Answer Posted / mohan

TDS is statutory obligation improved by Income Tax Laws on
each partnership firm/ Company.
The main motive of Govt. is to collect Income Tax at the
origin itself when payment is being made or expense bill is
accounted for (whichever is earlier).
TDS is applicable on various types of transactions viz.
Interest,Payment to Contractors,payment to
Consultants,Payment of Rent,Payment to Employees etc.
The rate of TDS varies for each of the above categories and
the rate of TDS also varies on the constitution of the
party we are dealing with (Corporate/ Non-corporate).
Further, TDS is liable to be deducted only when the amount
of payment exceeds minimum limit for TDS category in one
accounting year. Further in order to reduce hardship on
smaller contractors a provision is made under Income Tax
rules to levy reduced TDS rate for certain period on due
authorized letter.

what is the difference between Tally ERP and SAP FI ECC?

1997

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what are the aspects an auditor has to see when he/she is doing the Purchase,Sales and Journal Vouching

1493

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How to calculate closing stock? I have opening stock of 72 lacs (average costing without tax) and purchase of 49 lacs (with tax) and sales of 101 lacs (without tax). What is my closing stock then???? Should i add tax in sales? Where all should tax be included and where all should tax NOT be included? Right now i calculated => 72(no tax)+49(with tax)-101(no tax) = 20 lacs. IS this correct?

1862

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What z d diff of accounting principle,accounting standard,accounting rules,accounting procedures,accounting concepts??????

1883

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You use the accounts approach for parallel valuation in a new G/L system. If you used the ledger approach instead. Which objects would be different? ( any 3 answer) Chart of accounts Financial statement version Depreciation areas Asset classes Leading ledger

2813

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In case of new admission of partner what will be the adjustment for the sharing ratios

1608

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What is meant by consignment

1679

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total capital stock

1644

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What is difference between cash flow and funds flow?

1694

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types of inventory

1766

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is advance against FD or RD is treated as NPA .if EMI is not in scheduled . or classification of npa as per day is is made from sanction date or last payment date of repayment . please suggest me

1744

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1.how can carry forward the balance of ledgers to the next financial year in tally erp 9

1383

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EXPAND_________SDJMC

1910

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Truck # 3 has a list price of 16000. It is acquired in exchange for a computer system that company A caries in its inventory. The computer system cost 12000 and is normally sold by company A for 15200. Pass the journal for the same.

1621

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I am going to attend an interview for the post of jr. Accounts Officer in airport authority of india,pls help me to prepare for the interview??

1488

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