How Professionals Get Mentally Tough

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      How Professionals   Get Mentally Tough
  1. When you face a setback, think of it as a defining moment that will lead to a future accomplishment.
  2. When you encounter adversity, remember, the best don't just face adversity; they embrace it, knowing it's not a dead end but a detour to something greater and better.
  3. When you face negative people, know that the key to life is to stay positive in the face of negativity, not in the absence of it. After all, everyone will have to overcome negativity to define themselves sand create their success.
  4. When you face the no sayer's, remember the people who believed in you and spoke positive words to you.
  5. When you face critics, remember to tune them out and focus only on being the best you can be.
  6. When you wake up in the morning, take a morning walk of gratitude and prayer. It will create a fertile mind ready for success.
  7. When you fear, trust. Let your faith be greater than your doubt.
  8. When you fail, find the lesson in it, and then recall a time when you have succeeded.
  9. When you head into battle, visualize success.
  10. When you are thinking about the past or worrying about the future, instead focus your energy on the present moment. The now is where your power is the greatest.
  11. When you want to complain, instead identify a solution.
  12. When your own self-doubt crowds your mind, weed it and replace it with positive thoughts and positives elf-talk.
  13. When you feel distracted, focus on your breathing, observe your surroundings, clear your mind, and get into The Zone. The Zone is not a random event. It can be created.
  14. When you feel all is impossible, know that with God all things are possible.
  15. When you feel alone, think of all the people who have helped you along the way and who love and support you now.
  16. When you feel lost, pray for guidance.
  17. When you are tired and drained, remember to never, never, never give up. Finish Strong in everything you do.
  18. When you feel like you can't do it, know that you can do all things through Him who gives you strength.
  19. When you feel like your situation is beyond your control, pray and surrender. Focus on what you can control and let go of what you can't.
  20. When you're in a high-pressure situation and the game is on the line, and everyone is watching you, remember to smile, have fun, and enjoy it.
  21. Life is short; you only live once. You have nothing to lose. Seize the moment.


Tips for Account Professionals for Time Management

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Time Management helps individuals assign correct time slots to activities as per their importance. The right allocation of time to the right task in order to make the best possible use of time refers to time management. Time is limited and one can’t afford to waste it. Time once lost never comes back, no matter how much efforts you put in.

An individual who wastes time at workplace is liked by none and finds it difficult to achieve targets within the stipulated time frame. His work is never finished on time and is often criticized by fellow workers and superiors.

Let us go through some Time Management Tips for Professionals:

Reach office on time.- Avoid taking frequent leaves from work. It is important to be punctual for effective time management. Do not roam here and there.

The first thing an employee should do in the morning is to prepare a Task Plan - Write down what all needs to be done in a single day against the time slots you wish to assign to particular tasks as per their importance. Urgent assignments must be completed first followed by low priority tasks. Once the task is complete, tick it off. You will feel relieved.
Do assign some time for your personal calls, catching up with old friends on Facebook, writing updates on Twitter or even booking movie tickets for weekends.

Manage yourself well - Keep your workstation clean and organized. The files and important documents must be kept at their proper places. Avoid keeping stacks of files and heaps of paper at the desk. Throw whatever you don’t need. Never write on loose papers as you would definitely loose them after some time. Keep all your personal belongings at one place.

Do not clutter your desktop - Create separate folders to organize your documents. Delete whatever files and folders you don’t need. Manage your emails well.

 Use a planner or organizer to plan your day well - A table top calendar never lets you forget important dates and meetings.

Leave a little early for meetings outside office. Do keep margin of time for traffic jams, diversions or other unavoidable conditions on road.

Set priorities for yourself - Do not accept any task which you yourself know is difficult for you to accomplish within the allotted time period. A firm “NO“ in the beginning will save your reputation later.

Be clear about your goals and objectives - The KRAs of an employee must be communicated to him clearly. Know your targets. If you feel your targets are unrealistic, speak to your reporting Boss immediately. Plan things well. Planning helps you complete tasks on time.

Avoid gossiping or loitering around at the workplace - Your office does not pay you for playing games on computer during office hours. Do not work only for salary and to please your Boss. Work for yourself. The dedication should come from within.

Avoid long personal calls during office hours -. Remember if you finish your work on time, you will have enough time for your friends and family after office hours. A balance between personal and professional life is essential to be successful in the long run. 


Service-Tax Registration Checklist for Companies

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Service-tax registration checklist for companies

A. Registration of Single Premises:

1. Print out of the filled ST-1 form signed by the director/authorized person.
2. Address proof of the place of business as under:
  • a) In case of self owned property, any document like Annual Property Tax payment         return/receipt showing the name of the applicant, or copy of the sale deed.
  • b) In case of rented premises, Lease agreements/license or rent receipt and landlord electricity bill.
  • c) NOC for carrying out the business of the applicant from the owner of the premises.
  • d) Photo Id proof of the person giving the NOC i.e. owner of the premises.

3. Details of the Directors /authorized signatory as under:
  • a) Copy of the PAN.
  • b) Identity proof along with address by as under (any one):
  • i) Passport.
  • ii) Voter Identity Card
  • iii) Driving License
  • iv) Bank Passbook showing name & address along with photograph within the latest three months statement from the applying date.
4. Copy of the PAN card of the assessee.
5. Details of the at least one major bank accounts of the applicants (attach photocopy of the    cheque) i.e. bank name & address and account number. (if any)
6. Memorandum of Association.
7. Undertaking in Annexure V.
8. Power of Attorney.

B. Service Tax Registration Registration for Centralized Premises

1. Print out of the filled ST-1 form signed by the partner/authorized person.
2. Information with regard to the branches for which single registration has already been as per Annexure II (if any).
3. Documents required for new branches and Centralized Registration office which is not registered with Service Tax:

  • a) List of new branches, which are registered so far.
  • b) Name and address of the place from where centralized accounting/billing is sought to be done.
  • c) Address proof of (a) or (b) of the above

4. Address proof of the place of business as under:

  • a) In case of self owned property, any document like Annual Property Tax payment return/receipt showing the name of the applicant, or copy of the sale deed.
  • b) In case of rented premises, Lease agreements/license or rent receipt and landlord electricity bill.
  • c) NOC for carrying out the business of the applicant from the owner of the premises.
  • d) Photo Id proof of the person giving the NOC i.e. owner of the premises.

5. Details of the Partners /authorized signatory as under:

  • a) Copy of the PAN.
  • b) Identity proof along with address by as under (any one):
  • i) Passport.
  • ii) Voter Identity Card
  • iii) Driving License
  • iv) Bank Passbook showing name & address along with photograph within the latest three months statement from the applying date.
6. Copy of the PAN card of the assessee.
7. Details of the at least one major bank accounts of the applicants (attach photocopy of the cheque) i.e. bank name & address and account number.(if any)
8. Memorandum of Association.
9. Notarized affidavit certifying of keeping Centralized accounting for billing
Check List for Service Tax Registration
10. Undertaking in Annexure III.
11. Power of Attorney.


What is Forensic Accounting?

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What is Forensic Accounting?
An orderly analysis, investigation, inquiry, test, inspection, or examination along a “paper trail” in the search for fraud, embezzlement, or hidden assets

Two parts:
Investigative accounting
Litigation support
Treats all figures as suspect until proven otherwise

The Fraud Triangle
Rationalization ----- Motive ----- Opportunity

The Need for Forensic Accountants
Fraud is something the internal or external auditors were supposed to guard against through their periodic audits. Now that auditors can only check  for the compliance of a company’s books to generally  accepted accounting principles, auditing standards, and company policies, a new category of accounting  was needed to detect the fraud in companies that suspected fraudulent transactions
Forensic Accounting
The Services a Forensic Accountant Provides
  Investigating and analyzing financial evidence.
  Developing computerized applications to assist in the analysis and presentation of financial evidence.
  Communicating their findings in the form of reports, exhibits and collections of documents.
  Assisting in legal proceedings, including testifying in courts, as an expert witness and preparing visual aids to support trial evidence.

Investigative Accounts
Often associated with investigations of criminal 
matters. For eg: A typical investigative accounting assignment  would be an investigation of employee theft. 

 Review of the factual situation and provision of 
   suggestions regarding possible courses of action.
 Assistance with the protection and recovery of assets.
 Co-ordination of other experts

Litigation Support
Provides assistance of an accounting nature in a matter involving existing or pending litigation.  It deals primarily with issues related to the quantification of economic damages. 

 Assistance in obtaining documentation necessary to support
 or refute a claim.
 Review of the relevant documentation to form an initial 
 assessment of the case and identify areas of loss.
 Assistance with settlement discussions and negotiations.

Functions Of Forensic Accountant
Criminal Investigations
 Shareholders' and Partnership Disputes 
 Professional Negligence
 Business Economic Losses

Typical Approach To An Assignment
 Meet with the client
 Perform a conflict check
 Perform an initial investigation
 Develop an action plan
 Obtain the relevant evidence
 Perform the analysis
 Prepare the report

The need for niche consulting
Niche consulting refers to the need to specialize.
The need for niche consulting has become imperative because:
 Recent corporate accounting scandals
 Outcry for transparency and honesty in reporting 
 Fast based development in business 

Characteristics to be possessed by forensic accountant
 Sound professional judgment

Courses available in India
Post Graduate Diploma in Forensic Accounting
 Certificate Course in Forensic Accounting Profession
 Certified Anti-Money laundering Expert
 Certified Bank Forensic Accounting
 Certified Vigilance and Investigation Expert

Forensic accounting has come into the lime light due to following reasons:
-- rapid increase in frauds and white collar crime
-- belief that law enforcement agencies have insufficient                          expertise
Forensic accounting, in fact, integrates accounting, auditing, and investigative skills to conduct an examination into a company’s financial statements.

While the forensic accounting and auditing practice had commenced in the US as early as 1995, the seed of this specialization has yet to take off in India.


Income Tax Basics in Common Language

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Income Tax – Basics in Common Language

1. What is Income Tax?
It is a tax imposed by the Government of India on anybody who earns income in India. This tax is levied on the strength of an Act called Income tax Act which was passed by the Parliament of India.

2. What do you mean by income earned in India?
Income earned in India is not limited to income earned within the geographical limits or boundaries of the country. Certain incomes are also deemed to have been earned in India although they may have been earned outside the country.

3. Who administers the Income-Tax Act?
The job of monitoring the Income-tax collection by the government is entrusted to a Department called Income-Tax. This department functions under the Department of Revenue, Ministry of Finance, and Government of India.

4. What is the period for which a person’s income is taken into account for purpose of Income tax?
Income earned in the twelve months contained in the period from 1st April to 31st March (commonly called Financial Year [FY]) is taken into account for purposes of calculating Income Tax. Under the income tax Act this period is called a previous year.

5. What is an Assessment Year?
It is the twelve-month period 1st April to 31st March immediately following the previous year [refer answer-4]. In the Assessment year a person files his return for the income earned in the previous year. For example for FY: 2013-14 the AY is 2014-15.

6. Who is supposed to pay Income Tax?
Any Individual or group of Individual or artificial bodies who/which have earned income during the previous years are required to pay Income tax on it. The IT Act recognizes the earners of income under seven (7) categories. Each category is called a Status. These are Individuals, Hindu Undivided Family [HUF], Association of Persons [AOP], Body of individuals [BOI], Firms, Companies, Local authority, Artificial juridical person. When Companies pay taxes under the Income tax Act it is called Corporate tax.

7. Is Income tax Act applicable only to residents?
No, The Income tax Act applies to all persons who earn income in India, whether they are resident or non-resident.

8. Who is a resident?
If an individual stays in India for 182 days or more in a year, he is treated as resident in that year regardless of his citizenship. If the stay is less than 182 days he is a non-resident.

9. How can I know whether a company is resident or non-resident?
A company is considered as resident if it is incorporated under the Indian Companies Act. A foreign company can also become a resident if the control and management of its affairs is done entirely in India during the previous year.

10. How is resident/ non-resident status relevant for levy of income tax?
In case of resident individuals and companies, their global income is taxable in India. However non-residents have to pay tax only on the income earned in India or from a source/activity in India.

11. I am an Indian scientist, who had gone abroad on a government project. Should my return of income include income earned/received abroad?
It depends on your residential status. If you are a resident all incomes earned globally are taxable. Therefore the same needs to be included in the return. However if any tax is paid on that income in the foreign country, you will get credit for the same.


Checklist for Internal Audit of Taxation

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ParticularsChecked ByRemarks
ACheck for applicability of various Acts
1Income Tax
4Excise Duty
5Service Tax
Check that
1Payment is made before due date by Authorised person
2Proper due date chart is maintained and displayed.
3The Unit Head intimates the Asst Taxation Manager about the statutory payments through mail/hard copy before 3 days of the due date.
4Copy of challans is sent to Asst Taxation Manager by 10th of next month
5Monthly consolidated report in prescribed format for all statutory payments is forwarded to Asst Taxation Manager
6All the financials are certified by Unit Head
CFiling & Checking of Returns
Check that
1All the challans and returns are submitted directly by the unit.
2The same is verified by Asst. Taxation Manager before filing and confirmation sent
3All legal compliances are fulfilled by Unit Head and the same is informed to ATM
4The following returns are timely filed
ie TDS Return
iiExcise Return:
iiiVAT Return:
ivService tax Return:
vESI & PF Return:
DScrutiny/ Audit objection / Query from Govt. Department
Check that
1The information of the notice received by the unit from the department (i.e. Income Tax, Sales Tax etc.) is sent to the Asst Taxation Manager by the Unit Head.
2Asst Taxation Manager checks the status of scrutiny/ audit objection/ query etc.
3Asst Taxation Manager prepares the reply of the order / query received by gathering information requirements from Unit Head and send a copy to Unit Head
Check that
1Any amendment in the applicable act is informed by the Asst Taxation Manager to the Unit Head with the due date of applicability.
2Unit Head follows the Notification / circular (Direct & Indirect tax) issued by Govt. when informed by the Asst. taxation manager.
3The following certified details are provided by Unit Head to ATM -
iChallan of tax payment
iiLedger of the account.
iiiAccount statement of party / Purchase / sales etc.
ivRate of TDS/ VAT/ CST/ Excise Duty / Service tax / PF / ESI
vStatement of VAT-7,VAT-8 & VAT-9
viDetails of statutory forms (VAT forms) used during the period.
viiLedger of VAT / Excise / Service Tax
viiiReturn shall be Certified / verified by Unit head.
ixReturn shall be authorized by taxation Dept.
xReturn shall be filed on due date


Concept of Service Tax on Renting (renting of residential dwelling for use as residence)

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Section 65B(44) of the Finance Act 1994, Service means any activity carried out by a person for another for consideration and includes a declared service but shall not include:

By virtue of Section 66E of the Finance Act, 1994, Declared service include the “Renting of Immovable property”
Under Section 66 D of the Act, S.No. (m) of  Negative list(Non taxable service) are as under:-
Service by way of renting of residential dwelling for use as residence
Service by way of renting of residential dwelling would fall within the ambit of negative list only it the residence dwelling is used for the purpose of residence.

Residential dwelling does not include hotel,motel, inn, guest house, camp-site, lodge, house boat, or like places meant for temporary stay. As per normal trade parlance is any residential accomodation.
It is also an important point to discuss here that if residential dwelling is used in the course or furtherance of business or commerce, then the benefit of this clause can not be availed.
From the above it is clear if immovable property is given on rent for the purpose other than residential is taxable.
Exemption under notification No. 25/2012-S.T 20.06.2012
Sr. 18     Service by way of renting of a hotel,inn, guest house, club, camp-site or other commercial places meant for residential or lodging purposes, having declared tariff of a room below rupees one thousand per day or equivalent.

Conditions are to be satisfied to avail the exmption:-
·       Service are provided by way of renting of a hotel, inn, guest house, club, campsite or other commercial place;
·         Such renting shall be meant for residential or lodging purposes; and
·         Declared tariff or a room shall be below rupee one thousand per day or equivalent.
If declared tariff exceeds Rs.1000/- per day, then as per Sr. No. 6 of Notification No.26/2012, Service tax is required to be paid on 60% of the value subjected to the condition that CENVAT Credit on inputs and capital goods used for providing the taxable service has not been taken under the CCR 2004.
Liablility under Reverse Charge
Wherever the service provider is located outside the taxable territory but the servce is being provided in taxable territory, the tax shall be payable by service receiver.

CENVAT Credit on Service tax paid for Renting of hotels,inns, guest house, clubs, campsits or other commercial places meant for residential or lodging purpose.

·         If Such Service is used for Personal Use                 CCR is not allowed
·          If Such Service is used for Employee Benefit          CCR is not Allowed
·         If Such service is used for providing taxable             CCR is allowed