Saturday, 30 August 2014
Friday, 29 August 2014
If your hobby is doing Tax and accounting then no need for you to read this article. For the rest of us, if you need help with your yearly tax return or run a business that requires hiring an accountant, then it can be quite a task to find a skilled accounting firm offering professional help and expertise. Whatever type of accountant is required, (chartered accountant, tax accountant, etc.); most people don’t really know what they should be looking out for in their search. Generally decisions are based on the locality, an advertisement found in the phone book or recommendations from friends and colleagues.
Taking the time to find out something about the company you select will make all the difference between an accountant who is just doing their job and one who will be loyal and enterprising. If you are running your own company or if you are self-employed, hiring an accountant can be priceless. A few of the services they offer include completing tax returns, keeping company accounts, financial planning, auditing and book-keeping. Most of the professionals also advice on anything from buying new company to selling shares. If you already have your own business or are in the process of setting one up then you will know how important the accountant can be. They should know the rules and regulations concerning any financial activities and be aware of any changes in the law that might affect your business. With the right accountant you can be sure your business is in capable hands. Accountants can save you from spending your valuable time by maintaining all the essential paperwork for you and they even advice you on ways to cut costs. For example, because a dependable accountant will be up to date on tax laws and legislation, they will save your business quit a lot of money. It’s crucial to select an accountant fitted to your company as they will not only keep the records and finances updated and in order but can also smooth the progress of expansion. To find the right accountant is the difficult part.
The first place to start is on the internet. Preferably you want an accountant in your local area that has been established for a number of years, this will enable you to meet them face to face to discuss your needs and requirements and check out their reputation and qualifications. Ask around colleagues and business owners in similar industries for their recommendations and opinion. You could also ask your financial planner, bank and insurance agent for their advice. If you worry about the costs of an accountant then keep the following in mind. Large accountancy firms might have the advantage of offering their services at more competitive rates, whereas a smaller company could provide a more personable service and commit more time to your account. Thus the question is; do you want quality or quantity? Don’t hold back on contacting a firm to ask questions and advice before making that decision. Chew over the area you need advice or help in as companies often specialize in particular fields, for example if you are setting up a small clothing company, the accountancy firm you select should be clued-up and have some clients and thus experience in this sector. Always check for accreditation from an officially recognized body, especially if you are thinking of selecting an individual accountant. Only registered agents are allowed to charge for preparing or lodging a tax return.
There are only a few companies in India like Just Dial and Sulekha, which offer an accounting firm listing service. These firms can find you professional help in your local area for free. Make sure that the members of their network are fully qualified Chartered Accountants. If you are searching for a general chartered accountant or require a specialist, they should be able to help you locate one in a location of your choice. They can provide a range of accountancy services, from financial planning to trust accounting, from setting up a company and auditing. Handing your financial records over to someone you don’t know involves a lot of trust and co-operation. Choose an accountant firm that responds quickly to your questions and has an understanding of your business. Also ask for their pricing policies and see if it is within your budget. An accountant is not only there to complete your tax returns but to offer advice and guidance that can lead your business in the right direction and into the future.
Thursday, 28 August 2014
Originally posted on drsaca:
(a) Relating to witness
While getting the document attested by witness care should be taken in the selection of witness and in recording their full names and address on the instrument itself. In order to prove a document in the court of law, it is necessary that at least one of the attesting witness is called to prove the deed.
Whenever full name and address or not noted or strangers or less known persons are taken as attesting witnesses it become a problem to recall as to who signed after a lapse of time when the need to prove the document arises, besides when they are to be summoned in a court of law to prove the document by means of their deposition. Such strangers and unknown persons are neither co-operative nor willing witness so as to readily come forward and take the botheration of deposing and proving the document.
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Wednesday, 27 August 2014
Monday, 25 August 2014
Saturday, 23 August 2014
Thursday, 21 August 2014
Wednesday, 20 August 2014
Monday, 18 August 2014
Some of the modes for creating capital in HUF file are:
(i) Ancestral funds through partial partition
(vi) Receiving gift of ancestral funds
(vi) Gifts from outsiders
(iv)Gift to HUF under a will
(v).Earning of income in HUF
(vi) Throwing in by a member of an HUF.The last mentioned mode viz. capital formation by throwing in or blending of personal property is no more attractive (expect in few exceptional cases) because of the clubbing provisions embedded in section 64(2) and hence it is not discussed in this article however, in given set of facts this route may still be beneficial.
3.Basic condition for assessment as HUF
- Family of window mother and sons (may be minor or major);
- Family of husband and wife, having no child;
- Family of two windows of deceased brother;
- Family of uncle and nephew;
- Family of two or more brothers ;
- Family of mother, son and son’s wife;
- Family of male and his late brother’s wife.
Section Nature of deduction
TAX Liability calculation
1. Family consisting of female Members
(i) Whether a joint Hindu family can comprise of females only
(whether two females of a family can, by agreement constitute a joint Hindu family in regard to their individual properties
2. Smaller HUF
Wednesday, 13 August 2014
- Immunity from prosecution for delayed filing
- A reduced additional fee of 25% of the actual additional fees payable
- Escape for directors disqualified under section 164(2) of Companies Act, 2013
- Form 20B- Form for filing annual return by a company having share capital.
- Form 21A-Particulars of Annual Return for the company not having share capital.
- Form 23AC, 23ACA, 23AC-XBRL and 23ACA-XBRL- Forms for filing Balance Sheet and Profit & Loss account.
- Form 66- Form for submission of Compliance Certificate with the Registrar.
- Form 23B- Form for intimation for Appointment of Auditors.
- Companies against which action for striking off the name under sub-section(5) of section 560 of Companies Act, 1956 has already been initiated by the Registrar of Companies or
- Where any application has already been filed by the companies for action of striking off name from the Register of Companies or
- Where applications have been filed for obtaining Dormant status under section 455 of the Companies Act, 2013
- Vanishing companies