What is ITR 1? ITR 1 is also known as “SAHAJ FORM” where to be used by the individual who qualified as “Ordinarily resident”. It has to filled by the individual whose total income is up to 50 Lakhs. Who can file ITR 1? It can be file only by the tax payer who total …
What is Trademark? A Trademark is a type of intellectual property consisting of a recognizable sign, design, or expression which identifies products or services of a particular source from those of others, although it is used to identify services is usually called service marks. It will differentiate your product from the other one. On which …
FSSAI Stands for FOOD SAFETY AND STANDARDS AUTHORITY OF INDIA, it’s a statutory body established under the MINISTRY OF HEALTH & FAMILY WELFARE, GOVT OF INDIA. It has been established under Food and safety standard Act 2006 It ensures the food products undergo quality checks thereby curtailing the food adulteration and sale of sub-standard products. It …
What is PAN? PAN is also known as PERMANENT ACCOUNT NUMBER which has 10 digits’ alphanumeric numbers issued by the income tax department to the Indian taxpayers, to record all the transactions of a particular individual or company, by linking all the bank accounts with the PAN CARD. As per an individual or a Company, …
WHAT IS GST? GST REGISTRATION stands for goods and service tax; it works more or less the same way as VAT that it’s a consumption tax that’s imposed upon the costs of goods and services. In simple ways GST means, it is an indirect tax which has replaced many indirect taxes in India such as; …
What is EPF? The Employee Provident Fund (EPF) is a scheme in which both the employee and employer of an organization contribute certain amount for retirement benefits of the employee. How does EPF works? Every organization having 20 or more employees is required to register with the Employee Provident Fund Organization (EPFO). Both the employee …
PF Monthly Return process | Generate ECR challan | Prepare ECR Excel to Text file Read More »
Inventory Management What is Inventory? Inventory refers to the stock of goods and materials used for production and selling. Inventory is treated as a current asset in a business and is recorded in the balance sheet of the company. In a manufacturing company, raw materials, semi-finished goods, and finished goods are treated as inventory. In …
Stock Summary in Tally Prime allows you to check the inward and outward quantity of a particular stock item. You can also check the profit earned after selling a stock item. You can find the stock summary option on the Gateway of Tally screen. What is the inward quantity? Inward quantity is the number of …
Tally Prime: Stock Summary Report | Accounts with Inventory Report in 2021 Read More »
Attendance is the most important factor in salary calculation. The basic payable salary of an employee is calculated on the basis of his attendance records. Attendance record includes present and absent days of an employee and the details of extra hours he has worked i.e. overtime. In Tally Prime, you have 4 different Attendance/Production types. …
Payroll is a process of maintaining records of employees’ salary under various pay heads, attendance & absent records, all benefits & deductions. Just like we create individual ledgers for the debtors and creditors, we need to create ledgers for an individual employee or department-wise employee groups. Employees & Employee Groups: The first step in the …