Fire your tax related queries and i would get it solved!!!

Are you able to understand the replies and act accordingly to this thread ??

  • Yes, Clearly able to understand and take action on threads suggestions

    Votes: 4 100.0%

  • Yes, able to understand BUT NOT able to take suggested course

    Votes: 0 0.0%

  • Somewhat able to take desicions, BUT seek professional help in my area

    Votes: 0 0.0%

  • Find it tough to understand the replies hence always seek other professional help

    Votes: 0 0.0%

  • Not able to understand any of the replies !!!

    Votes: 0 0.0%
  • Total voters
    4
  • Poll closed .
TFL

TFL

Well-Known Member
#521
#521
Dear Diosys,

Now it comes necessary to guide us a little regarding Tally.
I already downloaded Tally 9 Trial and is finding some difficulty regarding it. So it will be helpful for me and others if you can guide us for achieving the below.

Aim:
To enter daily day trading and delivery trading details to Tally and calculate Taxes and so. Please list the step by step guide about how to create ledgers/vouchers to setup tally for this.

Thanks,
Haribird.

I got a tutorial from net like below. But is not working for me. Hope you can write a better one than the below.
Firstly, create a company as "Accounts with Inventory" Option.
Create following ledger accounts in tally
1. Purchase of Shares A/c'
2. Sale of Shares A/c
(Open the above accounts under Purchase and Sale respy)
3. Speculation Purchase A/c
4. Speculation Sales A/c
(Open the above accounts as Direct Exps. or Income head. The head here will not make any difference as at the end of the year we will be netting off the two speculation account)
For Inventory of Shares follow following steps.
1. Open two groups:
i. Speculative Transactions Stock
ii. Delivery Based Transaction Stock
Mention each shares under two inventory groups by adding the same as stock item. CAUTION: Here make sure that you open two seperate accounts for the same stock if you are dealing in both Delivery Transactions and Speculative Transaction. E.g. Share of TISCO is defined in tally as TISCO - D and TISCO - S where D and S suggest that the entry in the inventory is for Delivery (D) and for Speculative (S) Transaction.
After above steps start entering entry BILL WISE only in JOURNAL mode.
At the end of the year close any one speculation account by transfering the balance to other speculation account. Balance either speculation profit or loss can be used for seperate reporting for Income Tax Purpose.
Click to expand...
 
Last edited:
VJAY

VJAY

Well-Known Member
#522
#522
Dear Diosys,

I am also requesting you the same which Hari asked.Please give step by step guide to use tally for maintain our accounts weself.

Regards
VJAY
 
VJAY

VJAY

Well-Known Member
#523
#523
Hi hari,
If you get step by step guide from anywhere please put it here so all can use it.

Regards
VJAY
 
TFL

TFL

Well-Known Member
#524
#524
VJAY said:
Hi hari,
If you get step by step guide from anywhere please put it here so all can use it.

Regards
VJAY
Click to expand...
VJAY,

I searched a lot for a quick guide to setup tally for trading as I am new to tally software.
But the results of search were pathetic. I think we need to learn a bit of tally and do it our own. Anyway will update here if I came successful with any tutorial or so.

I have a great expectation regarding this from Diosys

Hari.
 
TFL

TFL

Well-Known Member
#525
#525
Dear Diosys,

1. When should one start filing Tax Returns?
2. If somebody not filed the tax return in a financial year and the next year downwards he decided to file tax returns. Will there be any problem arise for the previous year?

Regards
Hari
 
diosys

diosys

Well-Known Member
#526
#526
INDU1 said:
Dear Diosys,

Would appreciate your views on the following.

My mothers mother(NANI) wants to give gift by cheque alongwith gift deed to the following:
1.My mother( Her Daughter)
2. My father(her son in law)
3.Myself and brother(her daughters children who are major)

To whom she can give gift and in which case will the clubbing provision be attracted?All the above are income tax payee and are regularly filling their return.

I also understand that if mother in law gifts to her daughter in law then clubbing provision is attracted on the income arising from such gifts.But in case she gifts her jewelery what would be the provision.


for the mother in law case there is no income which would arise from the transfer of jewelery.. There has to be income arisen in order to get it clubbed.
Regards

Indu
Click to expand...
Dear Indu,

The question which you have asked me can (and would most probably) be answered by Supreme Court in the near future...The manner in which the said section is given (Sec 56 (vi)) is very very confusing to interpret....Though as per my understanding and deliberation i am of the opinion that in case of gift from "Nani" such amount received would be taxable in the recipients hand if it exceeds Rs. 50,000 in one FY. :(

BUT ...i can tell you a naughty way to avoid this tax implication. ;)

Actually Income tax Act says "a sum of money" so if the nani gives Diamonds, Jwellery, Shares or for that matter anything except cash or cheque that would not be taxable at all... :D

As for the mother in law case....There is no income which arises from gifting of jewelery, hence the point of clubbing does not arise.
 
diosys

diosys

Well-Known Member
#527
#527
haribird said:
VJAY,

I searched a lot for a quick guide to setup tally for trading as I am new to tally software.
But the results of search were pathetic. I think we need to learn a bit of tally and do it our own. Anyway will update here if I came successful with any tutorial or so.

I have a great expectation regarding this from Diosys

Hari.
Click to expand...
Ok Hari....here is the tutorial on how to use Tally...I am presumming you know how to enter journal entries....

In order to activate all the features of tally you would need to buy a license version of it.

See this online video posted by the original uploader... http://in.youtube.com/watch?v=-_NFsYU-cOo

nice explanation...you would be able to find all required from here...
 
diosys

diosys

Well-Known Member
#528
#528
haribird said:
Dear Diosys,

1. When should one start filing Tax Returns?
2. If somebody not filed the tax return in a financial year and the next year downwards he decided to file tax returns. Will there be any problem arise for the previous year?

Regards
Hari
Click to expand...
1.) Return can only be filed once the FY is over.

2.) if there was tax payable then a lot of consequences can follow... Though how late...pay your tax and file your returns. It can save you of penalty and Jail !!!

if no tax was payable then a nominal penalty of Rs. 5000 can be imposed...though it wont be...
 
TFL

TFL

Well-Known Member
#529
#529
diosys said:
Ok Hari....here is the tutorial on how to use Tally...I am presumming you know how to enter journal entries....

In order to activate all the features of tally you would need to buy a license version of it.

See this online video posted by the original uploader... http://in.youtube.com/watch?v=-_NFsYU-cOo

nice explanation...you would be able to find all required from here...
Click to expand...
Diosys,

Sorry to tell you that its not helping me.
It will be better If I get a tally setup guide to manage my day to day expenses, Day Trading, Delivery Trading and Various deposits like FD, ULIP, and so.
I mean really a step by step guide for people who are a big 0 in tally.

Regards,
Hari.
 
VJAY

VJAY

Well-Known Member
#530
#530
Hi Diosys,

Please look this request as for all who are trading and not know to manage their accounts.Please give an stp by step procedure for keeping it in Tally.Eg.Our stock trading(intraday/delevery) ,future trading ,MF etc.

Thanks & Regards
VJAY
 
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