Accounting Work in Tally for Tax Assessment

Trady

Active Member
#1
Hello,

I feel that most of the members in trading community are facing problems with the Accounting & Taxation part.

If any one need assistance in this matter, please do get in touch with me. I need the following documents for preparing and finalizing your accounts for each Financial Year in Tally Accounting Software

1. Ledger Account of your Broking firm.

2. Trade details for each Financial Year ( 01-04-2015 To 31-03-2016)

3. Bank Statements

I assure the privacy of your transactions and your accounting data.
 

VJAY

Well-Known Member
#3
Dear trady,
Thanks for your helping post. But it's better if you give info about how we can put trades in tally and how can we ourself manage it. ...:)...using step by step instructions. ..
 

Square

Active Member
#4
Is there anyway we can do it in excel or use some ready made reports of broker? For e.g. zerodha is giving Turnover report and P&L, can we not use it directly. How will be accounting different in Tally from these reports. All this is constantly bogging us down now.
 
#5
Is there anyway we can do it in excel or use some ready made reports of broker? For e.g. zerodha is giving Turnover report and P&L, can we not use it directly. How will be accounting different in Tally from these reports. All this is constantly bogging us down now.
I think P/L turnover report , ledger, contract notes , bank account statement should suffice. At least thats what CA told me when i went to inquire for audit requirements. I am getting audit done for FY 2015-16.
 

Square

Active Member
#6
I think P/L turnover report , ledger, contract notes , bank account statement should suffice. At least thats what CA told me when i went to inquire for audit requirements. I am getting audit done for FY 2015-16.
You mean audit done for the returns you filled this year? I am also planning to get the audit done for returns I filled this year. And then I will file a revised return before 30 Sep. So carry forwarded losses will be allowed.
 

Square

Active Member
#7
I think P/L turnover report , ledger, contract notes , bank account statement should suffice. At least thats what CA told me when i went to inquire for audit requirements. I am getting audit done for FY 2015-16.
Is someone based in Mumbai or around? I want details of CA who can do audit for derivatives trading.

How much time will a CA take for your audit and what are the charges.
 

Trady

Active Member
#8
Hello,

Ledger Account, Transactions summary and P&L account given by broker would be suffice. But what if the Tax officer asks for a cash flow statement and Balance sheet?

How do you tally the Balance sheet?

Data entry in Tally will allow us to check if there is any negative cash flow. First time it will be a difficult task preparing and reconciling all your entries in Tally Software. But once you get the accounts prepared for one year , it will be easy. You can have a track of your total networth in Tally.
 

Square

Active Member
#9
Hello,

Ledger Account, Transactions summary and P&L account given by broker would be suffice. But what if the Tax officer asks for a cash flow statement and Balance sheet?

How do you tally the Balance sheet?

Data entry in Tally will allow us to check if there is any negative cash flow. First time it will be a difficult task preparing and reconciling all your entries in Tally Software. But once you get the accounts prepared for one year , it will be easy. You can have a track of your total networth in Tally.
Hi Trady,

I am unable to send PM. I would also need a CA for auditing.
 
#10
I have Tally ERP 9 in my computer if someone help me step by step to make trading a/c in
Tally then it would be very helpful for me.
With thanks,
shaikuj
 

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