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Future of The Accountants

According to the Sources, 6.43 Crore new PAN card are issued to Individuals (Male 65% Female 35%) during period April to Dec 2017. Total PAN card holders increased to 35.94 Crore in Dec 2017 from 29.44 Crore in March 2017.
Wont be surprise if return filing figure crosses 10 Crore by next year!
A Wonderful Job opportunities for the Accountants.

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Concept of Debit Note & Credit Note in the Books of Accounts

Concept of Debit Note & Credit Note in the Books of Accounts Business के अन्दर हम Purchase और Sale दोनों करते है! जब हम Purchase करते है तो पहले हम Purchase का बिल Receive करते है और फिर हम Purchase की entry करते है :- Purchase A/c        Dr.        To Sundry Creditors A/c इसी तरह जब हम Sale करते है तो पहले Sales का Invoice issue करते है और फिर entry करते है :- Debtor A/c          Dr.        To Sales A/c यहाँ तक कोई issue? नहीं Sir, कोई issue नहीं! चलिए फिर आगे चलते है जिस तरह हम purchase करते है उसी तरह हमे goods पसंद ना आने पर या goods के defective होने पर हम goods return भी करते है जिसे हम   Purchase Return या (GR) के नाम से भी जानते है! और अन्दर कि बात बताऊ तो कभी कभी ऐसा भी होत है कि हमें goods किसी दूसरी जगह से और भी सस्ते rate पर मिल रहे होते है तो इसलिए भी हम कई बार चालाकी करते है और goods जो purc...

Concept of Payment Advice

Concept of Payment Advice Payment Advice एक important concept है और इसके बारे में हम सभी को पता भी होना चहिये! Let’s understand this concept. जब भी हम किसी को उधार माल (Credit Sale)  बेचते है तो entry करते है :- Debtor A/c          Dr.        To Sales A/c Practically जब भी हम उधार माल बेचते है तो अपने debtor को credit period allowed करते है generally 1-2 months. Assume that  Mr. Santa (Seller) Sold Goods to Mr. Banta (Buyer) जब भी Santa (Seller) Mr. Banta को goods sold करता है तो उसे Sales invoice/bill issue करता है. Assume that Mr. Santa has issued the following bills to Mr. Banta:- Sr. No. Bill Date Invoice No. Bill Amount (In Rs.) 1 02/12/2014 0873 28,400.00 2 04/12/2014 0914 26,700.00 3 09/12/2014 1050 30,872.00 4 ...

Taxability of Pre Matured LIC

There is no Income tax Liability on Prematurity of LIC But there are Some Restrictions. Section 80C Says that Invest in Life Insurance for at least 2 Years. After that if You Surrender your Life Insurance, then you need not to Pay tax on Surrender Value. Relevant Portion of Income Tax Bare Act is as under:- (5) Where, in any previous year , an assessee— ( i )  terminates his contract of insurance referred to in clause ( i ) of sub-section (2), by notice to that effect or where the contract ceases to be in force by reason of failure to pay any premium, by not reviving contract of insurance,— ( a )  in case of any single premium policy, within two years after the date of commencement of insurance; or ( b )  in any other case, before premiums have been paid for two years ; or ( ii )  terminates his participation in any unit-linked insurance plan referred to in clause ( x ) or clause ( xi ) of sub-section (2), by notice to ...