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Friday, July 27, 2012

Which ITR Form is applicable to you?


Which ITR Form is applicable to you?
With the introduction of new income tax return forms based on nature of income earned during the year, one needs to know relevance of each return form and select the right form.
For an individual, four forms have been introduced, the details of which are as under:
Form No.
Applicability
ITR – 1
Meant for Individuals, who have
a) Income from salaryb) Interest income (taxable / exempt)c) Family pensiond) Income from agricultural activities
In other words, this form is not applicable in the following situations:
a) Individual having any income (taxable / exempt) other than mentioned aboveb) Any brought forward loss of earlier yearsc) Any income of other person to be included
ITR – 2
Individuals / HUF not having any income on account of carrying out business / profession or on account of being a partner in a partnership firm.
ITR – 3
Individuals / HUF who are partner in a partnership firm and does not carry out any other separate business / profession.
ITR - 4
Individuals / HUF who is carrying out business / profession under a proprietary concern.
Last date for filing tax returns
The last date for filing return of income for the year ended March 31, 2007 is July 31, 2007 and for individuals who are required to get their books of accounts audited under the Income Tax Act, it is October 31, 2007.

Tuesday, July 24, 2012

(Income tax rates for the financial year 2011-2012)


Applicable Income tax rates for Indian individual persons (Men/HUF) having age less than 60


Income from all sources
Income tax rate ( Percentage )
Applicable Education cess on Income tax  ( percentage )
Effective tax rate
0 to 180000
0
0
0
180001 to 500000
10
3
10.3
500001 to 800000
20
3
20.6
800001 and above
30
3
30.6







Applicable Income tax rates for Indian individual women having age less than 60


Income from all sources
Income tax rate ( Percentage )
Applicable Education cess on Income tax  ( percentage )
Effective tax rate
0 to 190000
0
0
0
190001 to 500000
10
3
10.3
500001 to 800000
20
3
20.6
800001 and above
30
3
30.6

Applicable Income tax rates for Indian individual persons having age more than 60 and less than 80 (Senior citizens)


Income from all sources
Income tax rate ( Percentage )
Applicable Education cess on Income tax  ( percentage )
Effective tax rate
0 to 250000
0
0
0
250001 to 500000
10
3
10.3
500001 to 800000
20
3
20.6
800001 and above
30
3
30.6

Applicable Income tax rates for Indian individual persons having age more than 80 (Very Senior citizens)


Income from all sources
Income tax rate ( Percentage )
Applicable Education cess on Income tax  ( percentage )
Effective tax rate
0 to 500000
0
0
0
500001 to 800000
20
3
20.6
800001 and above
30
3
30.6

Thursday, July 19, 2012

ROC


DOCUMENTS / FORMS REQUIRED TO BE FILED WITH ROC AND FILING FEE DETAILS:
FILING FEE is as per Schedule X to the Companies Act,1956 reproduced at the end of this Guidelines.
A. Document / Form Required to be filed for Names Availability (Before Incorporation): 
Document
Name
Event for  which form is  required to be filed
Due date of Filing
 Required Fee
Form 1 A
Availability of Name for a New Company
     NA
     Rs 500

B.  Documents / Forms Required at the time of Incorporation
Document
Name
Event for  which form is  required to be filed
Due date of Filing
 Required Fee
(REFER SCH. X TO THE COMPANIES ACT, 1956.
Form 1
Registration of Company
At the time of New Incorporation
Based on Authorised capital
Form 18
Details of  registered office of the Company
At the time of  New Incorporation
Based on Authorised capital
Form  29
Consent as a Director
At the time of  New Incorporation
Based on Authorised capital
Form 32
Appointment of a Director
At the time of  New Incorporation
Based on Authorised capital
AOA
Ariticle of Association
At the time of  New Incorporation
Based on Authorised capital
MOA
Memorandum of Association
At the time of  New Incorporation
Based on Authorised capital

C. DOCUMENTS / FORMS REQUIRED AFTER INCORPORATION:

Form Name
Event for which form is required to submit 
Due date of filing
Whether fixed rate of additional fee is required as per Table 1b
FORM 18
Registred office Change Notice
With in 30 Days of event
Y
FORM 29
Consent to act as Director
With in 30 Days of event
Y
FORM 32
Changes In Director /Manager
With in 30 Days of eveny
Y
FORM 5
Increase in Share Capital /Members
With in 30 days of event
Y
FORM 23
Registration of Resoultation / Agreement
Witn in 30 days of event
Y
SCHEDLE V
Annual Return
Within 60 Days of AGM
Y
SCHEDULE VI
Balance Sheet and Profit & Loss Account
Within 30 Days of AGM
Y
FORM 8
Creation / Modification of Charges
Within 30 days of event
Y
FORM 13
Register of Charges
NA
N
FORM 17
Memorandum & Complete Statisfication of Charges
Within 30 Daya of event
Y
SHEDULE IV
Satement in Lieu of Prospectus

Y
FORM 7C
TIme extension of Share Transfer
NA
N
FORM 21
Notice of Court / CLB Order

NA




FORM 2
Return of Allotment
Within 30 days of event
Y
FORM 7B
Share Transfer form
NA
N
FORM U/S 43A
Conversion of Public to Private application

N
FORM 22
Statutory Report of a Public Comapny
With in 30 days of event
Y
FORM 55
Charge Created by a foreign company
With in 30 days of event
Y
FORM 3
Particular of Contract  Relating to Share alloted for considration on than cash
With in 30 days from event
Y
FORM 10
Particulars of Series of Debentures
With in 30 days from event
Y
FORM 20 A
Commencement of New Business Declaration of Compliance
With in 30 days from event
Y
FORM 23AA
Address at which Books of Accounts of Company are maintained
With in 30 days from event
Y
FORM 1AA
Director/Person responsible under section 5(f/g)
With in 30 days from event
Y
FORM 1AB
Consent of the Person under section  5(f/g) of charged by the Board with responsibility
With in 30 days from event
Y
FORM 1AC
Withdrawl of Consent by Person / Director  under section 5(f/g)
With in 30 days from event
Y
FORM 15
Notice of Appointment of / Appointment of reveiver/Manager
With in 30 days from event
Y

D. ADDITIONAL FILING FEE FOR DELAYED DOCUMENTS / FORMS U/S 611(2)

(w.e.f. 1-5-1995.)

Period of Delay
Fixed Rate of Additional Fee
Form 5 Under Section 97 increase in authorised capital
-
a.Upto one yeart
2 % per month  one the fee payable under para 1.3 or II ,II of Sch, X as the case may be
b.More than one year
2.5 % per month on the fee payable under para 1.3 or II ,XI of Sch ,X as the case may be
Other Documents
-
Upto one month
1 Time of normal filing fee
More than one month upto 3 month
2 Times of normal filing fee
More than 3 month upto 6 months
4 Times of normal filing fee
More than 6 months upto 1 year
6 Times of normal filing fee
More than 1 year upto 2 year
8 Times of normal filing fee
More than 2 years
9 Times of normal filing fee



E. NORMAL FILING FEE: SCHEDULE X TO THE COMPANIES ACT, 1956: