What if accounting become live compass to the business?

It's like finding a gold bar from a junk box which we never thought was useful.

If entrepreneur perceived the accounting to be a live compass instead of a postmortem of the business, life would change drastically for businessmen and the way they perceive accounting to be.

They will start working hard to keep this live and track it daily. It will become like a dart game for them which one plays when frustrated from the regular work. One will like to check what's going on in my business? Is the hard-work right on target? Does my business have enough fuel (cash) to drive it to a distance where I want to reach before I get the next fuel station. Is the spread (growth rate) correct to control when need be and at the same time to reach in time. 

This can convert business into a game of numbers like any other game where we have a clear cut board showing where we are and what are we chasing to win. 

The enjoyment multiplies and so the business!!

Points to act on:

1. Make your accounts upto date on daily basis

2. Track all your accounts on weekly basis

3. Understand that cash is king and track it hard

4. Choose a right accountant

Believe me knowing something is almost like achieving. Just start knowing more to be winners. Accounting is way ahead!! 

Roha hardware is compliant now!!

Taheri bhai is a trader at small town of Roha. He runs a hardware shop having strong focus on paints. He has a got prestigious agency with Asian Paints.

With his honesty and hardwork, he could establish a great clientele with the MIDC around Roha. These relations are giving him good growth in business. 

To get organised and earn credibility with the Banks & Market, he wanted to get his accounts computerised. He also wanted to file his VAT returns and IT returns in time. 

MyMuneemji has helped Taheri bhai to computerise his books of account and be compliant with all the applicable tax laws since last two years. Over and above this, Taheri bhai now does his routine settlements with the clients and vendors based on the computerised ledgers which Mymuneemji providers on request. This has made Taheri bhai one of the smart and confident businessmen in this area. All this with zero travelling time and lower cost.

Taheri bhai says "MyMuneemji has simplified and brought on track my accounting work. I can now rest assure about my tax returns with this relation and focus on my business"

MyMunnemji going live Soon!!

Mymuneemji is close to completion with it's basic plate of services with a price point which is never tried for the quality which we aspire to offer.

Are you ready to make your accounts a child's play with enthusiastic team??

Contact us now to experience the Wow!!

Form 16 - TRACES (CIRCULAR NO. 04/2013)

CIRCULAR NO. 04/2013

F.No 275/34/2011-IT(B)

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, the 17th April, 2013

Sub: Issuance of certificate for tax deducted at source in Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule 31 of the Income-tax Rules 1962 – regarding

1. Section 203 of the Income-tax Act 1961 (“the Act”) read with the Rule 31 of the Income-tax Rules 1962 (“the Rules”) stipulates furnishing of certificate of tax deduction at source (TDS) by the deductor to the deductee specifying therein the prescribed particulars such as amount of TDS, valid permanent account number (PAN) of the deductee, tax deduction and collection account number (TAN) of the deductor, etc. The relevant form for such TDS certificate is Form No. 16 in case of deduction under section 192 and Form No. 16A for deduction under any other provision of Chapter XVII-B of the Act. TDS certificate in Form No. 16 is to be issued annually whereas TDS certificate in Form No. 16A is to be issued quarterly. TDS Certificate in Form No 16 as notified vide Notification No. 11/2013 dated 19.02.2013 has two parts viz Part A and Part B (Annexure). Part A contains details of tax deduction and deposit and Part B (Annexure) contains details of income.

2. With a view to streamline the TDS procedures, including proper administration of the Act, the Board had issued Circular No. 03/2011 dated 13.05.2011 and Circular No. 01/2012 dated 09.04.2012 making it mandatory for all deductors to issue TDS certificate in Form No. 16A after generating and downloading the same from “TDS Reconciliation Analysis and Correction Enabling System” or (https://www.tdscpc.gov.in) (hereinafter called TRACES Portal) previously called TIN website. In exercise of powers under section 119 of the Act, the Board has now decided as following:-

2.1 ISSUE OF PART A OF FORM NO. 16 FOR DEDUCTION OF TAX AT SOURCE MADE ON OR AFTER 01.04.2012:

All deductors (including Government deductors who deposit TDS in the Central Government Account through book entry) shall issue the Part A of Form No. 16, by generating and subsequently downloading through TRACES Portal, in respect of all sums deducted on or after the 1st day of April, 2012 under the provisions of section 192 of Chapter XVII-B. Part A of Form No 16 shall have a unique TDS certificate number.

2.2 AUTHENTICATION OF TDS CERTIFICATE IN FORM NO. 16 :

The deductor, issuing the Part A of Form No. 16 by downloading it from the TRACES Portal, shall, before issuing to the deductee authenticate the correctness of contents mentioned therein and verify the same either by using manual signature or by using digital signature in accordance with sub-rule (6) of Rule 31.

2.3 In other words, Part A of Form No. 16 shall be issued by all the deductors, only by generating it through TRACES Portal and after duly authenticating and verifying it.

 

2.4 ‘Part B (Annexure)’ of Form No. 16 shall be prepared by the deductor manually and issued to the deductee after due authentication and verification alongwith the Part A of the Form No. 16 stated above.

2.5 Sub rule (3) of rule 31of the Rules sets the time limit for issuance of Form 16 by the deductor to the employee. Currently, Form 16 should be issued by 31st May of the financial Year immediately following the financial year in which income was paid and tax deducted.

3.1 The Director General of Income-tax (Systems) shall specify the procedure, formats and standards for the purpose of download of Part A of Form No.16 from the TRACES Portal and shall be responsible for the day-to-day administration in relation to the procedure, formats and standards for download of Part A of Form No.16 in electronic form.

3.2 It is further clarified that Part A of Form No. 16 issued by the deductors in accordance with this circular and as per the procedure, formats and standards specified by the Director General of Income-tax (Systems) and containing Unique Identification Number shall only be treated as a valid compliance to the issue of Part A of Form No. 16 for the purpose of section 203 of the Act read with rule 31 of the Rules.

4. Hindi version shall follow.

-sd-

(Anshu Prakash)

Director (Budget)

Central Board of Direct Taxes

I am a fan of MyMuneemji.com!

I lead a busy, routine, ordinary life. I own and run a clothing store in Kotla’s commercial district and I am the sole earning member of my family of 4.  While I’d call myself a responsible family man, I have to confess that sometimes my duties weigh me down and I find myself ignoring the important yet demanding task of sorting out my finances and accounts. It is not that I am laid back or ignorant, it is just that at times I lack the willingness to make the effort to visit my accountant, to file returns, to source all the forms/data from different platforms given how time-consuming and tedious a task it all is.  

It is just for these reasons that I am super thankful for the services of MyMuneemji.com. From the comfort of my home I get expert accounting solutions + advice and under their skilled supervision I can file my tax returns without worrying about messing up the process in doing so. Additionally, it is with their help that I learnt about the best investments for me and under their guidance invested my money wisely. And yes, the returns on my investments so far have been great!

The best part about MyMuneemji.com is that the methods are simple and do not require much time. All I had to do was to sign-up, fill in basic details and I was ready to go. To get such an important job done without any hassles and to be able to do it at my convenience and on my time is what has made me a fan of MyMuneemji.com. So much so, that I have already recommended the site to all my friends and I am convincing them to sign-up ASAP.

To be honest, MyMuneemji.com has made it possible for me to fully concentrate on running my business as I leave the care of my finances in their trusted hands. And for this, I am always grateful! 

I have found a reliable partner in MyMuneemji.com

Everyone says if you start your business, you are your own boss.

At least, that’s what everyone told me. And they couldn’t have been more wrong!

After working a corporate job for 5 years when I finally decided to give in my papers and to turn my dreams into reality, I knew I had to surround myself with people and partners who would help me realise my dream. I was aware that the ground realities, responsibilities, duties, expectations would soon outshine the glamour of owning and running a business. Acute planning on my end led me to MyMuneemji.com and after going through their services I immediately decided to allow MyMuneemji.com to handle my accounts/finances.

To tell you the truth, given that I have only just started my business, I need to focus all my energies on it. This constant attention and dedication to furthering my business leaves me with very little time to sort my accounts and/or to visit a CA regularly. This is where MyMuneemji.com enters the picture. A simple registration process later, MyMuneemji.com was on my side, looking into my accounts and managing them. Experts handle my money, remind me about my tax filings, miscellaneous processes and even recommend the best investment options for me. The fact that I can focus on my business 100% and that I have a trusted and reliable partner look into my money has been a blessing.

If you are about to set-up your business and are looking at a trust-worthy partner to handle your accounts, then MyMuneemji.com is your best bet. Trust me!

--- Adip Shah, Entrepreneur

CBEC extends the date of submission of the return

F.No.137/99/2011-Service Tax Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs New Delhi, the 15th October, 2012 ORDER NO: 3/2012             In exercise of the powers conferred by sub-rule(4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise & Customs hereby extends the date of submission of the  return for the period 1st April 2012 to 30th June 2012, from 25th October, 2012 to  25th November,2012.             The circumstances of a special nature which have given rise to this extension of time are as follows:   a)      ACES will start releasing the return in Form ST3 in a quarterly format, shortly before the due date of 25th October,2012. b)     This will result in all the assesses attempting to file their returns in a short time period, which may result in problems in the computer network and delay and inconvenience to the assesses.  (S.M. Tata) Commissioner Service Tax Central Board of Excise and Customs