New Banking Bill

The Banking Amendment Bill is likely to be tabled in the Lok Sabah. The bill entails removing 10 percent voting ceiling in private sector banks. Three legislations are going to be possibly amended; the Banking Regulation Act of 1949, the Banking Companies Act of 1970 and the Banking companies Act of 1980.

Why is this important?

Once the Banking Amendment Bill comes through the Reserve Bank of India (RBI) will have more purviews over new banks, which will be formed. So, the banking amendment bill or the regulation needs to be made for RBI to issue the licenses.

Why This Taxveri di on petrol...

Petrol prices were raised again recently, by Rs. 7.5 and the hike leaves the country seething, except those that drive diesel cars. And to make the diesel owners wince a little, the government will decide the fate of that fuel too, in a meeting soon.

Budget creation in Tally.ERP 9

To create a Budget in Tally.ERP 9
Go to Gateway of Tally > Accounts Info > Budgets > Create
1. In the Budget Creation screen enter a Name for your budget.
2. Select from the List of Budgets for Under field. You can have a hierarchical setup for budgets. In the List of Budgets, Primary is at the top of the hierarchy and you can create more primary budgets. Sub-budgets can be created under Primary budgets.
3. Enter the period of the budget in the From and To fields. The period entered can be a month, a year or any other period.
4. In Set/Alter Budgets of, select
• Groups - To create a budget for a Group of ledger accounts.
• Ledgers - To create a budget for Ledgers.
• Cost Centres - To create a budget for Cost Centres.
5. Accept to save.
You can modify a budget, using the alter option.
Go to Gateway of Tally > Accounts Info > Budgets > Alter
1. In the Budget Alteration screen, modify the fields as required. Change the period or change budgets of Groups, Ledgers and Cost Centres.

Note: By default, Set/Alter Budgets is set to No. Set this option to Yes to alter

Microsoft Excel Tips

1. In cell A1 press <Ctrl ;> to insert today's date – press <Enter> or <down_arrow>

2. In cell A2 press <Ctrl Shift ;> to insert the current time – press <Enter> or <down_arrow>

3. Press <Ctrl spacebar> to select column A then <Ctrl d> to fill the whole column with today’s date

4. Press <Ctrl z> to [Undo] the last command then <Ctrl 0> to hide column A

5. Press <Ctrl Shift 0> to unhide the column then repeat step 2 to get the new current time

6. In cell A4 press <Alt => to sum up the two times (needless to say you wouldn’t normally sum times!)

7. Now press <Ctrl `> (the key in the top left corner) to show exactly what’s stored in the cells

Pass or fail and Grade in Excel

=IF(E1>=210,"pass","fail")    

     
         * E1 - Total cell

         * 210 - pass mark

=IF(E1>=500,"A+",IF(E1>=400,"A",IF(E1>=300,"B+",IF(E1<=300,"fail"))))

         

          * E1 - Total cell

          *      >500 = A+

              499 - 400 = A

              399 - 300 = B+

                < 300 = fail

About CA CPT

Chartered Accountancy is a challenging profession that offers practice or job opportunities in the areas of accounting, auditing, corporate finance, project evaluation, company and other business laws, taxation and corporate governance. The Chartered Accountancy Course and Profession in India is regulated by The Institute of Chartered Accountants of India (ICAI), New Delhi. The C. A. Course offered by ICAI is ranked at No. 2 worldwide. C. A. Course comprises of 3 Levels

1. Common Proficiency Test (CPT)   2. Integrated Professional Competence Course (IPCC)   3. C. A. Final

1. Common Proficiency Test (CPT)
In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test (Paper- Pencil Mode) will be held on 17th June, 2012, Sunday in two sessions as below,

         First session (morning session) 10.30 a.m. to 12.30 p.m. (IST)
                      Section A-Fundamentals of Accounting
                      Section B-Mercantile Laws

         Second session (afternoon session) 2.00 p.m. to 4.00 p.m. (IST)
                     Section C-General Economics
                     Section D-Quantitative Aptitude

What are the forms to be used for filing annual/quarterly TDS/TCS returns?

Form No	Particulars	Periodicity
Form 24	Annual return of "Salaries" under Section 206 of Income Tax Act, 1961	Annual
Form 26	Annual return of deduction of tax under section 206 of Income Tax Act, 1961 in respect of all payments other than "Salaries"	Annual
Form 27	Statement of deduction of tax from interest, dividend or any other sum payable to certain persons	Quarterly
Form 27E	Annual return of collection of tax under section 206C of Income Tax Act, 1961	Annual
Form 24Q	Quarterly statement for tax deducted at source from "Salaries"	Quarterly
Form 26Q	Quarterly statement of tax deducted at source in respect of all payments other than "Salaries"	Quarterly
Form 27Q	Quarterly statement of deduction of tax from interest, dividend or any other sum payable to non-residents	Quarterly
Form 27EQ	Quarterly statement of collection of tax at source