Jodhpurwala Ironcraft

KNOWLEDGE PORTAL
1. Service Tax Rate & Time limit
2. Reverse Charge Mechanism
3. Work Contract Services
4. Place of provision service rules, 2012
5. Abatements & Exemptions

SERVICES PROVIDED
1. Checklist of documents required
A. Service Tax Registration
B. Service Tax return
2. Terms & Conditions

KNOWLEDGE PORTAL
1. TDS Provisions
2. Income Tax Slab & rates
3. E-Filing of Tax Audit
4. Tax Audit Limit
5. ITR Forms & Return Filing time limits
6. Gift Provisions
7. Agriculture Income

SERVICES PROVIDED
1. Checklist of documents requiredA. Income tax return

B. TAN Application

C. TDS Return
2.  Terms & Conditions

SERVICES PROVIDED
1. Checklist of documents requiredA. Income tax return

B. TAN Application

C. TDS Return
2.  Terms & ConditionsWHO IS REQUIRED TO OBTAIN PERMANENT ACCOUNT NUMBER (PAN)

Every person whose total income, exceeds `2,00,000/- or carrying on business/profession whose turnover is likely to exceed `5 lakhs or charitable trust or specified classes of persons in notification issued by Govt. and persons from whose income, tax is deductible at source.

DOCUMENTS PERTAINING TO TRANSACTIONS WHERE PAN SHOULD BE QUOTED

    Sale or purchase of any immovable property valued at `5 lakhs or more.
    At the time of registration of sale or purchase of motor vehicle.
    Payments to hotels/restaurants of `25, 000/- or more at one time.
    Making an application for installation of telephone / cell phone.
    A contract of `1 lakh or more for purchase or sale of securities.
    A time deposit exceeding `50, 000/- with Banks or Post Office Saving Bank.
    Opening an account with Bank.
    TDS Certificates issued by Tax deductor.
    In all tax documents or correspondence.
    Making an application for credit/debit card.
    Purchase of units/shares/debentures of mutual fund or company / RBI bonds exceeding `50,000/-.
    Deposit of `50,000 or more in cash with Bank or purchase of Bank draft/pay order/Banker’s cheque from bank in single Day.
    Payment of premium exceeding ` 50,000 on LIP during the year.
    Purchase of bullion or jewellery exceeding ` 5 lakhs at one time.

ACCOUNTING CONCEPTS

Accounting concept refers to the basic assumptions and rules and principles which work as the basis of recording of business transactions and preparing accounts. In order to maintain uniformity and consistency in preparing and maintaining books of accounts, certain rules or principles have been evolved. These rules/principles are classified as concepts and conventions. These are foundations of preparing and maintaining accounting records. Here are following various accounting concepts, their meaning and significance:-

    1.    Business entity concept

This concept assumes that, for accounting purposes, the business enterprise and its owners are two separate independent entities. Thus, the business and personal transactions of its owner are separate.

Significance

    This concept helps in ascertaining the profit of the business as only the business expenses and revenues are recorded and all the private and personal expenses are ignored.
    This concept restraints accountant from recording of owner’s private/ personal transactions.
    It also facilitates the recording and reporting of business transactions from the business point of view l It is the very basis of accounting concepts, conventions and principles.

    2.    Money measurement concept

This concept assumes that all business transactions must be in terms of money, that is in the currency of a country. Thus, as per the money measurement concept, transactions which can be expressed in terms of money are recorded in the books of accounts.

Significance

    This concept guides accountants what to record and what not to record.
    It helps in recording business transactions uniformly.
    If all the business transactions are expressed in monetary terms, it will be easy to understand the accounts prepared by the business enterprise.
    It facilitates comparison of business performance of two different periods of the same firm or of the two different firms for the same period.

    3.    Going concern concept

This concept states that a business firm will continue to carry on its activities for an indefinite period of time. It means that every business entity has continuity of life. Thus, it will not be dissolved in the near future. This is an important assumption of accounting, as it provides a basis for showing the value of assets in the balance sheet.

Significance

    This concept facilitates preparation of financial statements.
    On the basis of this concept, depreciation is charged on the fixed asset.
     It is of great help to the investors, because, it assures them that they will continue to get income on their investments.
     In the absence of this concept, the cost of a fixed asset will be treated as an expense in the year of its purchase.
     A business is judged for its capacity to earn profits in future.

    4.    Accounting period concept

All the transactions are recorded in the books of accounts on the assumption that profits on these transactions are to be ascertained for a specified period. This is known as accounting period concept. Thus, this concept requires that a balance sheet and profit and loss account should be prepared at regular intervals.