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

Income Tax Slab for Financial Year 2012-13

Income Tax Slab for Financial Year 2012-13
Assessment Year 2013-14
	Tax	Man	Women	Senior Citizen
	Rate	(In Rupees)	(In Rupees)	(In Rupees)
1	0.00%	Upto 2,00,000	Upto 2,00,000	Upto 2,50,000
2	10.00%	2,00,001 to 5,00,000	2,00,001 to 5,00,000	2,50,001 to 5,00,000
3	20.00%	5,00,001 to 10,00,000	5,00,001 to 10,00,000	5,00,001 to 10,00,000
4	30.00%	Above 10,00,000	Above 10,00,000	Above 10,00,000
Note :- 1) Surcharge is Nil and 3% Cess will be charged on Above Tax
2) Age of Senior Citizen is = 65 Years
3) Corporate Tax will be 30% and surcharge and cess will be Nil.
4) Befnefit of Rs. 1.50 Lakh for Interest on Housing Loan will be continued

Above Tax Slab will be applicable w.e.f. 01.04.2012

IV – Essay Questions (Answer Any Two Questions)

31)From the following balances extracted from the books of B.N Pai prepare departmental trading and general P&L account for the year ended 31st October 2011 and balance sheet as on that date after adjusting the unrealized departmental profits if any

		Dr	Cr
1. capital 2. land and building 3. furniture 4. opening stock 5. purchase 6. sales 7. general expenses 8. sundry debtors 9.sundry creditors 10.drawings 11.cash & bank	Dept A Dept B Dept A Dept B Dept A Dept B	125000 25000 30000 40000 1000000 1500000 1400000 200000 280000 1000000	300000 2000000 3200000 100000

Additional information

1) Closing stock dept A Rs 130000 including goods from dept B Rs 40000 at cost to dept A Dept B Rs 260000 including goods from dept A Rs 90000 at cost to Dept B

2) Sales of dept A includes transfer of goods to Dept B of the value of Rs 200000 and sales of dept B includes transfer of goods to dept A of the value of Rs. 300000 both at market price to transferor dept.

3) Opening stock of dept A & dept B includes goods of the value of Rs 10000 and Rs 15000 taken from Dept B & Dept A respectively at cost to transferor Dept.

4) Depreciation land & building by 5% and furniture by 10% p.a.                          

       

(2 × 4 = 8 Weightage)

IV – Essay Questions (Answer Any Two Questions)

30)The following is the trial balance of Mr. Ramlal as at 31st Dec 2011

Dr                                            Cr

Ramlals capital                    --‐‐‐‐                                           86690

Stock as on 1st Jan 2011       46800                                    ‐‐‐‐‐

Sales                                       ‐‐‐‐‐‐                                        389600

Return inwards                     8600                                       ‐‐‐‐

Purchases                              321700                                   ‐‐‐‐

Return outwards                  - ‐‐‐‐                                        5800

Freight and carriage            18600                                     ‐‐‐‐

Rent and taxes                       5700                                       ‐‐‐‐

Salary and wages                  9300                                      ‐‐‐‐

Sundry debtors                     24000                                      ‐‐‐‐

Sundry creditors                   ‐‐‐‐                                           14800

Bank loan @ 6% p.a              ‐‐‐‐                                           20000

Bank interest                            9000                                       ‐‐‐‐

Printing and advertisement 14600                                   ‐‐‐‐

Misc income                               ‐‐‐‐‐                                         250

Cash at bank                              8000                                          ‐‐‐‐

Discount earned                    ‐‐‐‐‐                                          4190

Furniture and fittings           5000                                         ‐‐‐‐

Discount allowed                  1800                                         ‐‐‐‐

General expenses                  11450                                       ‐‐‐‐

Insurance                                 1300                                          ‐‐‐‐

Postage and telegram           2330                                         ‐‐‐‐

Cash in hand                           380                                                 ‐‐‐‐

Travelling expenses              870                                               ‐‐‐‐

Drawings                                 40000                                            ‐‐‐‐

‐‐‐‐‐‐‐‐‐‐‐                            ‐‐‐‐‐‐‐‐‐

521330                               521330

======                               ======

                                             

Additional information

a)postage and telegram outstanding Rs 100

b) Provision for bad and doubtful debts be created at 5% and reserve for discount 2% on sundry debtors

c) Depreciation on furniture and fittings at 10%.shall be written off

d) Personal purchases amounting to Rs 600 has been included in the purchase day book

e) Interest on bank loan shall be provided for the whole year

f) A quarter of the amount of printing and advertising is to be carried forward to the next year.

g) Credit purchase invoice amounting to Rs 400 had been omitted from the books

h) Stock on 31-12-2011 was Rs 78600

 Prepare trading and profit and loss account for the year ended 31-12-1987 and balance sheet as on 31 Dec 2011

IV – Essay Questions (Answer Any Two Questions

IV –Essay Questions (Answer Any TwoQuestions)

29)Sunil keeps his books on single entry system. From the following information provided by him prepare a trading and profit and loss account for the year ended 31st December 2011 and a balance sheet on that date.

Particular	31‐12‐2010	31‐12‐2011
Furniture Stock Sundry debtors Prepaid expenses Sundry creditors Outstanding expenses cash	10000 6000 12000 ………... 5000 1400 2400	12000 3000 13000 500 ………. 2200 800

Receipts and payment account during the year was as follows

Received from debtors         40500

Paid to creditors                   19000

Carriage inwards                  4500

Drawings                                10000

Sundry expenses                   12500

Furniture purchased            2000

Other information

There were considerable amount of cash sales. Credit purchases during the year amounted to Rs 24000.create a provision of 10% on debtors for doubtful debts.