Oct 302012
 
Tax Collected at Source (TCS)
TCS is the tax collected by the Seller from the Buyer of goods at the time of debiting of amount payable by buyer to the account of the buyer or at the time of receipt of such amount from the said buyer by way of cash, cheque, demand draft or any other mode whichever is earlier for the sales of prescribed goods as per Section 206C (1) for business purposes and not for personal use.
The goods which are covered under TCS are listed along with their rates.

Nature of Goods

Rates

Alcoholic Liquor for human consumption

1

Tendu Leaves

5

Timber obtained under a forest lease

2.5

Timber obtained by any mode other than under a forest lease

2.5

Any other forest produce not
being Timber or Tendu Leaves

2.5

Scrap

1


Seller
Following persons are covered as mentioned,
  1. State & Central Government,
  2. Local Authority or Corporation,
  3. Company, Firm or Society
  4. Individual or Hindu Undivided Family (HUF),  if covered under Sec 44AB (Mandatory Audit)

Buyer

Buyer means a person who obtains in any sale, by way of auction, tender or any other mode, goods of the nature specified in the above table or the right to receive any such goods.

but does not include,

  1. A Public Sector Company
  2. The Central Government
  3. A State Government
  4. A Embassy, a High Commission, Legation, Commission, Consulate and the Trade representation, of a Foreign State and a club; or
  5. A Buyer in the retail sale of such goods purchased by him for personal consumption

Tax Collected at Lower Rate

  1. A Buyer can apply to his Assessing Officer for Tax Collection at lower rate.
  2. On receiving such application by the Buyer, Assessing Office , if satisfied can give him a certificate for collection of tax at lower rate. This rate is a for specific seller, whose name is mentioned in the certificate & not applicable to any seller for the purchase of goods specified above.

Exemption

TCS is exempted in following scenarios,

  1. If goods are bought for personal consumption.
  2. The buyer who buys specified goods for manufacturing, processing or production and not for the purpose of trading, no tax would be collected, in such case the buyer submits declaration in Form 27C  to Seller

Deposits & Certificates

The Seller deposits the TCS Amount in Challan 281 within 7 days from the last day of the month in which tax is collected. TCS Certificate in Form 27D is issued to Buyer. It should contain the name of the Seller & Buyer, TAN, and PAN, what sum of tax collected by seller, date of collection, the rate of tax applied on it & other such particulars as may be prescribed.

Quarterly Return

The Seller who has collected and deposited the TCS Amount, Quarterly Return has to be filed in Form 27EQ in Electronic Format in the NSDL format.

Due date for Filing TCS Return

            Return

                  Due Date

First Quarter

On or before 15th July

Second Quarter

On or before 15th October

Third Quarter

On or before 15th January

Fourth Quarter

On or before  30th April

Oct 192012
 

Audit is the task of careful and in detail checking or examining of cost & financial statements from company or organization to make sure that they are correct and complete, or a report that showing the results of this check.

Financial Audit is the examination of financial records and business accounts by an independent body which is conducted for compliance, taxation or for disclosure purposes and ensures high accuracy in the given reports.

Cost Audit is the verification of accounts and cost records, and a careful compliance to cost accounting process.

Difference between Financial Audit and Cost Audit

Financial Audit Cost Audit
1. Financial audit is mandatory for all companies  registered under Companies Act, 1956. Only in case of companies involved into manufacture or mining business and required to maintain Cost Accounts as per Section 209.
2. The financial audit is done to report on the financial data, consisting of a statement of balance sheet and profit and loss to ensure fairness of business perspectives. Cost audit is done to certify after careful examination or checking of reports on expenditure made on production of intended items.
3. Financial Auditor is appointed by shareholders. Cost Auditor is appointed by the board of directors with the previous approval of the Central Government.
4. Financial audit is mandatory to be conducted every year. Cost Audit is conducted in a year in which audit is required by the government.
5. Financial audit is done or conducted as per the demand of the shareholders. Cost audit is done when government or industrial organization proposes to make an audit.
6. Financial auditor has to check or examine carefully and in detail the exact value of closing the stock for the purpose of balance sheet. In cost, audit the auditor has to see whether there is sufficient stock maintaining in order to fulfill the needs of the business concern.
7. The financial auditors have to give their remarks about the exact expenditures shown on the record. The cost auditors have to give their remarks about how correctly or wisely the decisions have been taken in production of items.
8. The finance auditor submits the report in annual general meeting organized by shareholders. Cost auditor submits the report to the company and central government within 180 days from the end of financial year.

 

Oct 192012
 

e-TDS Software for Filing e-TDS Returns

TDS or Tax Deducted at Source is the direct and compulsory tax component that is deducted from the salaries of employed people who draw a salary above the minimum level decided by the government. This is calculated on fixed percentage of the salary of the person. However, since different people may have different salary structures, the task of arriving at the figure becomes all the more challenging for the accounts department. It is in this aspect that the TDS software takes the load off the shoulder of the accounts department.

Once the company has the TDS Management software installed in their systems, the calculation of the TDS is carried out with the least bother. This software also helps people to calculate TDS under the various heads of the Income Tax Act. Some of the different heads are interest on securities, payments to contractors, rent, fees to professionals, etc.

The e-TDS software offers you a time-saving, an efficient solution to generate quarterly TDS statements. With the help of e-TDS software you can generate quarterly statement in form 24Q, form 26Q,  form 27Q, and form 27EQ. You need to file e-TDS or e-TCS return as per e-filing Administrator’s data format (NSDL). The FVU is used to validate e-TDS or e-TCS returns.

The e-TDS software can help you import data from Accounting Software / ERP or can be imported from Text file or MS-Excel files or FVU file. Various MIS reports can be generated like challan wise, payments details, list of deductee / party with details like addresses, PAN etc. The software also help you keeps information related to deductor such as TAN or PAN, BSR codes, MICR codes etc. You can make online tax payment and generate Challan. You can download TDS certificates Form16 & Form16A automatically from the NSDL website on a click of a button. The e-TDS Software also has the advanced facility of emailing digitally signed Form 16 or Form 16A.

e-TDS software also generate Revised Statements related to

a. Update deductor details such as Name, Address of Deductor.
b. Update challan details such as challan serial no., BSR code, challan tender date, challan amounts etc.
c. Update/delete /add deductee details.
d. Add / delete salary detail records.
e. Update PAN of the deductee or employee in deductee/salary details.
f. Add a new challan and underlying deductees.

With the help of the software you can generate NIL returns just with a click of a button. There are facilities of data backup & restore facilities as and when you need. There is an option available to export the MIS reports in PDF, Word or Excel format.

For more details on TDS Management Software, Please visit us at http://www.sensysindia.com

Oct 122012
 

A Window to Online Payroll  Management

Payroll Software as a Service is an Online Solutions that takes care of all your HR Mechanism which covers employee Management, Payroll Processing, Employee Self Service, Online Leave Application, Recruitment, Performance Management etc.  You can have instant access to payroll system 24/7 from anywhere, any time via internet as far as Software as a Service (SaaS) concept is concern. If you are planning to hire payroll functions, but wish to retain control over the payroll in-house, then Payroll Software as a service is the perfect solution to meet your exact requirements.

Online Payroll Software as a Service which reduces overhead and increases efficiency for complete payroll management to individuals, Payroll Consultants & all small, medium and large business enterprises.  Online Payroll Software as a Service is an instrumental catalyst and adds a fuel to the growth of companies for easy administration related to accounting and management of employee’s payroll.

Advantages of Payroll Software as a Services (SaaS):

  1. No Huge upfront cost. Pay on monthly basis.
  2. No software or hardware to purchase, install or maintain.
  3. Free from worries of Data backup, viruses etc.
  4. Available 24 by 7.
  5. Reduces Employees queries & paper works to 90%.
  6. A more convenient and far less time-consuming method for an access to payroll.
  7. Automatically takes care of the updates related to statutory and legal compliance.
  8. It’s safe, secure, and guaranteed to be accurate.
  9. Focuses on core competency & drags your attention on the core business functions of the company giving you 100% peace of mind.

In Online Payroll Software as a Service, HR Professionals can use click-buttons to generate pay-slip, bank statements, statutory reports of PF, ESI and income tax reports.

Oct 122012
 

Electronic transfer of Salary

Today every company is using ultra-modern techniques of doing businesses. The company’s staff strength depends upon its expansion or network. Bigger the staff, bigger is the strain of handling documentation related to maintaining details of salary or loan taken by the employee.

Companies now have started using payroll software because of its smooth, fast and easy communication with their staff and maintaining their salary part. HR and Accounts department are responsible for the timely payment of salary to an employee. Payroll software puts a tab on Attendance and Leave which exactly help HR department to keep a track how much salary the employee is drawing for the number of days present. Salary Management has earlier been a formidable task but today companies using payroll software, find it very easy to check every transaction.

Now it has become possible that salaries can be transferred to an employee’s bank account directly and at any moment of time. The banks are now offering the wide range of benefits to its customers.

Pre-requisite for Salary Transfer

  • Employer should have a Corporate Account in the bank.
  • Every employee should have a Salary Account in the same bank.
  • On the pay date, bank transfer statement has to be submitted to the bank.
  • Bank on receipt of the bank statement, credits the salary to the respective account of employees.
  • Employees will get credit of the Salary into their account on the same day.

The companies can avail facility of electronic salary transfer for making a large payout to its staff in less time than expected.  For Salary transfer, payroll officials does not have to come to bank, they can make online salary transfer sitting at their workplace. The Company willing to do so must have details of Employees and the Account number provided by the bank which they can use while transferring the salaries.  So there is no necessity of issuing a cheque to the employee and the salary amount is safely reaching the employees bank account.

The Salary Transfer through bank enhances the companies work for more efficient administration of corporate financial transactions. Salary transfer is more rather cost saving than traditional payroll management.

Oct 102012
 

Fund Transfer through NEFT

Nationwide electronic transfer means electronically operated mode of fund transfer by the individuals, firms or corporates involved into reciprocation of funds. RBI has issued a system for the banks and its customers to make speedy transaction. When two entities exchange some products or services, the financial transaction has got to happen.  Keeping in mind the massive amount work that needs to be handled every day, RBI determined to use NEFT, a mode for transferring fund electronically.

NEFT stands for National Electronic Funds Transfer which is an nation-wide account to account funds transfer system. Using NEFT, individuals, corporate, and firms can electronically make transfer of fund from any bank branch to any individual, or firm or corporate with an account in any other bank branch anywhere in the country.

The NEFT-operating entities can spread out their wings up to any location of the country. There is no specific limit to its expansion or extending its territory of network. RBI itself allows the banks to widen their network or the number of branches. Through NEFT there is no room for fraudulent encashment. There are manifold benefits of core-banking system which embrace NEFT system as part of banking solution. The remitter does not have to dispatch a cheque or demand draft to the beneficiary. There is no need to deposit documents or even visit his bank. The remittance proves the most affordable transaction. The remitter gets confirmation through SMS or email. All the transactions can be effected from his residence or workplace using internet banking interface.

IFSC or Indian financial system code has been provided by RBI to make transaction using NEFT. IFSC code which is found on RBI website identifies a certain branch of a bank. This code can also be enlisted from the bank branch where the entity has its account. And before making any financial transaction, this IFSC code is required.

The beneficiary is supposed to get credit for the first nine batches in business hours (i.e., transactions hours from 9 am to 5 pm) and the initial four batches on Saturdays (i.e., transactions from 9 am to 12 noon) on the same day. For transactions settled in the last two batches on week days (i.e., transactions settled in the 6 and 7 pm batches) and the last batch on Saturdays (i.e., transactions handled in the 1 pm batch) beneficiaries can expect to get credit either on the same day or on the next working day morning (depending on the type of facility enjoyed by the beneficiary with his bank).

After successful crediting of the amount to the beneficiary’s account, the bank where transaction took place is expected to send a confirmation to the originating customer or a remitter via SMS or e-mail along with date and time of transaction. At the time of transaction, the remitter must forward mobile number / e-mail-id to the branch.

The pre-requisite for fund transfer through NEFT need to be taken into consideration. Both originating bank and the destination bank should be NEFT-enabled. The remitter should carry details like name, account number, and the account type, and IFSC code at the time of transaction. For Net Banking customers, some banks have the facility to automatically pop-up IFSC code, once the name of the destination bank and the branch bank have been chosen.

Oct 052012
 

Buying a Payroll Software: Focus on!!

Employee’s Payroll Management has always been a challenge for both Large & Small companies. Small businesses have problems managing the payroll, as they simply do not have the capacity to do so. They have limited staff with tight schedules. Payroll management is just too time consuming and requires too much effort for the staff of a small company. Large companies encounter problems with Payroll Management because errors often occur in the tracking of data for thousands of employees.

There are several factors you need to consider when selecting a Payroll Management Software. Before you purchase payroll software, you had better take into consideration the user-friendliness of the software which offers the user joy of working and ensure that you are well familiar with the user interface of the software. Obviously, nobody would like to purchase complicated Payroll Management software which would harden payroll management.

A well designed and professional Payroll Management Software can easily take care of the calculation of Salary, PF, ESIC, PT, TDS, while it also ensures that all the things happen timely and the employees get their salary on the pay day. The greatest advantage of software to manage payroll related things is that it saves time and makes payroll less resource intensive. Where you need two to three people dedicatedly for payroll calculation monthly, this single software can manage it in quite less time.

Focus on!!

1. Modules Availability: Check for the Modules incorporated in the software like Employee Management, Salary Processing, Leave & Attendance, Online Leave Applications, Work flows, Online TDS Projections & Declarations, Reimbursements, Supplementary Payments, Publish News / Polls / Surveys / FAQ and analyze result, Employee Self Service Module, Recruitment, Training, Appraisal etc.

2. Payroll Components (Earnings & Deductions) : This feature lays emphasis on payroll’s vital function. Make sure the software has user defined earnings and deduction feature which is most necessary to your company. Look out for the software which is capable for user defined Earning and Deductions. This is simply for the reason that it is likely that there would be changes in your Salary Components / Structure in the near future.

3. Statutory Compliance: One of the biggest concerns of the company is that it has to be in compliance with the government rules and regulations. If you process your employees’ payroll, you had better take care of the payments of statutory head like PF, ESIC, Profession Tax and TDS on time, to avoid being landed yourself into huge Interest / penalty.

4. Integration with Attendance / Biometric Machine: This feature is practically going to save your time due to automated functioning of integration of Biometric / Attendance Machine with the payroll software. This is nothing but a real time integration of your attendance with your payroll system, so that no further need arises to manually punch the attendance data of employees manually in the payroll software. In fact, this will make the process of attendance tracking very easily and efficiently.

5. Integration with Accounting Software: Are you facing a difficulty of doing a data entry for the payroll records twice. If so then go for the software which has an in-built integration of Employees Payroll information with your Accounting software. This will allow you to import the data directly in the Accounting software. This will save time & minimize the data entry mistakes.

6. Simplified System: One of the criteria for buying the payroll software should be to see if it is Easy, User-friendly & flexible enough to handle all your Payroll requirements.

7. Quality Technical Client Support: Look for quality technical customer support when you choose a vendor for payroll software. When an error occurs in the payroll application, the most requisite help is the instant and efficient technical support from vendor who provided you with software. This means no nerve-racking wait on hold to speak with a representative who is hardly well-prepared to tell you everything about the software.

For more information and to take a free demo of EasyPAY – Payroll Management Software
Please visit http://www.sensysindia.com

Oct 052012
 

Source: Sensys Technologies Pvt. Ltd.
Friday 5th October 2012, 11.25 AM (IST)

Sensys Technologies Announces Launch of InstantXBRL 2012.
XBRL Filing Made Simple as per MCA Mandate.

Mumbai, India, Friday 5th October 2012.

Sensys Technologies Pvt. Ltd. is an eminent software development company in HR, Finance & Taxation arena. The company has been striving to meet modern day finance, taxation & accounting related needs in order to give a new trend-setting dimension to the business and boost the growth of the company. We aim at achieving complete client satisfaction & are building this company for the long term – a profitable company that is highly relevant to its clients, supportive of its people, and respected in the marketplace. Sensys Technologies is poised as an instrumental solution provider for every HR, Accounts and pool of professionals working for companies.

Sensys Technologies today announced the launch of InstantXBRL 2012. InstantXBRL software is working out solutions to bring transformation in the field of financial transaction in eXtensible Business Reporting Language (XBRL).  Earlier everything used to be manually filed. InstantXBRL is now helping professionals to transform statement data such as balance sheet, profit and loss statement, auditor’s report into an electronic media in the XBRL Format. The electronically transmitted financial data in XBRL format works as per the MCA Mandates.

Now Corporates, Chartered Accountants, Company Secretaries, Professionals find this tool as a dependable means for easy filing of Finacial Staments in XBRL format. In view to speeding up business reporting and analysis InstantXBRL in fact saves time from re-entry of data as it has Excel Template or Tagging by Drag & Drop facility from existing financial statements.  To get abreast with the latest business working ambience, all the business reporting including balance sheets, profit and loss statement is being done with InstantXBRL.

Today, experts who analyze, interpret or process internal management reports, financial statements in the financial fields prefer to avail themselves of InstantXBRL software and can be completely dependent for business reporting in XBRL. They can go for InstantXBRL to file their XBRL efficiently, more presentable & as per the MCA mandates in a given time-frame.

Core Functionalities:

– As per Revised Schedule VI & Cost Audit requirements.
3 ways to do Data Entry
a. Excel Template or
b. Tagging by Drag & Drop or
c. Direct Data entry

- Includes

- Balance Sheet and Profit & Loss (Form 23AC and 23ACA)
– Cost Audit Report & Compliance Report in XBRL format.
– Inbuilt Validations.


For more information and to take a free demo, please visit

http://www.sensysindia.com

http://www.instantxbrl.com

Media contact details

Safique Mohamed
+91 9769468105 / 91 9867307971
+91 22 66278651 / 52
Email: sfm@sensysindia.com

Oct 042012
 

The MCA has issued General Circular No.30/2012 Dated 28.09.2012, In order to ensure smooth filing and to avoid last minute rush, the due date of filing of e-forms 23AC (Non-XBRL) and 23ACA (Non XBRL) as per new schedule VI is extended in following manner without any additional fee :-

Company holding AGM or whose due date for holding AGM is on or before 20.09.2012, the time limit will be 03.11.2012 or due date of filing, which ever is later.

Company holding AGM or whose due date for holding AGM is on or after 21.09.2012, the time limit will be 22.11.2012 or due date of filing, which ever is later.

TO AVOID LAST MINUTE RUSH AND SYSTEM CONGESTION IN MCA21 KINDLY EXPEDITE FILING OF BALANCE SHEET AND ANNUAL RETURN WITHOUT WAITING FOR THE LAST DATE.

Further the Ministry vide General Circular No.31/2012 dated 28.09.2012 has extended the filing of e-form 23B without any additional fee till 23.12.2012 or due date of filing which ever is later. All are advised to file e-form 23B after 22.11.2012 to avoid system congestion.

Kindly Plan your Non-XBRL Filing accordingly.