U.S. State Abbreviations

U.S. State Abbreviations

US State:	Abbreviation:
Alabama	AL
Alaska	AK
Arizona	AZ
Arkansas	AR
California	CA
Colorado	CO
Connecticut	CT
Delaware	DE
Florida	FL
Georgia	GA
Hawaii

Calculated Cost Of Acquisition

                                            Capital Assets

           A capital asset is a type of asset that is not easily sold in the regular course of a business's operations for cash and is generally owned for its role in contributing to the business's ability to generate profit. Furthermore, it is expected that the benefits gained from the asset will extend beyond a time span of one year. On a business's balance sheet, capital assets are represented by the property, plant and equipment figure.

Personal effect two type:

(1) Long Term Capital Gain

    (2) Short Term Capital Gain

Definition of long term capital gain :- if assets is hold by assesse for more than 36 month immediately preceding the date of transfer.

Definition of Short term capital gain :- if assets is hold by assesse for not more than 36 month immediately preceding the date of transfer.

Period of holding

Period   from date of acquisition to capital assets to date immediately preceding the date of transfer.

Compute Total Income

Compute total income

NAME   XYZ FATHER'S NAME WXY DATE OF BIRTH 01-05-1986 ADDRESS asdfg STATUS INDIVIDUAL PAN AWXYR1274J WARD 22(3) PREVIOUS YEAR 2014-2015 ASSESSMENT YEAR 2015-2016

How To Calculate Self Occupied Rent & Let Out Rent Income Tax

Assess is having more than one self-occupied property-(Assess property occupied एक से अधिक स्वयं चल रहा है) one property is self-occupied and all property is let out

Step1.  Assume both house are let out (ye man le ke dono ghar let out h to income inke hisab se nikalo)

Step2. Assume both house are self-occupied (ye man le ke done ghar self occupied h to income in ke hisab se nikalo)

Assume that  House is self occupied

EXAMPLE=Y has a house, which has 2 equal units on the ground and the 1^st Floor. Unit 1 on the ground floor is self-occupied by Y and used fully for residential purposes. Unit 2 on the 1^st floor has been let out. Rs 6,000 is the rent received per month. Reasonable rent of the property is Rs 5,000 per month. Taxes paid to municipality are Rs 10,000. Rs 5,000 are the repairs incurred by Y. And Rs 20,000 is the interest on money borrowed to construct the house.

How to calculate tax on house property income

                                   (Deduction under Section 24)

Serial No	Particulars	Amount or Percentage Deduction
1	Standard Deduction	30%annual value
2	Property acquired/constructed after 1st April, 1999 with borrowed capital (deduction is allowed only where such acquisition or construction is completed within 3 years from the end of the financial year in which capital was borrowed	200000(max)
3	in other case Borrowed capital	30000(max)
4	In case of property let out	Fully deduction of Interest on borrowed capital

Interest for the period prior to the acquisition or construction of the premises would be deductible in five equal installments starting from the year in which property is acquired/constructed (possession).

Computation Of Tax

Computation of Tax
In the books of accounts the Computation of Tax will look like:
Particulars	Amount	Amount
Basic pay		XXXXX
+ Dearness allowance		XXX
+ Annuity		XXX
+ Bonus		XXX
+ Commission		XXX
+ Arrears of salary		XXX
+ House Rent allowance	XXX (XXX)	XXX

TAX DEFINATION

DIRECT TAX DEFINITION

A tax that is paid directly by an individual or organization to the imposing entity. A taxpayer pays a direct tax to a government for different purposes, including real property tax, personal property tax, income tax or taxes on assets.

INDIRECT TAX

A tax that increases the price of a good so that consumers are actually paying the tax by paying more for the products

Real, Personal And Nominal Accounts

Real, Personal and Nominal Accounts: There are mainly three type of accounts in accounting: Real, Personal and Nominal accounts, personal accounts are classified under three subcategories: Artificial, Natural and Representative. If you fail to identify an account correctly as either a real, personal or nominal, in most cases, you will get the journal entries incorrect.

1. Real AccountsAll assets of a firm, which are tangible or intangible, fall under the category “Real Accounts“.

Tangible real accounts are related to things that can be touched and felt physically. A few examples of tangible real accounts are building, machinery, stock, land, etc.

Intangible real accounts are related to things that can’t be touched and felt physically. A few examples of such real accounts are goodwill, patents, trademarks, etc.

Residental Status

(income&tax)dent but not ordnarily resedent(RNOR)(रेजिडेंट लेकिन निवासी नहीं)

Non Resedent(NR)(अनिवासी)

Residental status

Resedent or ordnarily resedent(ROR)(निवास या निवासी)

Rese

POINT OF REMEMBER

ROR

Income Earned in india

Income recived in india
Income Earned in india but recived out side india

RNOR

Income Earned in india

Income recived in india
Income Earned from business of profession outside india. Wich control in India

NR

Income Earned in india

Income recived in india

Earned= jo paisa mil raha h wo service di h india mai
Recived= hama india mai kitne pasia mila h wha paisa chahe outside india mai kamaya h

This Is Very Simple Trick For Journal Entry

                                  This is very Simple trick journal Entry

                                    (Latest Formula)

                    

Tally Erp9.0(All Short Cut Kye)

Alt+2	Duplicate Voucher
Alt+A	Add voucher / To Alter the column in columnar report
Alt+C	Create a master at a voucher screen (if it has not been already assigned a different function, as in reports like Balance Sheet, wh
Alt+D	Delete a voucher To delete Accounting or Inventory master which is not used by any voucher or elsewhere in the alteration mode. To
Alt+E	Export the report in ASCII, HTML OR XML format
Alt+I	Insert a voucher / To toggle between Item and Accounting invoice
Alt+N	To view the report in automatic columns (Multiple Columns at all reports, Trial Balance, Cash/bank books, Group Summary & Journal Reg

Income Tax Audit

Types of audits

Once a tax return is determined an eligible candidate for auditing, the IRS will send you a letter making the announcement of an audit. The type of audit you’ll be required to do typically falls into one of three types:

Correspondence audit: The most common of audits, this typically entails mailing specifically requested documentation to the IRS.

Field audit: For individuals or businesses who’ve earned more than $100,000 in income, the IRS is more likely to send an IRS agent to your home, place of business or tax professional’s office.

Office audit: Sometimes the IRS requires you to attend an IRS facility and meet with an auditor. The factors influencing this type of audit vary.

आडिट के प्रकार

Ashish Entry Sheet - 6

38	RENT	DR	5000		E	INDIRECT EXP	F7	+
	RENT IN ADVANCE	CR	5000								-
39	ELECTRICITY EXP	DR	1312	N	E	INDIRECT EXP	F5	+
	SBI	CR	1312								-
40	CARTAGE INWARD	DR	250	N	E	DIRECT EXP	F5	+
	CASH	CR	250								-