Question { 5588 }

how do we pass the Entry for Depreciation?

Answer

First Entery

asseset a/c Dr.
Depreciatin a/c Cr.
(Being depreciating charged on assets)

Second Entery

Depreciatin A/c Dr.
P&L A/c
(being depreciation t/f to profit and loss ac)

Question { 7373 }

My firm issues a cheque for Rs 28000/- today towards
Advocate fees to Adv. Mr X. After three months the same Adv.
Mr X is paid Rs 25000/- as Adv.fees. How do I handle the tax
part u/s 194J of the I.T.Act? Do I have to pay TDS on the
first paid Rs 28000/- or ignore, or while paying him the 2nd
cheque deduct tax on Rs 28000/+ Rs25000/= i.e., Rs 53000/=.
Or on the other hand also pay Interest on TDS on Rs 28000/=
for delaying the payment? Trust the issue is crystal clear?

Answer

i think in this situation when Cheque of Rs. 28000.00 is
issued. it is below of threshold limt that is Rs. 30000.00
in this situation tds is not deduct because 28000.oo is
less thein 30000.

But after three month a another payment is realesd of rs.
25000. now here the total payment is become rs. 53000.00
( i.e. 28000.00+25000.00) now this amount is cross the
threshold limt( i.e. rs.30000). Now the TDS Will be deduct
on rs. 53000.00 plus interst is charges for late payment of
TDS on 28000.00

Question { 4721 }

Why do you want to work as an accountant?

Answer

its my hobby.

Question { 4901 }

i am working in a construction company. my question is can
we claim VAT paid on items like (i. e . Vat paid on
stationery, purchase of printer catridge etc exp for
official use. indirect exp.) ?

Answer

thanks

Question { 2992 }

Hi,

Is there limit of applicablity of excise payment for any
orgnization...??
what is date of excise payment..??
Excise return date & what procedure & how to take benifit
availing service tax in excise return..?
What form reuire for Excise Return..??

Answer

an excies tax is a type of tax charges on googs produced
with in the countery. It is a tax on production or sale of
Goods this tax is known as the central valuadded tax (
Cenvet)

this tax is paid by every manufacture on his production.
( except Exempted goods)

The payment date for excise tax is 5th of every following
month.( challan GAR-7 used for payment)

and the excise return date is 10th of every following month.
(except SSI)

Form 1- monthly return used by Large Unites.
Form 2- monthly return used By Export oriented units.
Form 3- Quarterly return used by SSI.
Form 4- for anual return.

We can clain only input excise tax against Output excise
tax. i.e. Excise Tax = out put excise - input excise

Rate of Excise tax is change Product to Product.
But it is on most of the product is ( 12.36%) 12%+2%+1%

Question { 3392 }

cash transaction in a year up to Rs.20,000/- that rule under
sec.40-A. It may be any revised rule updated. Please inform me
anybody, and also suppose giving cash/cheque it is possible.

Answer

Cash payment in a singal day to party should not be
morethen rs. 20000/-, however payment is being made for
hiring ro leasing ( transportation) , the limit is 35000/-


if payment is more then 20000/- will disalloued. and deemed
as profit.

Question { 3420 }

CAN WE SUBMIT SERVICE TAX CHALLAN MORE THEN ONE IN A MONTH

Answer

why not, by chcance if you miss to deposit service tax on
sume bills then you can deposit service the same in another
challan.

Question { 3549 }

I m working in NGO. we have taken loan from a person or other
project in march and returned in may. So what are the
entries in tally should be. what are the ledgers to be
created and under which group? what are the journal entries?

Answer

1) When loan Received.

Cash/Bank a/c Dr.
Mr. Loan and company.(assumed name) Cr.
( Ledger Under loan liabilitY)
Being loan amount received.

2) When return.

Mr. loan and Company Dr.
Cash/ Bank a/c Cr.
(Being loan amount returned)

Question { 10184 }

How to take the closing balances of all ledgers into next
financial year as opening balances in tally?

Answer

i think you should use the feacher "split data" in tally.
it will transfer all the closing ledger balances to new
financial year.

Question { 3311 }

Dear Sir,

We are running a security agency. Please suggest us
Notification No.:15/2012 service Tax dated 17.03.12 which is
effected from 01.07.12

Please suggest how to raise bill on our clients.

Answer

serice tax increase from 10.30% to 12.36%.

so you should charge 12.36 % in you bill as service tax
instued of 10.30%

Question { Banking, 6864 }

sir, i m working in an ngo as accountant but new. pleas
clear my doubt in tally. suppose 'a' salary is 5000. he
taken 3000 advance from salary and not returned. i paid a
cheque next month rest 2000. 'b' salary is 10000, taken 5000
advance from salary and returned so i paid him 10000 total
salary. what all to do in tally. is the following procedure
is ok or not?

Answer

Case A : paid rs.3000 as advacne and salary is Rs. 5000.00

entry when paid advacne.

Mr. X ( assumed name) dr. 3000.00
Cash/ Bank A/c cr. 3000.00
( being cash paid as advance against salary)

When salary paid

Salary Expenses dr. 5000.00
Mr. X Cr. 3000.00
Bank A/c Cr. 2000.00
( being salary paid to mr. X after adjusting advance
rs.3000)

Case B : Paid Rs. 5000 as advace and salary is rs. 10000.

when paid advace

Mr. Y ( assumend name) Dr. 5000.00
Cash/bank a/c Cr. 5000.00
( Being paid advance)

when advence amonunt returend entery is


Cash/ bank A/c Dr. 5000.00
Mr. Y Cr. 5000.00
(Being amount refunded by Mr. y against advance)

When Salary is paid

Salary expensesa/c Dr. 10000.00
Cash/ bank a/c Cr. 10000.00
(Being salary paid to mr. Y for the month of ________)

Question { Amara Raja, 10409 }

what is the rate of income tax, if a person gets 200000 per
annum, what are entries in tally? what is the income tax to
be deducted?

Answer

Rate For Tax as ( Union Budget 2012-13)( for All
individuals)
Up to 200000 tax is - nill
Rs. 200001 to 500000 -10%
Rs. 500001 to 1000000 -20%
Above Rs. 1000000 -30%

as Abobe Tax Rate Slabe Rs. 200000/- come under Tax free
Limit. So No Tax and TDs will Deduct or Charged.

Question { Amara Raja, 7803 }

ANY differenece between income tax and tds

Answer

TDS is part of income Tax. TDS is advace payment of incone
Tax.

Question { 4295 }

what do u mean by excise duty?

Answer

Excise duty is charged on every goods manufacturing in
india. except exempted goods.

Question { 3629 }

What are write off entries to be passed say if im having payable of Rs. 400
standing in the balance sheet and I want to write it off...

Answer

payable a/c. dr. - 400

profit and loss a/c. cr.- 400