Previous year is 2007 -2008 ie (1st April 2007 - 31.03.08 )
Current year is 2008-2009 ie ( 1st April 2007 -31.03.09)
Assement year is 2008-2009 ie (start from march month)

assessment year is bundle of 12 months. it is started on 1 
april to 31 march. it is define under sec.2(9).

assessment year is a year in which the earning income is 
assessed. it is a bundle of 12 months. it is started on 1 
april to 31 march. it is define under sec.2(9).

Assesment year is 2009-2010
Current year 2008-09

Assesment Year is the year when our earning income is 
assessed.Now the Asswsment year is 2009-2010 and the 
current year is 2008-2009 this year is also called the 
previous year.

Assesment Year is the year when our earning income is 
assessed.Now the Asswsment year is 2009-2010 and the 
current year is 2008-2009 this year is also called the 
Financial year.

assesment year is a year in which ur earning income is 
assessed and i which person who pay income tax they pa 
their tax under this year

Assesment year means after the financial year.

THE INCOME WHICH YOU EARNED IN THE PREVIOUS YEAR WIIL
BE PAYING IN THIS YEAR THIS IS THE MEANING OF ASSESMENT 
YEAR IF ANY CORRECTIONS PLS HELP ME OUT

First you check the exchange rate through tcode OB08.

Check the invoice booked currency and rate of the booked 
date, then check the current exchange rate. The diff is 
going to "exchange rate diff" GL. Suppose not configured we 
have to pass the exchange rate diff manually.

first you should check the ex.rate. Tcode.OB08.

There are three types of accounts
1. Personal Account
   Debit the Receiver
   Credit the Giver
2. Real Account
   Debit what comes in
   Credit what goes out
3. Nominal Account
   Debit the Expeses/Losses
   Credit the incomes/gains

Type of accounts are classified into three categories :
Personal accounts : The personal accounts are again 
classified into Personal and impersonal accounts	
	

	Personal accounts : In which the transactions 
directly indicate the natural persons. Eg. Ram, sharma
	Impersonal accounts : In which the transactions 
indirectly indicate the artifical persons created by the 
law. ICICI BANk

	Debit the receiver
	Credit the giver

Real accounts : For general operating of the firm, it 
requires some assets like fixed assets and current assets.  
These types of assets are classified under this head. Eg. 
furniture, fixtures,inventory
	What comes in Debit
	What goes out is Credit

Nominal accounts :  The expenes incurred for the operating 
of the firm, will be classified under this head. Eg. Wages, 
Salaries(denpending on the transactions)
	All expenses and losses debit
	All incomes and gains credit

Types Of Accounts :
1. Personal Accounts : Accounts of Persons,institutions
   Like Employees ,Banks,Other Companies
   
   " Debit the Receiver
     Credit the Giver "

2. Real Accounts: All Assets are real accounts.
   Like Furniture , Inventory
   
   " Debit What comes in 
     Credit What goes out "

3.  Nominal Accounts : All expenses,Losses, Income , Gains
   
   " Debit all Expenses and losses
     Credit all Income and gains"

When a company purchase or sold an item means, at that time 
tax will be calculated that's called Value Added Tax(VAT).
And that's depend upon the percentage.

VAT means Value Added Tax. Presently VAT in Delhi is 4%. VAT
is levied on Sales of Commercial goods by registered dealers
(dealers registered with Govt. Authorities)at the time sales. 

The calculation of VAT is as simple as of Sales Tax. If you
are charging 4% on 1000 Rs. goods then the VAT is 40 Rs. 

But at the time of depositing the collected VAT to
authorities we can claim rebate against the INPUT VAT paid
at the time of purchasing goods (only on local purchase and
not the central purchase).

The entry would be :-

4% VAT A/c    -- Dr. 
   To 4% Input VAT
   To VAT Payable A/c

VAT :value added tax
         VAT RATES :4%
                    12.5%
         VAT is calculated on the assesiable value

recosile the accounts :- find out the error inrespect with 
the cash book (bank book) we reconsile our books. these 
error could be issue of we issue a cheque to a vender 7 
many more for this error( we'll debit that vender & credit 
our bank a/c) bt still he didn't represnt that cheque in 
the bank..so just for the purpose of find out & corecction 
(we'll do debit the bank a/c & credit the vender a/c )we 
make reconcilation .

Reconciliation means to tally cash book with bank pass book
so that both balances reflect the same amount i.e. their
balances agree.  

Sometimes bank debit and sometimes credit account with
amount which is not in the knowledge of accountant and that
create difference in cash & bank pass book balance.
Sometimes cheques are issued but they are not presented for
collection in the bank, sometimes cheques are deposited but
they are cashed on time. These and few other reasons create
difference in pass and cash book. 

To over come from these differences and to tally our
balances we reconcile our cash book with pass book.

we prepare BRS to reconcile our cash book, to find out if 
the the bank balance in the pass book agree with the 
balance in the cash book or not. some times what happens 
bank directly reduce some amount from the company's a/c or 
some time client also directly deposited due amount into 
company's a/c which is not in the knowladges of accountant, 
therefore to reconcile the cash book BRS is prepared.

tDs Stand for Tax Deduction At sorce . tds is done at the 
time of salary ..its a function that is done by company or 
firm or owners a/c department. it depend upon us that we 
need tds facility to avail or not . if tds deducted at 
soucre then liability will be arise by that 
compant/firm/owner in respect to govt. . if they'll nt pay 
that tax to govt. then they be gulity & punished by govt as 
panelity.

Tax deducted at source.

Trading a/c, P&L a/c & Balance Sheet is created on the basis
of the given particulars. Purchases & Sales are directly
related to trading a/c & all the expenses which is directly
related with sales & purchase is under trading a/c. It also
includes the expenses which is directly related to factory.
P&L a/c includes all the indirect expenses & the  Bad debts
& depreciation is also under this a/c. Balance sheet is the
summation of the trading & p&l a/c. It states the financial
position of the company.
Bank Reconciliation means to recheck or verify the bank
statement with our book.

Trading,profit&loss account and balance sheet is prepared 
by seeing the trial balance of that particular company..
Bank reconciliation statement is the stmt which is used to 
reconcile he difference between the cash book and pass book

trading a\c, profit & loss a\c & balance account is 
prepared with the help of trail balance.

Bank reconciliation statement is statement to reconcile the 
bank balance as per pass book and with bank balance as per 
cash book.

INDIVIDUAL:- slab rate :- 

1 > FEMALE 145000/- exempt upto 150000/- @ 10%  upto 
250000/-   @20% more then 250000/- & upto 1000000/- @30%

2 > Male 110000/- exempt upto 150000/- @ 10%  upto 250000/-
   @20% more then 250000/- & upto 1000000/- @30%

3 > Senior Citizen 195000/- exempt upto 250000/-   @20% 
more then 250000/- & upto 1000000/- @30%


COMPANY:- Slab Rate:-

TDS on Advertisement in Fy 2008-09 is as follows:


Section: 194 C 

Limit: Rs.20,000-/

1) for Company : 1.133% ( Rate 1%, Sur ch 10% & Edu cess 3%)
 (Where nety taxable income more than 1 Crore)

2) for Company : 1.030% ( Rate 1%, Sur ch 0% & Edu cess 3%)
 (Where nety taxable income less than 1 Crore)

3) for Individual: 1.133%

TDS on Advertisement in Fy 2008-09 is as follows:


Section: 194 C 

Limit: Rs.20,000-/ and exceed Rs.50,000/- in a financial 
year

1) for Company, Firms and Individual  : 1.133% ( Rate 1%, 
Sur ch 10% & Edu cess 3%)
 (Where net taxable income more than 1 Crore)

2) for Company, Firms and Individual : 1.030% ( Rate 1%, 
Sur ch 0% & Edu cess 3%) (Where net taxable income less 
than 1 Crore)

3) Local authority and Co-operative societies surcharges 
not added.

Fringe benefit tax on travelling exp. are 20%

DEAR FRIEND
FBT IS PAYABLE @33.99% OF 

-5% OF TICKET COSTS(TRAIN/BUS/AIR)(DOMESTIC /OVERSEAS 
TRAVEL)
-20% OF LODGING AND BOARDING COSTS
-20% OF OTHERS RELATED COSTS E.g OVERSEAS INSURANCE,VISA 
FEE ETC, LOCAL CAR HIRE CHARGES FOR TRAVEL

REGARDS
PURAN DANGWAL

it depend upon what in4mation is provided bt still m giving 
u the ans According to ma point of 
 
in trading a/c 

opening+purchases+direct exp+sales return-purchase return -
sales = closing stock

opening expenses+purchases-sales=closing stock

There are 31 Accounting Standards in India.

Accounting standards varies from country to country. There 
are currently 12 IFRs and 41 accounting standards. 
Following are the list of IAS, IFRS and SIC currently 
issued by the international accounting standard board.

IFRS 1 First time Adoption of International Financial 
Reporting Standards 
IFRS 2 Share-based Payment 
IFRS 3 Business Combinations 
IFRS 4 Insurance Contracts 
IFRS 5 Non-current Assets Held for Sale and Discontinued 
Operations 
IFRS 6 Exploration for and Evaluation of Mineral Resources 
IFRS 7 Financial Instruments: Disclosures  
IFRS 8 Operating Segments  
IAS 1: Presentation of Financial Statements 
IAS 2: Inventories 
IAS 7: Cash Flow Statements 
IAS 8: Accounting Policies, Changes in Accounting Estimates 
and Errors 
IAS 10: Events After the Balance Sheet Date 
IAS 11: Construction Contracts 
IAS 12: Income Taxes 
IAS 14: Segment Reporting (superseded by IFRS 8 on January 
1, 2008) 
IAS 16: Property, Plant and Equipment 
IAS 17: Leases  
IAS 18: Revenue 
IAS 19: Employee Benefits 
IAS 20: Accounting for Government Grants and Disclosure of 
Government Assistance 
IAS 21: The Effects of Changes in Foreign Exchange Rates 
IAS 23: Borrowing Costs 
IAS 24: Related Party Disclosures 
IAS 26: Accounting and Reporting by Retirement Benefit 
Plans 
IAS 27: Consolidated Financial Statements 
IAS 28: Investments in Associates 
IAS 29: Financial Reporting in Hyperinflationary Economies 
IAS 31: Interests in Joint Ventures 
IAS 32: Financial Instruments: Presentation (Financial 
instruments disclosures are in IFRS 7 Financial 
Instruments: Disclosures, and no longer in IAS 32) 
IAS 33: Earnings Per Share 
IAS 34: Interim Financial Reporting 
IAS 36: Impairment of Assets 
IAS 37: Provisions, Contingent Liabilities and Contingent 
Assets 
IAS 38: Intangible Assets  
IAS 39: Financial Instruments: Recognition and Measurement 
IAS 40: Investment Property 
IAS 41: Agriculture 

List of Interpretations
Preface to International Financial Reporting 
Interpretations  
IFRIC 1 Changes in Existing Decommissioning, Restoration 
and Similar Liabilities 
IFRIC 7 Approach under IAS 29 Financial Reporting in 
Hyperinflationary Economies (Issued February 2006) 
IFRIC 8 Scope of IFRS 2 (Issued February 2006) 
IFRIC 9 Reassessment of Embedded Derivatives (Issued April 
2006) 
IFRIC 10 Interim Financial Reporting and Impairment (Issued 
November 2006) 
IFRIC 11 IFRS 2-Group and Treasury Share Transactions 
(Issued November 2006) 
IFRIC 12 Service Concession Arrangements (Issued November 
2006) 
SIC 7 Introduction of the Euro (Updated to January 2006) 
SIC 10 Government Assistance-No Specific Relation to 
Operating Activities (Updated to January 2006) 
SIC 12 Consolidation-Special Purpose Entities (Updated to 
January 2006) 
SIC 13 Jointly Controlled Entities-Non-Monetary 
Contributions by Venturers (Updated to January 2006) 
SIC 15 Operating Leases-Incentives (Updated to January 
2006) 
SIC 21 Income Taxes-Recovery of Revalued Non-Depreciable 
Assets (Updated to January 2006) 
SIC 25 Income Taxes-Changes in the Tax Status of an Entity 
or its Shareholders (Updated to January 2006) 
SIC 27 Evaluating the Substance of Transactions Involving 
the Legal Form of a Lease (Updated to January 2006) 
SIC 29 Disclosure-Service Concession Arrangements (Updated 
to January 2006) 
SIC 31 Revenue-Barter Transactions Involving Advertising 
Services (Updated to January 2006) 
SIC 32 Intangible Assets-Web Site Costs (Updated to January 
2006)