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TIPS TO BE AN EFFECTIVE ACCOUNTANT

TIPS TO BE AN EFFECTIVE ACCOUNTANT. CA CHANDRESH CHHEDA THURSDAY 16-02-2012. MAIN FUNCTION. TO PREPARE BOOKS OF ACCOUNTS ON THE BASIS OF VOUCHERS AND OTHER RELEVANT DOCUMENTARY EVIDENCE RESULTING INTO PREPARATION OF FINAL ACCOUNTS i.e. PROFIT & LOSS A/C AND BALANCE SHEET. . BUT

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TIPS TO BE AN EFFECTIVE ACCOUNTANT

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  1. TIPS TO BE AN EFFECTIVE ACCOUNTANT CA CHANDRESH CHHEDA THURSDAY 16-02-2012 CA CHANDRESH CHHEDA

  2. MAIN FUNCTION • TO PREPARE BOOKS OF ACCOUNTS ON THE BASIS OF VOUCHERS AND OTHER RELEVANT DOCUMENTARY EVIDENCE RESULTING INTO PREPARATION OF FINAL ACCOUNTS i.e. PROFIT & LOSS A/C AND BALANCE SHEET. CA CHANDRESH CHHEDA

  3. BUT • This is not enough for being an effective accountant… CA CHANDRESH CHHEDA

  4. ADDITIONAL RESPONSIBILITIES • COMPLIANCE REQUIREMENTS • UTMOST USE OF INFORMATION TECHNOLOGY • FOCUS ON RISK MANAGEMENT & INTERNAL CONTROL CA CHANDRESH CHHEDA

  5. COMPLIANCE REQUIREMENT • Income Tax (TDS Provisions) • Vat • Service Tax • Excise • Professional Tax • PF • ESIC CA CHANDRESH CHHEDA

  6. INCOME TAX-TDS PROVISIONS CA CHANDRESH CHHEDA

  7. CA CHANDRESH CHHEDA

  8. TCS RATE CHART CA CHANDRESH CHHEDA

  9. GUJARAT VAT • Due Date For Payment For VAT CA CHANDRESH CHHEDA

  10. DUE DATE OF E-FILING RETURN • Traders Submitting MONTHLY returns • Those Paying TAX of Rs.5,000 or less In the concerned month- within 30 days of the end of the MONTH. • Those paying TAX of more than Rs.5,000 –within 40 days of the end the MONTH. • Traders submitting Quarterly Return-45 days. • (As per notification dated 15/2/2011 W.e.f DEC.2010 the above time limit as been extended by one month more.) CA CHANDRESH CHHEDA

  11. DUE DATE FOR MANUAL FILING OF RETURNS • For traders having lump sum payment permission /whose TAX liability is less than Rs.60,000-within 45 days of end of the quarter • For all other traders not require to E-File –within 30days of end of the Month. • In Refund cases • If Import/Export- Monthly • Others-Quarterly CA CHANDRESH CHHEDA

  12. SERVICE TAX COMPLIANCE • PAYMENT OF SERVICE TAX • if e-payment is done then effective due date will be 6th (up to 8pm)of the succeeding month/quarter if Service Tax Liability exceeds Rs. 10 Lakhs . CA CHANDRESH CHHEDA

  13. FILING OF ST-3 RETURNS • W.e.f period commencing from 1/4/2011 half yearly returns are compulsorily require to be e-filed. CA CHANDRESH CHHEDA

  14. EXCISE DUTY: PERIODICAL RETURNS CA CHANDRESH CHHEDA

  15. PROFESSIONAL TAX • Professional tax is to be paid by 30th sept. of relevant FY to local authorities by businessmen on the following bases: • Professionals have to pay PT @ Rs.2000 pa. CA CHANDRESH CHHEDA

  16. PROFESSIONAL TAX TO BE DEDUCTED FROM SALARIES PAID TO THE EMPLOYEES OF PRIVATE SECTOR CA CHANDRESH CHHEDA

  17. PF, ESIC COMPLIANCE CA CHANDRESH CHHEDA

  18. UTMOST USE OF INFORMATION TECHNOLOGY • Wherever possible use of software's should be made, like • Pay roll Accounting. • Billing Software. • Stock- Quantitative records, etc. CA CHANDRESH CHHEDA

  19. FOCUS ON INTERNAL CONTROL • ANALYSING AND RECORDING TRANSACTIONS • ADJUSTMENTS AND FINANCIAL STATEMENTS (ADJUSTING ENTRIES, ACCRUDE REVENUE, ACCRUDE EXPENSES, UNEARNED REVENUES, PREPAID EXPENSES, DEPRECIATION.) CA CHANDRESH CHHEDA

  20. INTERNAL CONTROL(Continues…) 3. COMPLETION OF ACCOUNTING CYCLE (CLOSING ENTRIES, POST CLOSING TRIAL BALANCE, REVERSING ENTRIES, CORRECTING ENTRIES.) 4. INTERNAL CONTROL WITH REGARDS; CASH RECEIVABLES INVENTORIES OPERATING ASSETS (COST OF ASSET, DEP., IMPROVEMETNS, DISPOSAL OF ASSET, ETC. ) CA CHANDRESH CHHEDA

  21. Thank you CA CHANDRESH CHHEDA

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