hi. like know new software or book which contain detail regardin tds,vat,service tax,income tax of company regards dinesh
26th July 2007 From India , Mumbai

HI

ALL THE BELOW SOFTWARES ARE AVILABLE FOR TRAIL VERSION FREE OF COST

Relyon is offering free e-booklet covering the subjects of TDS and ETDS to those who participate in this campaign. This is basically to disseminate the subjects of TDS & ETDS amongst the users.

Contents of the e-Book :

1. Introduction

2. Tax deducted at source

3. Tax Collected at source

4. E TDS

5. Tax Accounting System (OLTAS)

6. Notifications

7. Annexture



To download this e-book

http://www.saraltds.com/register.htm

Key Features: Corporate/Institutional



eTDS returns of Form 24Q, 26Q, 27Q and 27EQ

Generation of Form 27A, 24Q, 26Q, 27Q, 27EQ, 16, 16A, 27D.

Detailed Tax Estimation/Computation for Employees.

Tax rate Masters for Non salaried deductees

Generation of filled up Saral 2D, Naya Saral 2E, etc for employees

Complete TDS/TCS Management for any organization.

Key Features: Professional



eTDS returns of Form 24Q, 26Q, 27Q and 27EQ

Generation of Form 27A/27B

Simple way to outsource the data using excel templates

Generation of Form 16- TDS certificate for Salaried person

Generation of Form 16A-TDS certificate for other than salaried TDS



Generation of Form 27D- TCS certificate

Unlimited number of Companies [TANs]



With 5 years of successful track record of serving Trade and Industry, with flagship product “Karnataka Commercial Tax Laws on CD” (KCTLC), Relyon is introducing new version as Saral VAT Info - Karnataka Commercial Tax Laws on CD .

The Law Coveres:



The Value Added Tax Act, 2003.

The Karnataka Sales Tax Act, 1957.

The Central Sales Tax Act, 1956.

The Karnataka Tax on Entry of Goods Act, 1979.

The Karnataka Tax on Professions, Trades etc., Act, 1976.

The Karnataka Luxury Tax Act, 1979

The Karnataka Entertainments Act, 1958.

The Schedule of Stamp Act





Key Features:

Extensive coverage: VAT, KST, CST, KTEG, PT, Entertainment Tax Act, Luxuries Tax Act.

Easy Accessibility : Acts sorted by Section Nos. and Subject, Rules sorted by Rule Nos. and Subject, Statutory Forms sorted by Form Nos. and Subject, Schedules Rates sorted by Schedule Nos. - and item wise alphabetical listing.

Easy Navigation: Hyperlinks from Acts to Rules, Rules to Forms, Rates to Notifications, and from Notifications to Notifications.

Item wise linking of Notification: Notification linking with indication of effective Date for Value Added Tax, Karnataka Commercial Tax, Central Sales Tax and Entry Tax.

Superior search capability: Advanced multiple-search options ensures search facility with a simple keyword.

Ready-to-use Statutory Forms: Option to open forms in Word.





Benefits:

First minute functioning : simple-to-use structure eliminates the necessity for training

All tax laws in Single CD : All major Commercial Tax Laws of Karnataka in single CD

Notification Update : As and when the company receives the notifications from sources it will be intimated & updated via email

Quarterly Update : Program update, once in 3 Months, updates the package with latest information.





Saral VAT Info unique by itself and is serving large number of Chartered Accountants, Tax Practitioners, Consultants, Corporate and Trade and Industry. Saral VAT Info is like a jewel in the crown, in your library, which makes your Profession brighter and remain as the best bet for information on Commercial Tax Laws.

Access to Tax laws in the 21st Century way.
26th July 2007 From India , Bangalore
HI

ALL THE BELOW SOFTWARES ARE AVILABLE FOR TRAIL VERSION FREE OF COST

Relyon is offering free e-booklet covering the subjects of TDS and ETDS to those who participate in this campaign. This is basically to disseminate the subjects of TDS & ETDS amongst the users.

Contents of the e-Book :

1. Introduction

2. Tax deducted at source

3. Tax Collected at source

4. E TDS

5. Tax Accounting System (OLTAS)

6. Notifications

7. Annexture



To download this e-book

http://www.saraltds.com/register.htm

Key Features: Corporate/Institutional



eTDS returns of Form 24Q, 26Q, 27Q and 27EQ

Generation of Form 27A, 24Q, 26Q, 27Q, 27EQ, 16, 16A, 27D.

Detailed Tax Estimation/Computation for Employees.

Tax rate Masters for Non salaried deductees

Generation of filled up Saral 2D, Naya Saral 2E, etc for employees

Complete TDS/TCS Management for any organization.

Key Features: Professional



eTDS returns of Form 24Q, 26Q, 27Q and 27EQ

Generation of Form 27A/27B

Simple way to outsource the data using excel templates

Generation of Form 16- TDS certificate for Salaried person

Generation of Form 16A-TDS certificate for other than salaried TDS



Generation of Form 27D- TCS certificate

Unlimited number of Companies [TANs]



With 5 years of successful track record of serving Trade and Industry, with flagship product “Karnataka Commercial Tax Laws on CD” (KCTLC), Relyon is introducing new version as Saral VAT Info - Karnataka Commercial Tax Laws on CD .

The Law Coveres:



The Value Added Tax Act, 2003.

The Karnataka Sales Tax Act, 1957.

The Central Sales Tax Act, 1956.

The Karnataka Tax on Entry of Goods Act, 1979.

The Karnataka Tax on Professions, Trades etc., Act, 1976.

The Karnataka Luxury Tax Act, 1979

The Karnataka Entertainments Act, 1958.

The Schedule of Stamp Act





Key Features:

Extensive coverage: VAT, KST, CST, KTEG, PT, Entertainment Tax Act, Luxuries Tax Act.

Easy Accessibility : Acts sorted by Section Nos. and Subject, Rules sorted by Rule Nos. and Subject, Statutory Forms sorted by Form Nos. and Subject, Schedules Rates sorted by Schedule Nos. - and item wise alphabetical listing.

Easy Navigation: Hyperlinks from Acts to Rules, Rules to Forms, Rates to Notifications, and from Notifications to Notifications.

Item wise linking of Notification: Notification linking with indication of effective Date for Value Added Tax, Karnataka Commercial Tax, Central Sales Tax and Entry Tax.

Superior search capability: Advanced multiple-search options ensures search facility with a simple keyword.

Ready-to-use Statutory Forms: Option to open forms in Word.





Benefits:

First minute functioning : simple-to-use structure eliminates the necessity for training

All tax laws in Single CD : All major Commercial Tax Laws of Karnataka in single CD

Notification Update : As and when the company receives the notifications from sources it will be intimated & updated via email

Quarterly Update : Program update, once in 3 Months, updates the package with latest information.





Saral VAT Info unique by itself and is serving large number of Chartered Accountants, Tax Practitioners, Consultants, Corporate and Trade and Industry. Saral VAT Info is like a jewel in the crown, in your library, which makes your Profession brighter and remain as the best bet for information on Commercial Tax Laws.

Access to Tax laws in the 21st Century way.
26th July 2007 From India , Bangalore
Microsoft® Business Solutions–NAVISION®

VAT

Draft Version 1.0

1 Introduction 3

2 Set-up 3

2.1 States 3

2.2 Tax Groups 3

2.3 Tax Jurisdiction 3

2.4 Tax Details 3

2.5 Tax Area 3

2.6 Tax Area Locations 3

2.7 T.I.N. Nos. 3

2.8 Vendor Card 3

2.9 Customer Card 3

2.10 Item Card 3

2.11 Fixed Assets 3

2.12 Location Card 3

2.13 Structures 3

3 Transactions 3

3.1 Purchase 3

3.2 Sales 3

3.3 Tax Payment to Authorities 3

4 VAT Settlement with Input Credit & Payment process. 3

5 Opening Transaction: 3



1 Introduction

VAT works on the principle that when raw material passes through various manufacturing stages and manufactured product passes through various distribution stages, tax should be levied on the ‘Value Added’ at each stage and not on the gross sales price. This ensures that same commodity does not get taxed again and again and there is no cascading effect. In simple terms, ‘value added’ means difference between selling price and purchase price. Basically, VAT is Multi-Point Tax, with provision for granting set off (credit) of the tax paid at the earlier stage. Thus, tax burden is passed on when goods are sold. This process continues till goods are finally consumed. Hence, VAT is termed as ‘Consumption Type’ taxes. VAT works on the principle of ‘Tax Credit System’.



2 Set-up

The Set-up has to be defined in Financial Management under the Setup menu.





2.1 States

Define here state codes, which will be linked to each Vendor/Customer while defining the address of Vendor/Customer. The state code will be instrumental in identifying the tax rate applicable for each sales/purchase transaction. The fields are:

• Code: Define the code for the State.

• Description: Here you can enter the description of the Code.



2.2 Tax Groups

Define the Tax Group depending on which the Tax rate differs for a particular item. This Tax group will be linked to the Item in the Item Card. This differentiation could be because the Item belongs to a different group attracting different Sales Tax rates.

VAT categorization of merit, demerit goods, etc can be defined in the same way, wherein each of the different VAT categories can be defined.

• Code: Define the code.

• Description: Description of the Tax Group.

• VAT Applicable: In case a particular category is defined under VAT, the same will have a check mark on this field.



2.3 Tax Jurisdiction

Here you can set up tax jurisdictions that represent different types of taxes applicable as per the tax authority regulations. A tax authority is a government or government-empowered authority that has the right to impose taxes, for example, a state, city, or municipal government. Here the user can define taxes for each state as well as the tax for interstate transactions.

• Code: Define the code.

• Description: Description of the Tax jurisdiction.

• Tax Account (Sales): Enter the G/L account you want to use for posting the Sales tax on sales transactions. Click the Assist Button in the field to see the chart of accounts. The GL account selected here would be a “Tax Payable Account” and of type- “Balance Sheet account”.

• Tax Account (Purchases): Enter the G/L account you want to use for posting calculated tax on Purchase transactions. Click the Assist Button in the field to see the chart of accounts.

In case of Central Sales Tax, the GL account selected here would be a expense account and of type- “Income Statement account”.

In case of VAT, the GL account selected here would be a “VAT Recoverable Account” and of type- “Balance Sheet account”.



2.4 Tax Details

Define here the effective tax rates for a combination of Tax Jurisdiction and Tax Groups. If for a Tax Jurisdiction there is a concessional rate against a Form, then that is also defined here.

• Tax Jurisdiction Code: Select the Tax Jurisdiction Code. Click on Assist button to select from the available codes, defined in Tax Jurisdiction master.

• Tax Group Code: Select the Tax Group Code. Click on Assist button to select from the available Codes.

• Form Type: Leave this field blank while defining the Normal tax rates. Select the Form Type from the Form Type master while defining concessional rates for this combination of Tax Jurisdiction and Tax Group.

• Effective Date: Specify the date from when this rate becomes applicable.

• Tax %: Enter the %age that will be used to calculate tax.

• VAT Exempted: In case of a particular tax details defined here pertain to an exempted category defined under VAT; the same will have a check mark here. This has been done to differentiate the zero rated and exempted categories as both have defined rate of 0%.



2.5 Tax Area

Tax Area is used to set up different taxes applicable for Intrastate or Interstate transactions. As more than one tax authority taxes most locations, this table lets you

combine different taxes into a tax area that are applicable for a state.

The Tax Area code is main distinguisher between a CST and VAT transactions. Hence you will have to define VAT Tax areas for all states in which VAT is applicable.

• Code: Define the code for the tax area. The Tax Area code defined here is

“NDVAT”

• Description: Define the description for the tax area. The description is

“NEW DELHI VAT”

• Tax Jurisdiction Code: Select the Tax Jurisdiction Code. Click on Assist

button to select from the available Codes. So if within the tax areas there are for example three tax components be levied, these can be defined for eg. Tax Jurisdictions are “PUN”, “SURCHARGE”, “TTAX” applicable for Punjab Tax Area.

In case of VAT, since the tax component comprises of only single rate, only one jurisdiction will have to mapped to the relevant VAT specific Tax Area.

• Jurisdiction Description: Description is filled up automatically from the Tax Jurisdictions master.

• Calculation Order: Enter an integer number to determine the sequence in which the tax should be calculated for various jurisdictions. The possible values are 1, 2, 3 and 4. The system calculates the one with the lowest number first.

• Include Tax Base: Check this to ensure that the Tax Base amount is included for calculation of Tax for this Jurisdiction. In this example, Tax Jurisdiction PUN will be calculated on the Tax Base Amount, while for calculation of Surcharge and Turnover tax; base amount will not be included.

• Formula: For tax calculation, for the Jurisdiction with Calculation Order 1, there will not be any formula, as it will be always calculated on Tax Base. For other Jurisdictions, define a formula. In the example, Surcharge will be calculated on the amount calculated for jurisdiction PUN, while

• TTAX will be calculated on total of PUN and SURCHARGE amount.



2.6 Tax Area Locations

It is a master to define the tax area code applicable based on the combination of the dispatch/receiving location and customer/ vendor state. This Tax Area will be applicable while doing transaction with the customer/ vendor and will be defaulted in the Sales/ Purchase Transaction.

• Type: Specify whether the Tax Area Location is being defined for Customers or Vendors.

• Dispatch/ Receiving Location: Select the warehouse location code, which will act as Dispatch location in case of Sales or Receiving location in case of Purchase. Click on Assist button to select from the available Codes.

• Customer/ Vendor location: Select the customer/ Vendor State code. Click on Assist button to select from the available Codes.

• Tax Area Code: Enter the Tax area code. Click on Assist button to select from the available Codes.

• VAT Applicable: A check mark would be required in this field, if the combination setup is being made specifically to address VAT. This would be required for the transition from LST to VAT.



2.7 T.I.N. Nos.

The VAT registration is identified T.I.N. No. issued by the Tax Authorities to Registered Dealers.

Code: Enter the TIN No. allotted. (11 digit alpha numeric)

Description: Enter the description of the TIN No.



2.8 Vendor Card

(Purchase & Payables – Vendors)

Specify the Following fields in the Vendor Card for the tax setup and calculation:

General Tab

State: Select the state to which the vendor belongs to, by looking up to the state table.



Invoicing Tab

Tax Liable: Check this Field only if the Vendor is Tax liable.



Others

• LST No.: Specify the Vendor’s Local Sales Tax Number

• C.S.T No.: Specify the Vendor’s Central Sales Tax Number.

• TIN No.: Specify the Vendor’s TIN Number here.



2.9 Customer Card

(Sales & Receivables – Customer – General tab)

Specify the Following fields in the Customer Card for the tax setup and calculation:

General

• State: Select the state to which the Customer belongs to, by looking up to the state table.



Invoicing Tab

• Tax Liable: Check this Field only if the Customer is Tax liable.



Others

• LST No.: Specify the Customer’s Local Sales Tax Number

• C.S.T No.: Specify the Customer’s Central Sales Tax Number.

• TIN No.: Specify the Customer’s TIN Number here.



2.10 Item Card

(Inventory – Items – Invoicing tab)

Specify the Tax Group Code for every Item and depending on this, the tax rates will be picked up from the Tax Details master at the time of doing a transaction.



2.11 Fixed Assets

(Fixed Assets – Fixed Asset Card – Posting tab)

Specify the Tax Group Code to which the Asset belongs. The Tax percentage will be picked up from the Tax Details while making transactions.



2.12 Location Card

Here you can specify the State to which the particular location belongs.



Specify the TIN No. pertaining to the state in which the location resides. This TIN No. will be carried over in the transaction, so that all tax entries are tracked by independent TIN Nos. In case the transaction is carried out without Location Code, then by default the TIN No. defined in the Company Information window will be defaulted.



Company Information



2.13 Structures

You will have to create two structures for computation of Central Sales Tax and VAT individually.

Structure with Central Sales Tax



Since the value of Central Sales Tax is part of the landed cost of the item, the structure will have a check mark for “Loading on Inventory”.

Structure with VAT



The VAT component in the structure will be posted directly to a “VAT Recoverable Account”.

3 Transactions

3.1 Purchase

(Purchase & Payables – Orders/Invoices/Return Orders/Credit Memo)

As explained above, the Tax Group Code is linked to the Vendor and the Item/ Fixed Asset respectively.

In the Purchase transactions depending upon the combination of the State from the Vendor master and the Tax Group of the Item Master the sales tax rate/ VAT rate and the Tax Area Code is decided on the lines, it is populated into the lines after you select the Location code. The system will calculate the Sales Tax/VAT Amount depending on the rates specified in the Tax Details master and taxes applicable for the Tax Area.

The base on which Sales Tax/VAT is calculated, will depend on the STRUCTURE assigned to the order. (For details on setting up and use of structures refer to the Structure Manual).



In addition the Sales Tax/VAT will be calculated depending on the Structure linked to the Order.



A warning message will be displayed if a user selects a structure which contains a sales tax component to be loaded on inventory. In case that particular tax component has to be dealt differently, based on this message, the user can modify to select another structure.

A similar message will be displayed where the sales tax component will be not be loaded on inventory, so that a user can take suitable action.

These messages have been specifically provided so that a user can be prompted to take suitable action for treatment of CST and VAT related transactions.



3.2 Sales

(Sales & Receivables – Orders/Invoices/Return Orders/Credit Memo)

Sales Tax/VAT functionality in the Sales module is more or less similar to that in the Purchase module as far as the calculation of the Sales Tax/VAT Amount is concerned. In the Sales transactions the system shows the valid rates, defined in the Tax Location master, depending upon the Customer Area (State) and the Shipping Location of the company.

3.3 Tax Payment to Authorities

(General Ledger -> General Journal)



Enter the Tax Payable Account in the Account No and click Functions -> Pay Sales Tax. The form will show a list of all sales transaction on which Tax payment is to be made. The entries can be filtered out depending upon the period for which payment is to be made or on the basis of any other user requirement.

Note: Please note that “Payment of Sales Tax” specified here pertains to only CST and prior LST entries only and not to VAT applicable entries.



When you again click on Pay Sales tax, the total amount of the filtered tax entries is defaulted in the General Journal.





4 VAT Settlement with Input Credit & Payment process.

Since there is a lot of ambiguity involved in the VAT settlement and payment process due to various State Tax Laws being involved, these processes have not been updated.

Summarized purchase and sales transactions can be generated to derive VAT Setoff and Payment Values. These transactions can be derived from the Tax Register (Path: General LedgerPeriodic Activities Tax Register) based on filter criteria.



5 Opening Transaction:

1. Segregate the previous year transaction.

2. Within these transactions one has to manually breakup the values. Example say for an item value shown is 100, out of it 80 is the inventory value and 20 is the tax.

3. To adjust the inventory value, one has to use revaluation journal through which one can adjust the inventory value and instead of 100 it will be 80.

4. For tax value of 20 one has to enter the value in tax register as shown above.
27th July 2007 From India , Vijayawada
 

Discuss problems openly with your peers around the world without getting into company specifics. Access to years of such problem discussion data and business material is at your finger tips.
All resources created by our members are available to everyone at no cost.





Disclaimer: This network and the advice provided in good faith by our members only facilitates as a direction. The advice should be validated by proper consultation with a certified professional. The network or the members providing advice cannot be held liable for any consequences, under any circumstances.


About Us - Advertise - Contact Us - RSS   On Google+  
Privacy Policy | Disclaimer | Terms Of Service
Facebook Page | Follow Us On Twitter | Linkedin Network