TIPS TO BE AN EFFECTIVE ACCOUNTANT
CA CHANDRESH CHHEDA
CA CHANDRESH CHHEDA 1
TO PREPARE BOOKS OF ACCOUNTS ON THE
BASIS OF VOUCHERS AND OTHER RELEVANT
DOCUMENTARY EVIDENCE RESULTING INTO
PREPARATION OF FINAL ACCOUNTS i.e.
PROFIT & LOSS A/C AND BALANCE SHEET.
CA CHANDRESH CHHEDA 2
This is not enough for being an effective accountant…
CA CHANDRESH CHHEDA 3
UTMOST USE OF INFORMATION TECHNOLOGY
FOCUS ON RISK MANAGEMENT & INTERNAL
CA CHANDRESH CHHEDA 4
Income Tax (TDS Provisions)
CA CHANDRESH CHHEDA 5
INCOME TAX-TDS PROVISIONS
TDS RATE FOR F.Y. 2011-12
Nature of payment made to Resident Threshold Co/firm Indiv & If NO/
, co-op HUF Invalid
soc, L.A PAN
Sec Description Rate Rate Rate
194A Interest-payable by banks 10,000 10 10 20
Interest-payable by others 5,000 10 10 20
194B Wining from lotteries/crossword 10,000 30 30 30
194C Payment to contractor-single transaction 30,000 2 1 20
Payment to contractor- Aggregate during FY
75,000 2 1 20
194D Insurance commission 20,000 10 10 20
194H Commission/brokerage 5,000 10 10 20
194 I Rent 1,80,000 10 10 20
Rent-Plant/Machinery 1,80,000 2 2 20
CA CHANDRESH CHHEDA 6
Nature of payment made to Resident Threshold Co/firm, Indiv & If NO/
co-op soc, HUF Invalid
Sec Description Rate Rate Rate
194J Professional Fees 30,000 10 10 20
194 Dividends other than dividend 2,500 10 10 20
covered by sec 115-0
194BB Winning from horse races 5,000 30 30 30
194F Repurchase units by MFs 1,000 20 20 20
194G Commission –sale of lottery 1,000 10 10 20
Time of deposit of TDS
Description Time of deposit of TDS
Tax deducted by a person • where income or amount is paid or credited in the
other than Govt officer month of march : tax should be deposited by April 30
•Where income or amount is paid or credited before
March 1: Tax should be deposited within 7 days from the
end of the month in which tax is deducted.
CA CHANDRESH CHHEDA 7
TCS RATE CHART
Alcoholic liquor for human consumption 1
Timber obtained under a forest lease/ other mode, other forest produce 2.5
Parking lots, Toll Plaza Lease and Mine Quarry Lease 2
Tendu Leaves 5
NOTE: TCS has to be deposited within one week from the last day of the month in
which Tax is collected.
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Due Date For Payment For VAT
Tax Liability during P Y Periodicity Due Dates
Up to Rs. 60,000 Quarterly 22nd of the month
subsequent to the end of
Above Rs. 60,000 Monthly 22nd of subsequent
NOTE: if tax liability exceeds Rs.10 lacs ,compulsory E-Payment is required.
CA CHANDRESH CHHEDA 9
DUE DATE OF E-FILING RETURN
Traders Submitting MONTHLY returns
Those Paying TAX of Rs.5,000 or less In the concerned
month- within 30 days of the end of the MONTH.
Those paying TAX of more than Rs.5,000 –within 40
days of the end the MONTH.
Traders submitting Quarterly Return-45 days.
(As per notification dated 15/2/2011 W.e.f
DEC.2010 the above time limit as been
extended by one month more.)
CA CHANDRESH CHHEDA 10
DUE DATE FOR MANUAL FILING OF RETURNS
• For traders having lump sum payment
permission /whose TAX liability is less than
Rs.60,000-within 45 days of end of the quarter
• For all other traders not require to E-File –
within 30days of end of the Month.
• In Refund cases
• If Import/Export- Monthly
CA CHANDRESH CHHEDA 11
SERVICE TAX COMPLIANCE
PAYMENT OF SERVICE TAX
Individual, Proprietorship, Partnership Corporate Entities, Trust & Soieties
Value realized Due Date Value Realized Due Date
April to June 5th July March 31st March
July to September 5th October Other months 5th of succeeding
October to 5th January
January to march 31st march
if e-payment is done then effective due date will be 6th (up
to 8pm)of the succeeding month/quarter if Service Tax
Liability exceeds Rs. 10 Lakhs
. CA CHANDRESH CHHEDA 12
FILING OF ST-3 RETURNS
W.e.f period commencing from 1/4/2011 half
yearly returns are compulsorily require to be
Period Due Date
April to September 25th October
October to March 25th of April
CA CHANDRESH CHHEDA 13
EXCISE DUTY: PERIODICAL RETURNS
Form Description Who is require to file Time limit
ER-1 Monthly return by large units Manufacturers not eligible for 10th of following mth.
ER-2 Return by EOU EOU units 10th of following mth.
ER-3 Quarterly return by SSI Assesses availing SSI 20th of following qtr.
ER-4 Annual financial information Assesses paying duty of Rs. Annually, by 30th Nov. of
statement One crore or more per annum succeeding year.
through PLA .
ER-5 Information relating to principal Assesses paying duty of Rs. Annually, by 30th
inputs One crore or more per annum April of current year.
through PLA and
manufacturing goods under
specified tariff heading
ER-6 Monthly return of receipts & Assesses who is required to 10th of following month
consumption of each of submit ER-5 return
ER-7 Annual Install capacity All assessee Annually on or before
statement CA CHANDRESH CHHEDA 30th April. 14
Professional tax is to be paid by 30th sept. of relevant FY to
local authorities by businessmen on the following bases:
Particulars Amount of Professional TAX
Turnover less than Rs.2,50,000 NIL
Turnover Between Rs.2.5 to Rs.5.0 lacs 500
Turnover Between Rs.5.0 to Rs.10lacs 1250
Turnover above 10 lacs @
have to pay PT2400 Rs.2000 pa.
CA CHANDRESH CHHEDA 15
PROFESSIONAL TAX TO BE DEDUCTED
FROM SALARIES PAID TO THE
EMPLOYEES OF PRIVATE SECTOR
Salary limit Rate
1. Salary < Rs.3,000 NIL
2. Salary > Rs.3,000 but < Rs.6,000 Rs. 20 pre month
3. Salary > Rs.6,000 but < Rs.9,000 Rs. 80 pre month
4. Salary > Rs.9,000 but < Rs.12,000 Rs. 150 pre month
5. Salary > Rs.12,000 Rs. 200 pre month
CA CHANDRESH CHHEDA 16
PF, ESIC COMPLIANCE
Type Description Responsibility
PF 12% of Baisc+DA Employee
PF 12% of Baisc+DA Employer
Of which 8.33% or Max Rs.541 for Pension Fund
ESIC 1.75% of Wages Employee
ESIC 4.75% of Wages Employer
PF 1.1% of Basic+DA Employer
10th Payment of PF
21st Payment of ESIC
25th PF form 12A.
12th May ESIC from 5.
11th Nov ESIC from 5.
CA CHANDRESH CHHEDA 17
UTMOST USE OF INFORMATION
Wherever possible use of software's should be
Pay roll Accounting.
Stock- Quantitative records, etc.
CA CHANDRESH CHHEDA 18
FOCUS ON INTERNAL CONTROL
1. ANALYSING AND RECORDING
2. ADJUSTMENTS AND FINANCIAL
(ADJUSTING ENTRIES, ACCRUDE REVENUE,
ACCRUDE EXPENSES, UNEARNED REVENUES,
PREPAID EXPENSES, DEPRECIATION.)
CA CHANDRESH CHHEDA 19
3. COMPLETION OF ACCOUNTING CYCLE
(CLOSING ENTRIES, POST CLOSING TRIAL BALANCE,
REVERSING ENTRIES, CORRECTING ENTRIES.)
4. INTERNAL CONTROL WITH REGARDS;
OPERATING ASSETS (COST OF ASSET, DEP.,
IMPROVEMETNS, DISPOSAL OF ASSET, ETC. )
CA CHANDRESH CHHEDA 20
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