Fire your tax related queries and i would get it solved!!!

[diosys]

Hello all.

Hi Anurag...you have any query ???

 

[INDU1]

Hi ,

Have gone through your thread and found it very informative and found answers to many of my queries.

I am looking for a accounting software for f & O trading which is acceptable in case I have to get my accounts audited.I found one from Direct shares made by Pitch technologies.Any Views?

Keep up the good work.

Regards
Indu

 

[diosys]

Hi ,

Have gone through your thread and found it very informative and found answers to many of my queries.

I am looking for a accounting software for f & O trading which is acceptable in case I have to get my accounts audited.I found one from Direct shares made by Pitch technologies.Any Views?

Keep up the good work.

Regards
Indu

Hi Indu....Thank you for the appreciation.

According to me maintain your accounts in Tally software....Why i say so is two...First...its cheap...Second the manpower to feed in tally woul be easily and cheaply available across India...

According to me to feed in tally it is the best...I myself do my accounting in tally...

FURTHER i would like to STRONGLY STRONGLY like to put forward my view to everyone...PLEASE PLEASE maintain regular books of accounts....EVEN if your audit is to be done or not !!!

 

[diosys]

hi sir,want to know one thing I am starting my trading from monday .Need blessings of you all the seniours and want to know how to keep my a/cs for tax purpose as I know and hav faith that I will surely earn in this gold mine(STOCK MARKET)
hope to recieve a valid reply here sir

Hi Lucky,

All the best in your endeavor...

before i answer your query you would need to answer my one question...Are you from commerce background ?? If yes, then buy tally and do it yourself BUT if not then hire any part time accountant and he would know what is required to be done...Prefer to get your books made through a computer sofwtare (for easy manipulations )

 

[TFL]

Hi Indu....Thank you for the appreciation.

According to me maintain your accounts in Tally software....Why i say so is two...First...its cheap...Second the manpower to feed in tally woul be easily and cheaply available across India...

According to me to feed in tally it is the best...I myself do my accounting in tally...

FURTHER i would like to STRONGLY STRONGLY like to put forward my view to everyone...PLEASE PLEASE maintain regular books of accounts....EVEN if your audit is to be done or not !!!

Diosys,

The thread and your presence is driving more interests here...

I think it's time to get deep into the things you said...
What you mean by regular books? Can you add an image of the structure of an accounting book? Also It will be fine if you can adda screen shot of your tally accounting page...

Hari.

 

[diosys]

Diosys,

The thread and your presence is driving more interests here...

I think it's time to get deep into the things you said...
What you mean by regular books? Can you add an image of the structure of an accounting book? Also It will be fine if you can adda screen shot of your tally accounting page...

Hari.

Dear Hari,

Regular account books have been prescribed in Income Tax Act as Ledger, Daybook and Cash book along with vouchers, bills etc. It means that you need to maintain books on a daily basis of all your expenses made...Be it general home expenses and other income entries... All should be in the books of accounts...So that in future an issue should not arise that there is black money with you...(Even if you have !!! )

Tally is a very nice, simple and cheap accounting software...it can be located at www.tallysolutions.co.in and a trial version can be downloaded. It just needs a debit and a corresponding credit to generate all types of account books you need to taxation purposes...Plus as i said manipulations in computer books is much easier to do rather than in manual book maintained.

 

[INDU1]

Thanks a lot.Already maintaining accounts in Tally but the same is time consuming.
Regards
Indu

 

[diosys]

Thanks a lot.Already maintaining accounts in Tally but the same is time consuming.
Regards
Indu

Why Indu ??? I myself maintain it in tally and find it really convenient... Takes me about 10 min for a weeks entry...

 

[diosys]

Thank you sir
I have just completed my B.Com Hons Know lil bit about accounts
Accounting software can you suggest me any????
Thnk you sir very much

Dear,

Use Tally.

Only being Bcom might not help you unless and until you are very clear with accounting entries....I would suggest hire a part time accountant...

 

[INDU1]

Dear Diosys,

Would appreciate your views on the following.

My mothers mother(NANI) wants to give gift by cheque alongwith gift deed to the following:
1.My mother( Her Daughter)
2. My father(her son in law)
3.Myself and brother(her daughters children who are major)

To whom she can give gift and in which case will the clubbing provision be attracted?All the above are income tax payee and are regularly filling their return.

I also understand that if mother in law gifts to her daughter in law then clubbing provision is attracted on the income arising from such gifts.But in case she gifts her jewelery what would be the provision.

Regards

Indu