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Tuesday, June 28, 2011
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TOT Meaning ?

Turnover Tax (TOT)

Andhra Pradesh Value Added Tax Act, 2005 prescribes threshold limits for VAT registration - dealers with a taxable turnover of over Rs.40.00 lacs, in a tax period of 12 months, are mandatorily registered as VAT dealers. Dealers with a taxable turnover, in a tax period of 12 months, between Rs.5.00 to 40.00 lacs are registered as Turnover Tax (TOT) dealers

AP VAT dealer can buy goods for business from anywhere in the country, a TOT dealer is barred from buying outside the State of A.P.

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Friday, June 24, 2011
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Difference between RTGS and NEFT

The fundamental difference between RTGS and NEFT, is that while RTGS is based on gross settlement, NEFT is based on net-settlement.

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Taxable persons can not claim Input Tax Credit for the following goods unless they are in the business of dealing in these goods :

6. Taxable persons can not claim Input Tax Credit for the following goods unless they are in the business of dealing in these goods :

Automobiles including commercial vehicles, three wheelers and two wheelers and spare parts thereof;

Food, beverages and tobacco products;

Petroleum products;

Goods used for personal consumption or gifts;

Goods used in manufacture, processing and packing of tax free goods;

Office equipment and building material;

Air-conditioning units except where air-conditioning is essential in the manufacturing process of taxable goods;

Weigh bridge except when installed inside the manufacturing premises for use in the process of manufacturing;

Goods used in manufacture, processing or packing of tax free goods;

Goods used in generation and distribution of electrical energy; and

Goods which remain unsold at the time of closure of business.

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Thursday, June 23, 2011
no image - Kerala Commercial Taxes

Commercial Taxes Deptartment, Govt of Kerala
website :

For latest circulars and notifications regarding commercial taxes in Kerala and to e-file your taxes online visit The Kerala Commercial Tax portal also has detailed information on Kerala Tax Acts and Tax Rules and facility to post your queries on KVAT, CST and e-Filing & E-decalaration. - Kerala Commercial Taxes
HELP LINE TOLL FREE 1800 425 4777 MOBILE 9446505527

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Tamil Nadu VAT - E-file your returns online on

Tamil Nadu Value Added Tax (TNVAT)
Commericial Taxes Department
website :

VAT is a multi-stage tax on goods that is levied across various stages of production and supply with credit given for tax paid at each stage of Value addition. Pay your VAT online.

Tamil Nadu VAT - E-file your returns online on

For General Information on TNVAT including Acts, Rules, Forms, FAQs on e-Returns, Help File For Filing e-Returns and Dealer Services online including VAT Clarifications, VAT Circulars, GOs & Notifications, Commodities Rates, TIN Search, Dealer Registration, Refunds, Auction and Helpline, Visit the Department website online at

TN VAT Helpline
IVRS No: 044-28520535
Toll Free No:1800 425 0960

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A.P. VAT, Commercial Taxes Dept. -

A.P. VAT, Commercial Taxes Dept. -

Recently the Andhrapradesh Commercial Tax Detp changes their website with new facilities. This is more helpfull for VAT  Dealers. 

Click on CDSC (Indent for Forms)
Enter your TIN Number and  your E-Return password.
Note: Don't enter your CDSC Password.

The New designed website allows the following activities.

1. VAT Returns, CST Returns and Revised VAT Returns.
2. Create E-Waybills, Cancel E-Waybills and Reprint E-Waybills.
3. Generate C-Form
4. Generate F-Form
4. Upload VAT/CST Waybills
5. VAT/CST Waybill Request
5. Apply C-Form, H-Form, F-Form
6. VAT / CST Returns Statements,VAT Ledger, DCB Report
7. Forms (C/H/F) and Waybills Request Status.
8. Change Password
9. Total VAT Input, Output and Payment Details.
10. Download Help Files and New Templates
Note: Some change in Excel Templates for C/H/F-Forms.So Download New Templates 
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VAT In West Bengal - VAT Forms The West Bengal VAT Forms

Application for New Registration
Form 1
Information to be provided by a registered dealer under sub-section (1a) of section 24
Form 2
Declaration under section 27D in respect of the manager and all other officers
Form 7
Return Form - 14 & Return Form - 15
Form 14&15
Certificate of deduction from payment for execution of works contract under sub-section (1) of section 40 of the West Bengal Value Added Tax Act, 2003.
Form 18
Scroll for deposit of the amount deducted at source under sub-section (1) of section 40 of the West Bengal Value Added Tax Act, 2003.
Form 19
Waybill for transport of consignment of goods despatched from Outside West Bengal to any place inside West Bengal
Form 50
Waybill for transport of consignment of goods despatched from a place in West Bengal to a place outside West Bengal
Form 51
Application for way bill in Form 50 for transport of goods imported into West Bengal by registered dealers
Form 52
Application for way bill in Form 51 for transport of goods from any place in West Bengal to any place outside West Bengal by registered dealers
Form 53
Application for way bill in Form 50 for transport of goods imported into West Bengal by a dealer, other than a registered dealer person, casual dealer and person.
Form 56
Application for way bill in Form 51 for transport of goods from any place in West Bengal to any place outside West Bengal by a dealer, other than a registered dealer, casual dealer or person
Form 57
Form of Memorandum of Appeal under section 84/ application for revision under section 86/ section 87/ application for review under section 88 of The West Bengal Value Added Tax Act ,2003.
Form 68
Application for clearance certificate under section 99(1) of the West Bengal Value Added Tax, Act, 2003
Form 83
Application for clearance certificate under section 99(2) of the West Bengal Value Added Tax, Act, 2003
Form 84

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Online Application for the issue of Central Sales Tax related Declaration Forms or Certificates and Way Bills under VAT Act.

The Directorate of Commercial Taxes is going to offer two more electronic
services to you within a couple of months.
If you have any requirement of CST related Declaration Forms or Certificates
(like Form ‘C’, ‘E-I’, ‘E-II’, ‘F’ and ‘H’) or Way Bill in Form 50, you may apply for issue of
the same electronically through the Directorate’s website
instead of presenting the application physically before the prescribed authority and
receiving the Forms from respective issue-counters.
The initial plan is to issue CST related Declaration Forms/ Certificates and Way
Bills on electronic application received from dealers under Corporate Division and
the Charge Offices located at the Sales Tax Building Complex at 14, Beliaghata
Road, Kolkata-700015. In other words, the dealers registered under the following
offices will initially be covered:-

Sl. No. Name of the Office Office Code
1 Corporate Division 20
2 Chinabazar 24
3 Monoharkatra 25
4 N.S. Road 26
5 Rajakatra 27
6 Strand Road 28
7 Ballygunge 39
8 Beliaghata 40
9 Bhabanipur 41
10 New Market 42
11 Park Street 43
12 Taltala 44
13 Esplanade 45
14 Fairle Place 46
15 Lalbazar 47
16 Lyons Range 48
17 N.D. Sarani 49
18 Radhabazar 50
19 Amratala 51
20 Armenian Street 52
21 Bowbazar 53
22 Chandni Chawk 54
23 College Street 55
24 Colootola 56
25 Ezra Street 57
26 Princep Street 58
27 Sealdah 59

Dealers selected for the purpose are being sent letters individually intimating
their User-id and Password. However, the dealers already selected for e-filing of VAT
Returns, will use the User-id provided earlier by the Directorate and the Password
initially provided by the Directorate and thereafter changed by them. The User-id
provided by the Directorate and the changed Password in connection with one
e-service will hold good for ALL e-services so far offered by the Directorate and to be
offered in future.

If you are not selected for the purpose, but you received C.S.T. related Forms
or Way Bills during 2007-08, there are two options for you. If you wish to get supplies
of the Forms or Way Bills, you may obtain the same making application physically as
of now or you may apply online to the prescribed authority of the Directorate
requesting to provide you the User-id and Password through your e-mail address so
that you may file application for the issue of Forms/ way Bills electronically. If you are
a fresh applicant, that is, you did not get any Form/ Way Bill previously, you will
have the same two options as indicated above, available with you till the
Directorate selects you for online application only. If you are registered on or after
01.09.2008, you will get supplies of the Forms and Way Bills from the Charge Office for
the period of one year from the date of registration in the usual way. This would
continue even after one year unless you are selected by the Directorate for
compulsory online application or you yourself opt for filing the application online.
The names of the dealers already selected for the purpose of filing
applications online, have been displayed in the website under the head, “List of
Dealers selected for online application for CST Forms & Way Bills”.
If you are a selected dealer and have received the communication dated
18/08/2008 from the Directorate in this respect, you may please get ready with the
following: -
1) Internal Infrastructure:
Some internal infrastructure would be required at your end for the purpose.
You will have to procure a Personal Computer and a Broadband Internet
connection (if you do not have now). The PC should have Windows XP as the
operating system.
2) Digital Signature Certificate:
In addition to the above, if you are a bulk user of Forms/ Way Bills, i.e., if you
had taken twenty five or more ‘C’ Forms and/or one hundred or more Way Bills
during 2007-08, you will have to obtain Digital Signature Certificate from the
appropriate Certifying Authority for making application online. A licensed Certifying
Authority (CA) issues the digital signature. Certifying Authority (CA) means a
person/organisation who has been granted a license to issue a digital signature
certificate under Section 24 of the Indian IT-Act 2000. At present the following seven
organisations are authorized CA under CCA, Government of India.
1. NIC, 2. (n)Code Solutions CA(GNFC), 3. Safescript, 4. TCS, 5. MTNL,
6. Customs & Central Exercise, 7. IDRBT
The respective web addresses of those CAs are provided below:

The particulars of the Certifying Authority are available from the respective
websites. It would be sufficient for the Commercial Taxes applications if the dealers
obtain Class 2 Digital Signature Certificates (DSC) from the CA. Dealers who are
required to obtain Digital Signature Certificates as mentioned above, will thereafter
be required to register the fact of possessing the Digital Signature Certificates
through the registration system to be available in the website
from the end of October, 2008. Names of the dealers required to obtain Digital
Signature Certificate have been displayed in the Directorate’s website.
Please note that all the dealers who would apply for the issue of CST related
Forms/Certificates and Way Bills, will not be required to obtain Digital Signature
Certificate for the time being. Initially only the bulk users who have been
communicated/are being communicated to obtain the Digital Signature Certificate
and whose names appear in the list of such dealers, would be required to obtain the
same and register the fact of such possession, with the Directorate of Commercial
Taxes. It is, however, advisable that all dealers who would apply for CST Forms or
Way Bills may procure Digital Signature Certificates, which may be necessary for all
applicants from the beginning of the next year.
3) Verification of the correctness of the Trade Name and address :-
If you are a selected dealer for this purpose or intend to use the facility by
applying for the User-id and Password, in the meanwhile you may complete some
other preliminary but important work. Please see in this website a link for verification
of TIN (Taxpayer’s Identification No.). Please click on that link (TIN/Central Forms
Search) and put your 11 digits VAT Registration No. The database shows your Trade
Name and the address of the principal place of business. If you find that the
information displayed is correct, no further action in this regard is necessary. If
however, the Trade Name and/or address is/are different from the one(s) recorded
on your certificate of registration, please approach the Help Desk of e-services
(Main Building 3rd Floor, 14, Beliaghata Road, Kolkata – 15) along with an
application, original copy of your Registration Certificate and a Xerox thereof to get
the Trade Name / Address corrected instantaneously. This is very important, as the
Forms and Way Bills would be delivered only at the correct address of your principal
place of business. In addition, all future correspondences by the Directorate will be
made at the principal place of business only.
4. Intimation to the Directorate about authorized representative, if any, who would
receive delivery of Forms.
In the proposed system, a dealer will apply for CST related Forms or Way Bills
along with other required particulars. The prescribed authority after considering the
application form and the particulars, will issue the Forms as per requirement and the
Forms will be delivered by the Department of Post to the dealer at his principal place
of business.
The delivery will be addressee specific, that is, only to the applicant-dealer.
However, the applicant dealer may authorize maximum of only two of his
representatives to take delivery of the Forms physically. The name(s) of such
representative(s) and his/their signature(s) should be got recorded in the
Directorate’s records beforehand.

5. Special Provision
This facility of online application and delivery of the Forms at the business
premises will stand automatically withdrawn/ suspended in the following cases:-
(i) The dealer has defaulted in submission of Returns
(ii) The dealer has defaulted in payment of tax
(iii) In case of misuse of the Forms including loss thereof
(iv) Adverse finding made or discrepancies detected by an investigation
agency against the dealer.
Such dealers would be reverted to the old system and have to procure CST
Forms/ Way Bills from a Centralized Unit being set up for the purpose.
6. Fee
A fee would be fixed for the purpose of issue and delivery of the Forms/ Way
Bills. The fee will have to be paid in one time in a financial year and will not depend
on the number of Forms issued or number of times applied for. The fee is to be
payable in favour of Commissioner, Commercial Taxes, West Bengal by Demand
Draft to be payable in Kolkata. Notification in this respect would be issued shortly.
All the procedural details in respect of issue of CST related Forms and Way Bills
under VAT Act would be available shortly in the website under the link ‘User’s
Manual for online application for CST Forms/Way Bills’.
Please note that this online application facility, obviously, will be available to
you anytime and anywhere (24 x 7) and you will not be bothered about office hours,
Sundays and Holidays. Thus the online application system will save your time, energy
and money and ensure transparency.
So get ready to apply online for CST related Forms and /or Way Bills. Please
stand by the next announcement in this website as well as through the leading
dailies of West Bengal.

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What is VAT Tax Rates In Andhra Pradesh?

 Schedule I List of goods Exempt from tax Under Section 7

Schedule II Transactions Zero-Rated and Eligible for Input Tax Credit

Schedule III List of goods taxable @ 1%

Schedule IV List of goods taxable @ 4%

Schedule V Goods Taxable at Standard Rate (RNR) of 14.5 %
Schedule VI Goods subjected to tax at special rates

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Input tax shall include the input tax credit carried forward from previous return period.?

Yes,  Input tax shall include the input tax credit carried forward from previous return period.?

You will be eligible input tax credit carried forward from previous return period.


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Wednesday, June 22, 2011
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What is input Tax?

 A. Input tax means tax on goods purchased by a VAT dealer in the course of his business. Only some type of purchases you can eligible input tax credit.

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Can we claim input tax credit on all purchase?

 No, you cannot claim  intpu tax credit on all purchases.

You will be eligible input tax credit on goods purchased from VAT registered dealers in the state and input tax credit will be eligible goods purchased for resale, raw material and packing materials for use in the manufacture of goods and even capital goods.

You will not be eligible input tax credit on Inter Stte (CST Purchase) purchases.

And also the following items you cannot claim a input tax credit.

Goods purchased for Personal Consumption or gifts purpose.
Petroleum products unless one is dealing in petroleum
Air-conditioning units unless you are in the business of dealing in such units".
Spare parts for repair and maintenance of automobiles unless your business is dealing in such automobiles;
Autombiles, including commercial vehicle, unless you are in the business of dealing in such automobiles.

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Are all dealers eligible to claim input tax credit?

All VAT registered dealers can claim Input Tax Credit on the eligible purchases. However, those opting for compounding scheme, where-by all dealers whose GTO is upto 25 lakhs can pay 1% tax on their GTO and are not eligible to claim input tax credit.

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Tuesday, June 21, 2011
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Current assets and Non-current assets (Fixed assets)


Current assets
Cash and cash equivalents
Accounts receivable
Prepaid expenses for future services that will be used within a year

Non-current assets (Fixed assets)
Property, plant and equipment
Investment property, such as real estate held for investment purposes
Intangible assets
Financial assets (excluding investments accounted for using the equity method, accounts receivables, and cash and cash equivalents)
Investments accounted for using the equity method
Biological assets, which are living plants or animals. Bearer biological assets are plants or animals which bear agricultural produce for harvest, such as apple trees grown to produce apples and sheep raised to produce wool.

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Monday, June 20, 2011
Online CST /C - Forms Appalying in Karnataka State

Online CST /C - Forms Appalying in Karnataka State

1. Steps

1. Login to the Commercial Tax Department web-site,
using the username and password.
2. In case of the first time login, the system will show some informative screens and ask
user to enter his choice of username and password. Please note down the username
and password enter by you for your further logins. The system asks you to enter
your contact information.
3. Please change your password as often as possible and keep it safe and secure and do
not part with anyone.
4. In the main page various options are displayed. Here, select the New Entry option in
Online CST Forms menus.
5. Next enter the seller details and add transaction details for the quarter one-by-one.
6. Now, select the Submit option in Online CST Forms menus. The list of the save CST
entries are shown. Click on the select button against the entry to be submitted for
CST form. Now, go through the details of the request and change, if required and
press submit button to send it to the department to issue the hard copy of the CST form.
7. The dealer can also upload the VAT 505 forms in bunch in XML form. The XML file
format and sample file is given below.
8. Dealer can also update or delete the entry before submitting the CST form.
9. Dealer can see the status of his request by the clicking the status option in
‘Online CST forms’. Here system shows the approval or rejection details of the form by
the concerned LVO.
10. The CST form will be sent by the concerned LVO or the dealer can collect from his
LVO once system shows the status as approved or printed.

2. Checks

1. The dealer needs to be registered under the CST Act.
2. The dealer needs to be allowed to request for CST forms by the LVO in the web-site.
3. For the partially filled CST form, the dealer needs to allowed by the concerned LVO/VSO.
4. The dealer will be limited to enter the request for CST transactions for the commodities
and purposes mentioned while taking the CST registration.
5. The Invoice/transaction details for the single CST request will be limited to the one quarter
period of the year. Mixing of the transaction dates fo various quarter are not allowed.

3. Detailed Procedure

After successfully logging into the department web-site, the dealer can see the following main
page. Here he has to select the options in ‘Online CST Forms’, on the right side top corner, to
enter the details to request for CST forms.

 On click of the ‘New Entry’ option, the user will be shown with the following screen
 Here, the user has to enter the TIN/CST Number, Name, Address and State of the Seller
with whom he had the inter-state transactions. When the user presses the ‘Next’
Button, the system request him to enter the transactions details one-by-one for the
transacted dates’ quarter. The transaction details needs to entered are Invoice No.
Invoice Date, Invoice Value, Main Commodity, Commodity description, Purpose, Purchase
Order No. and Purchase Order Date. It may be noted here that the main commodity list and
purpose list will contain the commodities and purposes given by the dealer while registering
under CST Act. If the any new commodity and purpose is to be added into the list, the
user/dealer has to contact the concerned LVO to change the registration details as per the

After entering these details, once the user clicks the add button, the system will
show these details in the data grid below. Like-wise, the dealer can go on entering
the transaction details of particular seller for the one quarter. In case, multiple
forms are required for the transaction with the same seller for different quarter
period, he has to make the different requests for each quarter.

 After entering the details, the user can go to main page and select the ‘submit’
option in ‘Online CST forms’ afterwards. When he clicks on this button, the system
shows the following screen.

 Now, user can see the list of entries pending for submission. Here, user can submit all the
requests in one go by clicking ‘Submit All’ button. Or submit the requests one-by-one by
clicking on select button of the required request. The following screen shows process for
submitting of request for one-by-one option.

Here, the user can modify or delete the transaction details, if required and press
submit button to request for the CST forms. He can also delete the complete request by
pressing the delete button.

Once the submit button is clicked, the following screen containing the WEB ACK SLIP
will be shown. This can be printed and preserved with the user for future reference.

 Some users may be allowed to request for the partially filled CST forms by the concerned
LVO/VSO based on the requirements. For this kind of the user, the system will allow the user
to enter the seller details only and request for the CST forms by submitting it. The following
screen shows the entry requirements for the partially filled CST forms.

The user can also Update or Delete the entered details, which has not been submitted yet, by
clicking the Update/Delete option in ‘Online CST forms’. Here system shows the list for entries
which are not yet submitted. After selecting the required entry, user can follow the procedure
to update and submit as explained above.

 The option is also available for the user to check the status of the CST request by clicking the
Status option.The following list will be shown.

For More Information go to selete Dowload tab then slect  CST User's Manual.

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Meaning of fifth character of the PAN Card ?

The fifth character of the PAN is the first character of the surname / last name of the person in the case of a "Personal"

Eg: AXQPG1234B

Here G (Gerg) Means first character of Surname/Last name of the Person.
Here P Means Person.

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Meaning of fourth character of the PAN Card ?

The fourth character of the PAN must be one of the following, depending on the type of assesse:

C — Company
P — Person
H — HUF(Hindu Undivided Family)
F — Firm
A — Association of Persons (AOP)
T — AOP (Trust)
B — Body of Individuals (BOI)
L — Local Authority
J — Artificial Juridical Person
G — Govt

 Eg: AXQPG1234N

The above PAN Card number was issued to a Person (P)
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Sunday, June 19, 2011
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limit amount of NEFT ?

limit amount of NEFT ?

no limit – either minimum or maximum – on the amount of funds that could be transferred using NEFT.

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Fees for RTGS and NEFT

Fees for RTGS vary from bank to bank.RBI has prescribed upper limit for the fees which can be charged by all banks both for NEFT and RTGS. Both the remitting and receiving must have Core banking in place to enter into RTGS transactions. Core Banking enabled banks and branches are assigned an Indian Financial System Code (IFSC) for RTGS and NEFT purposes.

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Difference between THUS And HENCE

 Difference between HENCE And THUS 

hence= from now on/from this point forwards
thus=therefore/in this way
Hence and thus are by common usage interchangeable, however according to the rules of grammar they are different.

Hence should indicate future use (Eg. Hence we will proceed as described)
Thus should indicate the past in its usage, or to indicate a conclusion (Eg. The British and American troops fought to a standstill, thus no winner was declared)

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Saturday, June 18, 2011
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Difference Between RTGS and NEFT

Differences The fundamental difference between RTGS and NEFT, is that while RTGS is based on gross settlement, NEFT is based on net-settlement. Gross settlement is where a transaction is completed on a one-to-one basis without bunching with other transactions. As for a Deferred Net Basis (DNS), or net-settlement, this is where transactions are completed in batches at specific times. Here, all transfers will be held up until a specific time. RTGS transactions are processed throughout the working hours of the system.

RTGS transactions involve large amounts of cash, basically only funds above Rs 100,000 may be transferred using this system. For NEFT, any amount below Rs 100,000 may be transferred, and this system is generally for smaller value transactions involving smaller amounts of money.

RTGS processes in real-time (‘push’ transfer), while NEFT processes in cycles during the given working day. This causes a NEFT transaction that is initiated later than the last cycle to be completed the next day.

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What is RTGS ?

RTGS is an acronym that stands for Real Time Gross Settlement. RTGS is a funds transfer system where money is moved from one bank to another in ‘real-time’, and on gross basis. When using the banking method, RTGS is the fastest possible way to transfer money. ‘Real-time’ means that the payment transaction isn’t subject to any waiting period. The transaction will be completed as soon as the processing is done, and gross settlement means that the money transfer is completed on a one to one basis without clustering with another transaction. The transaction is treated as final and irrevocable as the money transfer occurs in the books of the RBI (Reserve Bank of India). This system is maintained by the RBI, and is available during working days for a given number of hours. Banks using RTGS need to have Core banking to be able to initiate RTGS transactions.

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What is NEFT ?

NEFT refers to National Electronic Funds Transfer. It is an online system for transferring funds from one financial institution to another within India (usually banks). The system was launched in November 2005, and was set to inherit every bank that was assigned to the SEFT clearing system. It was made mandatory by the RBI for all banks on the SEFT system to migrate to NEFT by mid December 2005. As such, SEFT was discontinued as of January 2006. The RBI welcomed banks that were full members of the RTGS to join the NEFT system.

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Friday, June 17, 2011
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Creditors Turnover Ratio or Payables Turnover Ratio:

 Definition and Explanation:

It is a ratio of net credit purchases to average trade creditors. Creditors turnover ratio is also know as payables turnover ratio.

It is on the pattern of debtors turnover ratio. It indicates the speed with which the payments are made to the trade creditors. It establishes relationship between net credit annual purchases and average accounts payables. Accounts payables include trade creditors and bills payables. Average means opening plus closing balance divided by two. In this case also accounts payables' figure should be considered at gross value i.e. before deducting provision for discount on creditors (if any).

Payable turnover ratio = Annual net credit purchases / Average accounts payable

Accounts payable = Trade creditors + Bills payable

The above ratio is usually complemented with average payment period which may be calculated as follows:

Average accounts payable / Average daily credit purchases

Where average daily credit purchases
= Net annual credit purchases / No. of days in the year

Alternatively average payment period can also be calculated with the following formulae.

(Average accounts payable x No. of days in the year) / Annual net credit purchases


No. of days in the year / Payable turnover ratio

Shorter average payment period or higher payable turnover ratio may indicate less period of credit enjoyed by the business it may be due to the fact that either business has better liquidity position; believe in availing cash discount and consequently enjoys better credit standing in the market or business credit rating among suppliers is not good and therefore they do not allow reasonable period of credit. The above two alternative conclusions are contradictory of each other therefore the ratio should be interpreted with caution.

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What are accounting principles?

 Accounting principles are essentially general guidelines that you should follow when recording and reporting accounting transactions. These principles are:

Conservatism principle. You should recognize expenses and liabilities as soon as possible, even if there is some uncertainty about them, whereas you should delay the recognition of revenues and assets until you are certain of them. This tends to yield more conservative reporting of profits and losses.

Consistency principle. Once you follow an accounting principle or method, you should continue to do so in the future. This gives you more consistent reported results.

Cost principle. You should only record a transaction at its original acquisition cost. This principle is less relevant as the accounting standards are pushing more in the direction of fair value. Economic entity principle. You should keep separate the transactions of different business entities. This prevents the financial results of multiple entities from becoming entangled. Full disclosure principle. You should include in the financial statements of an entity all of the information that might affect a reader's understanding of those statements. This has led to the creation of a considerable amount of footnote disclosure that accompanies many financial statements. Going concern principle. This is the assumption that an entity will remain in business. This assumption allows you to defer the recognition of some expenses to later periods (such as depreciation), when a business will presumably still be in operation. Matching principle. You should record all expenses related to a revenue-generating transaction at the same time that you recognize the revenue. This is the foundation for the use of accrual accounting. Materiality principle. You should include all transactions in the financial statements if their omission would otherwise influence the decisions of a person using the financial statements.

Monetary unit principle. You can only record an accounting transaction for something that can be expressed in a currency. Thus, you cannot record the value of your employees, or similar internally-generated intangible assets.

Reliability principle. You should only record those transactions for which you can obtain objective evidence (such as a supplier invoice). If there is no evidence of a transaction, you would have a difficult time proving it to an outside auditor.

Revenue recognition principle. You should only recognize revenue when you have substantially completed all revenue-generating activities associated with the revenue to be recognized.
Time period principle. You should always record the activities of an entity over a standard time period, such as a month or a year.

Accounting principles are by no means detailed - consider them instead to be general guidelines similar to the Ten Commandments. Within these principles, only one (the cost principle) is being seriously challenged. All of the others have stood the test of time, and will likely continue to be the guiding principles upon which accounting activities will be based in the future.

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TDS Certificate in Form No. 16A to be generated from Tax Information Network (TIN) website

 A circular issued by the income tax authority under section 119 of the Income Tax Act 1961 on 13th May, 2011 which informs that TDS certificate in Form 16A should be generated and downloaded from the Tax Information Network (TIN) website for the TDS deduction made on or after 01st April, 2011. This is mainly for Companies including banking companies and co-operative societies engaged in banking business. For others it is optional for downloading TDS certificate in Form 16A from the TIN website.

TDS certificates are mainly in two types, one is to be issued quarterly
which is known as Form 16A for TDS for interest, contractors etc., and the other one is to be issued annually which is Form 16 and Form 16AA for TDS from salaries. Here the circular mentioned about Form 16A which is to be issued in large numbers for interest etc. This is mainly for avoiding the mismatch in e-tds records and form 16A. There may be mismatch with various reasons including data error etc. When the TDS certificate is downloaded from Income Tax (TIN) website the mismatch can be avoided and the chances of correcting the error is higher than issuing TDS certificate by the deducting company itself.

The department has already allowed the deductees to know their TDS details through online in Form No. 26AS. Those who wish to view their TDS details can register their names with PAN no in Income Tax website and can view the TDS details when the deductor submitted e-tds return. This will help to eliminate the mismatch and the above changes also help to avoid the mismatch in form 26AS and in Form 16A.

When the quarterly return system of TDS introduced by the Income Tax Authority, there was a plan to issue TDS certificate by the authority itself and now that plan is partially applying through this circular and we hope that slowly it will come in to effect completely. This is a good movement which is useful to the deductor and deductees and the things will be more convenient and also will be in time.

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Wednesday, June 15, 2011
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What is Employees Provident Fund (EPF, GPF)

 Employee’s provident fund (EPF for Private sector employees and GPF for Government employees) is a compulsory deposit as per the provident fund rule. At least the minimum amount must be deducted from employee’s salary by the employer and should be deposited in Provident Fund office or any related trust. (One can allow deducting more as voluntary contribution of provident fund) The provident fund amount may be enough to cover the maximum limit of Rs. 100000 under section 80C for higher salaried employees. The employee can get interest from the deposited amount and the interest is tax free as per the current income tax rules.

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Income Tax Deduction (TDS) from Salaried Employees

 In case of salary the employer should deduct Tax at the time of disburse the salary. This deduction is known as Tax Deducted at Source (TDS) from Salary. TDS from Salary is not like other TDS such as TDS from Contractors, TDS from interest etc. TDS other than salary is only a certain percentage of the payment is to be deducted. But TDS from salary should be full. The employer should deduct the actual Tax which is liable by the employee regarding salary and any other income disclosed by the employee.

When the Tax liability of an employee is calculated, the employer can deduct all permissible deduction such as certain investments, certain allowances etc. as per the Income Tax rule. The employee should declare his investments which may be deducted from their gross salary. These investments are come under section 80C of income tax Act and other related sections.

Let us see which investments are allowed to deduct from the gross salary or gross income as per income tax rule.

Under Section 80 C there is a list of financial instruments you can invest in for getting exemption. Under this section you can claim the total exemption up to Rs. 100000. It means Rs. 100000 or the sum total of all such investments in a financial year, whichever is less. Let us see which investments are eligible for getting exemption under section 80C.

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Tuesday, June 14, 2011
no image Online CST And Way Bill Forms

Government of West Bengal has recently changed the procedure for submitting an application for issue of CST related declaration forms and certificates. Government of West Bengal Directorate of Commercial Taxes has declared the online application for issue of Way Bill & CST related declaration forms and certificates.

Selected Dealers now can file an e-application for CST and Way Bills. Those who will apply online for CST or Way Bill will receive deliveries at their respective places of business through courier.

This facility will be extended to the other selected dealers of Charges located at 14, Beliaghata Road, Kolkata-700015 from 1st February, 2009.

You can find out more about these notices and Online e-Application for CST and Way Bill at

e-Filing of VAT Return

e-Filing of CST Return

User Manual for e-Filing of VAT Return- Form 14

User Manual for e-Filing of VAT Return- Form 14D

User Manual for e-Filing of VAT Return- Form 15

User Manual for e-Filing of CST Return

Guideline for filing e-Return and generation of dematerialised CST Forms

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Monday, June 13, 2011
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Professional Tax in India

Professional Tax is State matter and is levied in respect of any profession, trade, calling, and employment undertaken in the State. The set of professional tax slabs in India are different for all the 28 states in India and some of the states have formulated different professional tax slabs for men, women, and the senior citizens of the respective states.

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What is Securities Transaction Tax (STT)

Securities Transaction Tax (STT)

 Securities Transaction Tax (or STT in short), is the tax deduction that is applied to all your equity transactions. Introduced in the 2004 Union Budget by the then Finance Minister Mr. P Chidambaram, the deduction is to ensure that gains arising from securities transaction are taxed at source, thus preventing individuals from evading capital gains tax. So, what is the applicable STT and when do you pay it? Read on to know it all.

When Does One Pay STT?

Securities Transaction Tax is levied on every purchase or sale of securities that are listed on the Indian Stock Exchange. This would include shares, derivatives or equity-oriented mutual funds units. The rate of tax that is deducted is determined by the central government, and it varies with different types of transactions and securities. Deducted at source by the broker or AMC, at the time of the transaction itself, the net result is that it pushes up the cost of the transaction done.

Scope of STT

As per of the Securities Contracts (Regulation) Act, 1956, STT would be applicable for securities of the following nature.

Shares, scrips, stocks, bonds, debentures, debenture stock or other marketable securities of a like nature in or of any incorporated company or other body corporate.
Units or any other instrument issued by any collective investment scheme to the investors in such schemes
Security receipt as defined in section 2(zg) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
Government securities of equity nature
Such other instruments as declared by the Central Government
Rights or interest in securities
Equity-oriented mutual funds

STT is not applicable for any off-market transaction.

STT and Capital Gains Tax on Securities

With effect from assessment year 2009-2010, the short term capital gain arising from the sale of shares or equity oriented mutual fund units, on which STT has been applied, would be taxed at a concessional tax rate of 15%(plus surcharge and education cess). Long term capital gains, of such similar transactions which have been subject to STT, is totally exempt from tax. For all transactions for which STT is not applied, the long term capital gains tax is at 10% without indexation and 20% with indexation. In such cases the short term capital gains tax is according to the normal progressive slab rates.

So the next time, your broker or AMC sends you your transaction bill or statement, remember that the extra bit you are paying over and above your transaction is nothing but the tax that has been levied. Whether it is purchase and sale of shares or mutual fund units, STT is here to stay and cannot be avoided.

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Sunday, June 12, 2011
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What is Credit Note (Sales Returns..)

 Credit Note is a document issued to a party stating that you are crediting their Account in your Books of Accounts for the stated reason or vise versa. It is commonly used in case of Sales Returns, Escalation/De-escalation in price etc.

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Saturday, June 11, 2011
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Meaning of Debit Note

Debit Note is a document issued to a party stating that you are debiting their Account in your Books of Accounts for the stated reason or vise versa. It is commonly used in case of Purchase Returns, Escalation/De-escalation in price, any other expenses incurred by you on behalf of the party etc.  

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what is the difference between credit and debit note?

what is the difference between credit and debit note?

Answer # 1
Credit note is issued by supplier in respect of Purchaser
account has been credited in books, whereas debit note is a
note issued by purchaser to supplier in respect of supplier
account has been debited in books.

Answe r# 2
Debit Note:
When goods are received from the supplier, the supplier
account is credited. When goods are return the supplier
account is debited. In the case of purchase returns a
debitnote is prepared. It should contain all the details of
purchase returns.Debit note will be made on duplicate, one
will be sent to the customer and one will be kept as a
office copy.
Credit Note:
Credit Note is a statement sent by the seller to his
customer intimating that his account has been credited to
him and any other allowences granted to him.

Regards G.Srinivas
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What is Debit Note? ( Purchase Return, Wrong Quantity....)

 What is an 'Debit Note'?
Debit Note proves that a debit entry has been made to a debtor's or creditor's account. A customer or supplier can be debited for variety of reasons such as purchase return, wrong quantity or quality of product, rate difference, discount, commission, etc.
When goods are returned to the supplier, a Debit Note is made out of his name. But if you want to record the stock also (in case of Purchase Return) then you must enter 'Purchase Return' voucher 'Purchase'.

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Different between Revocable and Irrevocable Letters of Credit ( L.C )

Revocable vs. Irrevocable Letters of Credit

A Letter of Credit may be revocable or irrevocable. In a revocable Letter of Credit, the buyer's bank has the right to cancel or alter its obligation at any time before payment even if goods were shipped in reliance on the LOC. This circumstance can occur if there is a change in the buyer's stability which could impact the buyer's ability to pay on the terms of the letter of credit. An irrevocable Letter of Credit cannot be altered or cancelled without the consent of the seller. Any change to an irrevocable Letter of Credit requires the consent of all parties.
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Special Purpose Letters Of Credit

Special Purpose Letters Of Credit

There are three types of special purpose letters of credit. They are Standby Letters of Credit, Transferable Letters of Credit and Revolving Letters of Credit.

Standby Letters of Credit

A standby letter of credit represents an obligation to the beneficiary on the part of the issuing bank to:
Repay money borrowed by the applicant (or advanced to or for the account of the applicant)
Make payment on account of any indebtedness undertaken by the applicant
Make payment on account of any default by the applicant in the performance of an obligation

Although it is recognized as a primary obligation of the issuing bank, it serves as a back-up or secondary means of payment. A commercial documentary credit is activated by the performance of the beneficiary, or seller, to ship the specified goods and meet the terms and conditions of the credit. The standby letter of credit, by contrast, supports the beneficiary in the event of a default.

Transferable Letters of Credit

A transferable letter of credit is a credit under which the beneficiary (first beneficiary) may request the transferring bank to make the documentary credit available in whole or in part to one or more other beneficiaries (second beneficiary).

Revolving Letters of Credit

Importers who maintain an ongoing relationship with a supplier occasionally open revolving letters of credit.
May be revocable or irrevocable
Provide for renewal of contract by reinstating either a time limitation or an availability of a set dollar amount
Allow a fixed limit to be set for the amount that may be shipped, and for which drafts can be drawn in specified periods of time

For example, when an exporter receives a revolving letter of credit, he will make shipments within the time allowed and up to the amount of the credit to be in compliance with the conditions of the credit. When the amount of the credit is exhausted, the credit is automatically reinstated. If the credit is cumulative, the unused balance accrues to the new period. If non-cumulative, the unused portion is canceled.

Regards G.Srinivas
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Friday, June 10, 2011
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Haryana VAT Tax: Rate, E-Filing, E-Return, E-Payment –

Haryana VAT Tax Rates, E-Filing, Return, Online Payment

Haryana VAT is the cosumption tax levied on certain items in Haryana. The VAT rates of items vary from category to category. Also the VAT tax rate may change from one financial year to another. The tax is levied by the Haryana Excise & Taxation Department.

Online tax payment guidelines are provided on for the convenience of the tax payers from Haryana. The VAT tax facilities include e-filing, e-payment, and e-return.

Like many other states, the Haryana VAT tax came into affect on 1st April 2003. Since then VAT has been a regular tax in the state of Haryana. It is recommended to visit the Haryana Excise & Taxation Department website for information about dealer registration, tax rates, refunds, and to download tax forms for Haryana VAT.
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Delhi VAT: Rate, Forms, Registration, Rules of DVAT and Online Return Filing

Delhi VAT

Delhi VAT also referred to as DVAT is the Value Added Tax levied in the Delhi region. The VAT rate changes from time to time and it is required that all traders be aware about it.

If you are interested in registration of DVAT, you need the VAT forms from the Tax department of Delhi. The rules and notification of Delhi VAT can be obtained from the Trade and Taxes department office and its website. The Delhi VAT website also provides the facility for online filing of tax returns.

For DVAT visit
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Gujarat VAT Tax: Rate, E-Filing, E-Return, E-Payment –

Gujarat VAT Tax online Payment, Rates, E-Filing and Return

Gujarat VAT is the cosumption tax levied on certain goods in Gujarat. The VAT rates of items vary depending on categories. The VAT tax rate also change from financial year to year. The tax is levied by the Gujarat Commercial Tax Department.

Online tax payment options are provided on for the convenience of the tax payers. The VAT tax facilities include e-filing, e-payment, and e-return. Businesses in Gujarat relevant to VAT can also check their TIN verification on the website.

The Gujarat VAT rule says that e-Return filing is compulsory for all dealers whose, taxable turnover exceeds Rs.50 lakhs. Also note that e-Return filers exempted from submitting Manual Returns.

The Gujarat VAT tax came into affect on 1st April 2006. Since then VAT has been a regular taxation system in Gujarat. It is recommended to visit the Gujarat Commercial Tax Department website for information about dealer registration, tax rates, refunds, and to download tax forms for Gujarat VAT.
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MAHAVAT E-Filing, E-Payment, E-Returns: Maha VAT, Maharashtra VAT –


E-Filing, E-Payment, E-Returns

Maharashtra VAT (Maha VAT) is the value added tax levied on goods in the state of Maharashtra. The VAT rate varies from item to item, which is decided by the Department of Taxes, Maharashtra.

The Maha VAT website provides facilities for e-filing of taxes, e-returns, and e-payment. To use those online tax facilities, you should be registered on

MahaVAT rates and online filing and return details can be obtained from the Maharashtra Tax department.
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Kerala VAT – KVAT Rates, Online Filing, Kerala VAT Application Forms, E-Filing of KVAT

Kerala VAT

Rates, Rules, Online E-Filing, Form 16

The Kerala Govt. levies VAT on commercial commodities in the state of Kerala through the department of Commercial Taxes. The official resource for information regarding VAT in Kerala in The website contains details about Kerala VAT (KVAT).

For Kerala’s value added tax (VAT) info related to rate, application forms and online filing of KVAT along with Form 16, contact the tax office or visit the commercial taxes department’s website.
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TNVAT – – Tamil Nadu VAT (E-Filing, Tax Rate, Refunds, Forms, E-Payment)

Tmail Nadu TNVAT information about E-Filing, Tax Rate, Refunds, and Forms, E-Payment

TNVAT pertains to VAT act in the state of Tamil Nadu. The Tamil Nadu VAT (Value Added Tax) Act came into effect from 1st January 2007. VAT is a multi-stage tax on goods that is levied across various stages of production and supply with credit given for tax paid at each stage of Value addition.

The TN government recognizes VAT as the most progressive way of taxing consumption rather than business. To help businesse with the Value Added Tax, a website is created . The website contains details about e-filing and e-payment.

Also visit the website for gaining information about dealer registration, tax rate, refunds, and to download tax forms for TNVAT.
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APVAT – Andhra Pradesh VAT (E-Filing, Tax Rate, E-Return, Refunds, Forms, E-Payment) –

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Karnataka VAT ( E-Payment, E-Varadi, E-Filing, E-Sugam, VAT Rates )

Karnataka VAT is a tax levied on the approximated market value added to a product at different stages of its manufacture or distribution. The rate of VAT may vary from item to item.

There are many online filing provisions provided by the Tax depatyment in Karnataka. E-Filing, E-Payment, E-Varadi, E-Sugam are onling tax payment options available to tax payers in the state. The commercial tax information can be found online at E-Filing can be done at E-Varadi notification can be downloaded from .

VAT rates and online filing details can be obtained from the Karnataka Tax department.
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What is E-Sugam (State Industrialists find 'e-sugam' not so 'sugam')

The ‘e-sugam’ online filing, introduced by the Commercial Taxes Department, Government of Karnataka, has not been getting a positive response from traders and industrialists who have finding it a ‘miserable’ experience going through with the process.

E-Sugam process, introduced by the department under the Karnataka Valude Added Tax (VAT) Act 2003, replacing Form 505 and certain limits of Form 515, is a mandatory formality of informing the department regarding movement of goods before it reaches check post. This has to be done on net, like “e-filing”, on the proforma put out on the Department’s website.

This came into effect from last February and will be strictly enforced from April.

Finding physical production and verification of the documents consume time and cause delays at the time of checking, e-sugam is introduced in the state, according to the Department’s notification. However, the Department seems to have overlooked the traders’ and industrialists’ angle. They feel the process is difficult and a nuisance. Consequently, it is affecting their business.

Narrating the difficulty they are experiencing after introduction of ‘e-sugam’, Hebbal Industrial Estate Manufacturers’ Association Secretary C M Subramanian said, “Job workers depending on customers from Hosur and Coimbatore were getting material during nights. They were sending the proceed material up to 2nd shift production. Now, the concerned clerk has to call the job workers in midnight and wait to get the sugam number. Till the number is given the dispatch has to wait.”

“In view of delay and nuisance, customers have begun diverting jobs to local vendors in Hosur. As a result, job workers here have lost around 60 per cent of business. Units in Bangalore, for example, had dedicated 90 per cent production to Hosur customers. All these job workers are facing serious problems after e-sugam came into effect.”

“E-sugam is making life miserable to most of the trade and commerce,” said industrialist J R Holla adding it may prompt the service industries to move out of the state instead of facing hassles in Karnataka.

Referring to Part C of the notification relating to information to be provided by the consignee on the goods received from out of the State, he said it is impossible for the consignee to get all the information in time and accurately from the consignor before the dispatch of goods. The consignor who stays in some other State may not take serious interest in providing all the information in time, accurately and completely. Under the notification, it is the consignee who will be held responsible for wrong or inaccurate information and is liable to be penalised.

On time limit for the e-sugam filing, Holla said e-sugam will have time vailidity depending on the distance of the consignment booked. However, it will not be in consignee’s control to tell how long the consignment will take to reach the check post. This may depend on many factors like road conditions, condition of the goods vehicle, the staff, distance to be covered, law and order situation, weather condition, accidents, etc .

The worried industrialists expressed hope that the government would act immediately and protect the interests of trade and commerce in Karnataka.
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Thursday, June 9, 2011
E-filing of Monthly return of Provident fund | Emplyer can e-file return in PF | Online filing of EPF

E-filing of Monthly return of Provident fund | Emplyer can e-file return in PF | Online filing of EPF

E-filing of Monthly return of Provident fund:

When you click on the link of E Return Setup the first page will contain two functions one for Addition of Establishment and the second one is for Selecting and Logging in the selected establishment.

In addition function ,you can select Region Code and Office Code by selecting an office name from the list.When you select an Office name from the list then it will automatically fill the box for region code and Office code,then you have to enter the Establishment Code which is a 7 digit number and Establishment extension and click ADD button, it will show a message “Establishment is added sucessfully”. When an Establishment is successfully added then from the list (SELECT ESTABLISHMENT) will contain the list of all added Establishments, from this you can select your Establishment and click OPEN button for opening the Tool for the selected Establishment.When you click on the OPEN button, Login Page is displayed and this page contains the Establishment ID in the top right corner of the page.

To login the user has to first select the establishment for which he has to enter data or generate return. Once an establishment has been added, select the same from the establishment code field and click open button. The software supplied has a default user name ‘admin, and default password ‘admin’. The system allows the user to create/delete new/existing users and to change password. However the admin user cannot be deleted and only his password can be changed. Admin user only can change the Contribution and other parameters (such as wage ceiling, contribution rates etc, based on which the amounts are calculated in the Returns generated through this software). It is advised that the employer keeps the admin role with himself and sets the Contribution and Other Parameters. He may create users for the data entry/upload of the data and generation of all Returns and Reports and allot such user id to subordinate staff.

UPDATING THE ESTABLISHMENT MASTER Initially the details of the establishment has to be entered in the software and the returns will be generated accordingly. This can be done both by the admin user or any other user created. The process is as follows:

a) Login after entering the used id and password.

b) On the main menu, click ‘Master’.

c) In the sub Menu click ‘Establishment’s Details’.

d) The screen for the entry/selection od details will open.

e) In case the data was entered earlier, click ‘EDIT” to make changes.

f) The establishment Code number will appear on the basis of the establishment added and for which the login has been done.

g) Following details are required/can be updated:

i. Name and Address of Establishment (mandatory)

ii. Phone number/e-mail etc of the establishment.(optional)

iii. Exemption Status under each Scheme. (mandatory)

By default the status appears as unexempted under each Scheme and can be changed.

iv. Date of Coverage (mandatory)

Enter the date of coverage as per the order issued by the EPFO Office while intimating the Code number. On press of Tab Button, Applicable date of Pension Scheme is auto populated with the same date of coverage but can be edited in case the Pension Scheme was applied to your establishment from a different date as compared to the Provident Fund Scheme. In such case the applicable date for Pension Scheme will be taken as the date of joining for Pension for all members who joined between the two dates.

h) After entry/updation at the time of some change in the data such as address, exemption status etc, click ‘SAVE’.

i) A message stating ‘Information updated successfully’ will appear.

j) Click ‘OK’.

k) The Main Menu will appear.




On the Main Menu, click ‘Master’ and then from the sub menu click ‘EMPLOYEE MASTER’ Click ‘ADD’ Button. Screen will allow entry of Account Number (code number of the establishment not to be entered anywhere again), Name, Father’s /Husband’s name, date of birth, gender and date of joining. These are mandatory fields and are as per the Form 5. In case of a female, the husband radio button can be selected, in case the name given is of husband in the Father’s/husband’s name field. Field for Marietal status of member is also there and the user can select the correct status. The fied is however not mandatory and in case the data is not entered in this field, the status by default is married. Through this screen any past service of member can be entered. The flags for international worker and disabled worker are ‘N’ by default but can be changed to yes. In case of International worker, the passport details can be entered after clicking the link for it. The date of leaving and reason can also be entered through this screen. This feature is also available in the screen for monthly wage data entry. The flags for the higher wages for Provident Fund and Pension Fund can also be updated. By default these flags are ‘N’. The screen also allows to enter the e-mail id, mobile number, address and bank details of the employees. These are not mandatory but if entered, they will help in faster settlement of claims. After entry of the data, Click ‘SAVE’. Message ‘Record saved successfully’ appears. Click ‘OK’ The details of the member appears in the view bar below. Click ‘ADD’ for next member and repeat the process.

In case the establishment is having the details of employees in digital form that is in any system, the data can be uploaded in this software and there is no need to make any data entry.
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