Data Entry
How to calculate the Depreciation on Assets
Addition Deprecation calculation Additional Deprecation is depend on Purchases assets during 180 days or more Purchase Less than 180 days in a year, If asset is put to use for less than 180 days then amount equal to 50% of the amount calculated ...
Income Tax || How to change the XML/Json file saving location?
Please note that you can change the location for saving XML/Json file while doing e-filing in Income Tax from - Tools Menu > Income Tax options > Point no.30 Here, you can select the desired location through Browse button. After that Save it. ...
Income Tax > Advance tax - How the value in "deposited" column is calculated.
Advance tax - How came value in "deposited" column Solution The value in "Deposited" column will come when you have prepared Challan for advance tax. Go to transactions >advance tax > challan Enter here installment wise advance tax challan detail ...
Income Tax || How to import salary details from TDS software
Solution: To import salary details in Income Tax module from TDS software you please go to Transactions > Salary Income option given in menu bar. Here, click on TDS Salary Import button and you will get the list of Deductors. Message appears - Just ...
How to Change status of Assessee in "Client Master"
Solution: Please note that once created Assessee status cannot be changed. If you wish to change the status then you have to create the client again with new status in "client master". This should help.
Directors Report - How to enter "No. of Shares "
Directors Report - How to enter "No. of Shares " Solution To enter No. of Shares detail in directors detail you have to fill 'share capital' detail in 'formats' Go into Transactions > Balance Sheet > Formats > Share detail Put here Number of share ...
Error While Validation of Return || Date of incorporation is 01/01/0001
While validating return date of incorporation 01/01/0001 is not accepted by the software Solution: In the case of HUF's which are ancestral the Date of Incorporation which is accepted by the Income tax website is 01/01/0001 whereas the software ...
ZenIT || Where can we enter interest on PPF (if exempted)
Where can we enter interest on PPF (if exempted): Solution: Go to Transaction > Other Source Income > Exempt Income: Where we can enter Contribution towards PPF Account: Go to Transaction > Deduction > 80C: Hope this helps.
SECTION 54 EXEMPTION FOR CAPITAL GAINS
SECTION 54 EXEMPTION FOR CAPITAL GAINS A person wanted to shift his residence due to certain reason, hence, he sold his old house and from the sale proceeds he purchased another house. In this case the objective of the seller was not to earn income ...
234C Interest calculation in case of senior citizen
234C Interest not coming in case of senior citizen where no business income. The advance tax shall be payable during a financial year in every case where the amount of such tax payable by the assessee during that year, as computed in accordance with ...
Section 80TTA – All about Claiming Deduction on Interest
80 TTA eligible deduction Not Coming In computation Section 80TTA provides a Deduction in respect of interest on deposits in savings account. Where the gross total income of an assessee , being an individual or a Hindu undivided family, includes ...
Guidance for Filing ITR-7 for Section 11 (Trust Registered u/s 12A/12AA)
Guidance for Filing ITR-7 for Section 11 (Trust Registered u/s 12A/12AA) Charitable Institutions which are registered under section 12A/12AA of the Act can claim exemptions under section 11 of the Act when conditions are become fulfilled. While ...
Tax calculation on long-term capital gains as per section 112A
Tax Calculation on long-term capital gains as per section 112A Exemption for long-term capital gains arising from transfer of listed securities as referred to in Section 10(38) has been withdrawn by the Finance Act, 2018 w.e.f. Assessment Year ...
Income Tax return Filling 'Due date' of Partner of a firm whose required to be audited
Income Tax return Filling 'Due date' of Partner of a firm whose required to be audited As per Income tax act - Explanation 2 to section '139' partner of a firm whose accounts are required to be audited under 44AB Act or under any other law for the ...
Standard Deduction not showing in relief calculation u/s 89 (1) in a/y 2021-22
Deduction not showing in relief calculation u/s 89 (1) in a/y 2021-22 Possible Regulation As per new tax regime (section -115bac ) from AY 2021-22 the total income of the individual or Hindu undivided family shall be computed,— (i) without any ...
How to select SECTION 139(5)
Reason: If the Return is to be submitted as a Revision, the selection of Section 139(5) is to be selected. Procedure to be followed: To file a revised return in Income Tax firstly go to the Transactions >> Filing Information >> Filing Status in menu ...
How to File Belated Return or SECTION 139(4) BELATED RETURNS
Reason: If the Return is to be submitted after the Due date, the selection of Section 139(4) is to be selected. Procedure to be followed: Go into Transactions >> Filling information >> Filling Status, Select 139 and Select Return Type as Original and ...
Income Tax || How to Import Trial Balance from BUSY Software
Please export the Excel sheet using BUSY Software. Follow the steps below to export the BUSY Excel file: Export all the data successfully. Import the exported data into the Trial Balance. To import the data, navigate to Transactions → Balance sheet → ...
Reason & Solution for Intimation under Section 143(1) of the Income-tax Act
Intimation under Section 143(1) of the Income-tax Act Error discerption in Intimation "The gross receipts/income, on which tax has been deducted, are to be entered in the schedules under the respective heads of income, as they are assessable in the ...
Deprecation calculation as per companies act 2013 in Income Tax
Deprecation calculation as per companies act 2013 Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount of an asset is the cost of an asset or other amount substituted for cost, ...
How to enter Value in "Schedule IE-1, IE-2, IE-3 and IE-4": Income and expenditure statement
How to enter value in Schedule IE-1, IE-2, IE-3 and IE-4: Income and expenditure statement In case of ITR 7, Certain schedules to this return form are mandatorily required to be filled up by assessees which are claiming exemption under specific ...
How to enable Schedule Numbering in Financial reports
Solution: In case Schedule Numbering is not displayed in Schedule Print, Balance sheet and P&L Reports in Individual, HUF, BOI, AOP, Partnership firms, co-operative society and local authority. Go to Tools > Balance Sheet options > Form Options > ...
How to enter and calculate Term Liability in CMA Software
How to enter and calculate Term Liability in CMA Software Insert all your liabilities in your balance sheet under the categories “short-term liabilities” If It is due in a year or less or “long-term liabilities" If it is due in more than a year ...
Calculation of Minimum Alternative Tax (MAT)
Calculation of Minimum Alternative Tax (MAT) Minimum Alternate Tax (MAT) Tax liability as per the MAT provisions are given in Sec 115JB(18.5 % of Book Profits Plus 4 % education cess plus a surcharge if applicable). The tax rate is 15% with effect ...
How to Calculate Tax on 'AGRICULTURAL INCOME'
CALCULATING TAX ON AGRICULTURAL INCOME Take the sum of the agricultural income and non-agricultural income. The tax (A) should be computed on this amount. Example The base tax slab changes as per the change in Income Tax ...
Interest 234F clarification
As per Section 234F of the Income Tax Act, taxpayers must pay interest for delay in filing ITR. In simple words, if the user fails to file his tax returns within the standard deadline, the user might end up paying up to INR 10,000 as interest. ...
Income Tax || How to input foreign bank account details
The refund generated upon processing the income tax return is presently credited directly to taxpayers' bank accounts. It is mandatory to provide the details of the bank accounts where the refund is to be credited for direct processing. However, ...
Disallowed partner’s interest and remuneration process as per section 40 in Part OI Point no 8A h
The process to enter disallowed partner’s interest and remuneration as per section 40 in Part OI Point no 8A h. “Amount of interest salary, bonus, commission or remuneration paid to any partner or member” As per section 40(b)(v) any payment of ...
Income Tax || How to Select Limited Liability Partnership (LLP) Status
Introduction: LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. A limited liability partnership (LLP) is a partnership in which some or all partners ...
Income Tax || Option for IndAS - BS and P&L in case IndAS is applicable on a company
In the assessment year 2018-19, the IT Department introduced a new schedule for the Balance sheet - IndAS and Profit & Loss - IndAS Account within the ITR - 6 form. Part A-BS(IndAS) and Part A-P&L(IndAS) are pertinent to companies that prepare their ...
ZenIT || Software not suggesting any ITR form in case of Individual
What to do when the Income Tax Software does not suggest any ITR form in the case of an Individual ? Income Tax Software has a feature that suggests the appropriate ITR to be submitted based on the details entered under specific income heads such as ...
Income Tax || Process to import XML/Json file
Process to import income tax return XML/Json file in Zen IT Auditor This feature allows the user to Import ITR XML/JSON files generated by Government Utility, KDK income Tax software or any other software. To import the XML file in Income Tax Auditor ...
ZenIT || Guidance Process for Notes of Accounts and Significant Accounting Policies in (Non-Company Cases)
How to prepare notes of accounts and significant accounting policies for non-company cases?: The disclosure of accounting policies is particularly important in situations where an organization chooses to adopt industry-standard policies. By adhering ...
Help file for importing Trial Balance directly from Tally
User can eliminate repetitive work by importing trial balance from Tally directly and can prepare Financial reports like balance sheet, profit and loss, trading account etc. To import the Trial balance from Tally, please follow the steps provided ...
ZenIT || Presumptive Income - Software suggesting ITR-3 instead of ITR 4
Important Notes in case of Presumptive Income (44AD / 44AE / 44ADA) who cannot file ITR-4 Income from more than one house property, or Income from winning of lottery or income from Race horses, or Income taxable under section 115BBDA, or Income of ...
How can data be entered for Schedule Asset and Liabilities (Schedule AL)?
What is Schedule Asset and Liabilities and when it is applicable? The Income Tax Department introduced Schedule AL from A.Y. 2016-17, which pertains to Asset and Liability (Schedule AL) in ITRs. This section is applicable when the total income ...