now.
    1. Get in a Routine.
      • If you’re depressed, you need a routine, says Ian Cook, MD. He's a psychiatrist and director of the Depression Research and Clinic Program at UCLA.
      • Depression can strip away the structure from your life. One day melts into the next. Setting a gentle daily schedule can help you get back on track.

2016
  • Are you usually punctual or late? Do you finish things within the time you stipulate? Do you hand in your reports/work on time? Are you able to accomplish what you want to do before deadlines? Are you a good time manager?
  • If your answer is “no” to any of the questions above, that means you’re not managing your time as well as you want. Here are 20 tips on how to be a better time manager:
    1. Create a daily plan. Plan your day before it unfolds. Do it in the morning or even better, the night before you sleep. The plan gives you a good overview of how the day will pan out. That way, you don’t get caught off guard. Your job for the day is to stick to the plan as best as possible.
    2. Peg a time limit to each task. Be clear that you need to finish X task by 10am, Y task by 3pm, and Z item by 5:30pm. This prevents your work from dragging on and eating into time reserved for other activities.

2016
  • Pursuing with an objective to finance and promote initiatives to improve agriculture and farmer welfare, the Government announced a new cess namely ‘Krishi Kalyan Cess’ (“KKC”), to be levied at 0.5% on the value of all taxable services w.e.f June 1, 2016. In this regard, a new Chapter VI is inserted in the Finance Bill, 2016, containing relevant provisions, which are applicable with enactment of the Finance Act, 2016.
  • Proceeds of KKC first be credited to Consolidated Fund of India and the CG may, after due appropriation made by Parliament by law in this behalf, utilize such sums of money of KKC for specified purposes.
  • Hence, after levy of KKC, Service tax rate will increase from 14.5% to 15%, effective from June 1, 2016. In this regard, there are many queries, which require clarification. We have summarized these queries through Frequently Asked Questions (FAQs) enumerated below.

2016
  • As you are aware, currently online upload of e-TDS/TCS statement(s) and Annual Information return (AIR) facility is provided by NSDL e-Governance Infrastructure Limited (NSDL e-Gov) on behalf of Income Tax Department (ITD).
  • We hereby inform that from May 1, 2016, the functionality of Online Upload of e-TDS/TCS statement(s) will be available on e-filing portal of Income Tax Department.
  • The Deductor must have registered the TAN at Income Tax Department’s e-Filing Portal using a valid Digital Signature Certificate. To know detailed procedure on how to register as ‘Tax Deductor and Collector’ please check the attached manual.

2016
  1. Krishi Kalyan Cess @ 0.5% on gross value of taxable services (from 01.06.2016) Total ST rate @ 15%.
  2. AC Bus service by Road Transport Corporation taxable @ 6% (from 01.06.2016).
  3. Rate of ST for the package tour increased from 3.625% to 4.35%.
  4. ST on foreman commission at 10.15%.
  5. Rate of ST for sale of flats increased from 3.625% to 4.35%.

Financial Management