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Q. 1

What Is Surcharge And How It Is Computed?

Ans.

Surcharge is an additional tax levied on the amount of income-tax. In case of individuals/HUF/AOP/BOI/artificial juridical person surcharge is levied @ 15% on the amount of income-tax where the total income of the taxpayer exceeds Rs. 1 crore. In case of Firm, co-operative society and local authority surcharge is levied at 12% if total income exceeds Rs 1 crore.? In case of a domestic company surcharge is levied @ 7% on the amount of income-tax.

Q. 2

Is There Any Limit Of Income Below Which I Need Not Pay Tax??

Ans.

At this moment (i.e., for the financial year 2016-17?) Individual, HUF, AOP, and BOI having income below Rs. 2,50,000 need not pay any Income-tax. In respect of resident individuals of the age of 60 years and above but below 80 years, the basic exemption limit is Rs. 3,00,000 and in respect of resident individuals of 80 years ?and above, the limit is Rs. 5,00,000. For other categories of persons such as co-operative societies, firms, companies and local authorities, no basic e Source.

Q. 3

can A Non-resident Claim Rebate Under Section 87a?

Ans.

Rebate under section 87A is available only to an individual who is resident in India, hence, non-residents cannot claim rebate under section 87A?.?

Q. 4

How To Round Off Total Income Before Computing Tax Liability?

Ans.

???As per section 288A??, total income computed in accordance with the provisions of the Income-tax Law, shall be rounded off to the nearest multiple of ten. Following points should be kept in mind while rounding off the total income First any part of rupee consisting of any paisa should be ignored.

Q. 5

How To Compute The Total Tax Liability?

Ans.

After ascertaining the total income, i.e., income liable to tax, the next step is to compute the tax liability for the year. Tax liability is to be computed by applying the rates prescribed in this regard. For rates of tax, refer "Tax Rate" section. Following table will help in understanding the manner of computation of the total tax liability of the taxpayer. Computation of total income and tax liability for the year:- Particulars Amount Income from salary XXXXX

Q. 6

What Is Marginal Relief And How It Is Computed?

Ans.

The concept of marginal relief is designed to provide relaxation from levy of surcharge to a taxpayer where the total income exceeds marginally above Rs. 1 crore or Rs. 10 crore, as the case may be. Thus, while computing surcharge, in case of taxpayers (i.e. Individuals/HUF/AOP/BOI/artificial juridical person) having total income of more than Rs. 1 crore, marginal relief shall be available in such a manner that the net amount payable as income-tax and surcharge shall not exceed the total amount Source

Q. 7

how To Round Off The Tax Liability?

Ans.

As per section 288B?, tax payable by the taxpayer or tax refundable to the taxpayer shall be rounded off to the nearest multiple of ten, following points should be kept in mind while rounding off the tax.

Q. 8

What Is Rebate Under Section 87a And Who Can Claim It?

Ans.

An individual who is resident in India and whose total income does not exceed Rs. 5,00,000 is entitled to claim rebate under section 87A. Rebate under section 87A is available in the form of deduction from the tax liability. Rebate under section 87A will be lower of 100% of income-tax liability or Rs. 5,000. In other words, if the tax liability exceeds Rs. 5,000, rebate will be available to the extent of Rs. 5,000 only and no rebate will be available if the total income

Q. 9

Can I Claim Deduction For My Personal And Household Expenditure While Calculating My Taxable Income Or Profit??

Ans.

No, you cannot claim deduction of personal expenses while computing the taxable income. While computing income under various heads, deduction can be claimed only for those expenses which are provided under the Income-tax Act.

Q. 10

Can A Partnership Firm Or Huf Claim Rebate Under Section 87a??

Ans.

???Rebate under section 87A is available only to an individual, hence, any person other than an individual cannot claim rebate under section 87A.

Q. 11

what Is Gross Total Income?

Ans.

Total income of a taxpayer from all the heads of income is referred to as Gross Total Income.

Q. 12

What Is The Difference Between Gross Total Income And Total Income?

Ans.

Section 80C to 80U provides certain deductions which can be claimed from Gross Total Income (GTI). After claiming these deductions from GTI, the income remaining is called as Total Income. In other words, GTI less Deductions (under section 80C to 80U) = Total Income (TI). Total income can also be understood as taxable income. Following table gives a better understanding of the difference between GTI and TI.

Q. 13

How can we check the organizations, statutory details?

Ans.

We can use the shortcut Ctrl+Alt+B to check statutory details from any screen.

Q. 14

How can text be copied from Tally?

Ans.

We can use the shortcut Ctrl+Alt+C to copy text and shortcut Ctrl+Alt+V to paste the copied text.

Q. 15

Mention what is the shortcut to select the purchase order voucher type?

Ans.

Shortcut ALT+F4 is used to select the purchase order voucher type, at accounting and inventory voucher creation and alteration screens.

Q. 16

What is the short cut to filter the data based on the monetary value of almost all the report screens in Tally ERP 9?

Ans.

To filter the data based on the monetary value on Tally ERP 9, we should use the short cut Alt+F12.

Q. 17

What is the short cut to cancel a day book or list of vouchers in Tally ERP 9?

Ans.

The short cut to cancel a day book or list of vouchers is ALT+X In Tally ERP 9.

Q. 18

What is the shortcut to duplicate a voucher and to add a voucher in Tally ERP 9?

Ans.

We should use the shortcut keys Alt + 2 to duplicate a voucher. We should use the shortcut keys Alt + A to add a voucher.

Q. 19

What is the shortcut to select the credit not voucher in Tally ERP 9?

Ans.

We should key in F8 (Cntrl+F8), which will enable us to select the credit note voucher in Tally ERP 9.

Q. 20

How can schedule VI profit & loss account be generated using an auditors edition of Tally ERP 9?

Ans.

For generating the schedule - VI balance sheet using an auditor’s edition of Tally ERP 9, we need to go to the gateway of Tally - Audit & Compliance - Financial Statements - Profit & Loss account. After that we should Press Ctrl+3 to load the previous year’s company to generate the Schedule VI profit & loss account with two year’s data.

Q. 21

Explain how you can view profit and loss statement in Tally ERP 9?

Ans.

To view the profit and loss statement, we should press F1: Detailed which will display the data based on the default primary groups. With every transaction/voucher that has been entered instantly.

Q. 22

What is the use of statement of Inventory in Tally ERP 9?

Ans.

The use of statement of inventory is to view the information of Inventory based on Godowns. Tracking each and every single detail of items in the inventory, along with carrying on the stock and check the budget variations v/s forecasts, plans, statistics, etc. Inventory in Tally.ERP 9 works in the same way as its accounting part with regard to displaying, modifying and printing of reports.

Q. 23

Mention the options available in the Account Books Menu in Tally ERP 9?

Ans.

Account Books Menu includes the following. 1. Bank Book (s) 2. Cash Book (s) 3. Ledger 4. Group Summary 5. Sales Register 6. Purchase Register 7. Journal Register

Q. 24

How can the Books of Accounts in Tally ERP 9 be viewed?

Ans.

To view the Books of Accounts on Tally ERP 9, we should press D at the entry of Tally ERP 9 to pull the Display menu. On the display menu, we have to press A to bring up the Accounts Books menu.

Q. 25

Explain the default configuration of Tally ERP 9 provided for Balance Sheet?

Ans.

Balance Sheet in Tally ERP 9 displays two different columns with Liabilities and Assets. The balance sheet also displays the closing balances of all the primary groups and capital accounts along with the net profit for the specified period as required by the organization.

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