28 Most Useful Shortcuts of Tally

Every business needs and requires to maintain its records of day to day financial operations. These financial recording is done in different accounting softwares. A very renowned company “Tally solution” provides the most used business management solution under the brand name “Tally”. Tally is the most used software in the industry for maintaining books of accounts. Tally has evoked from various version like Tally 7.2, Tally 9, Tally ERP etc.

In order to increase one’s experty in tally he/she must be aware of short-cut keys and there uses. Short-cut keys help to use various features of tally. These short-cut keys enhance one’s skills and efficiencies. By the use of shortcut keys you can perform crucial function like reporting, analysis, filing etc. instantly with greater accuracy. For any accounting domain person the command in tally is a must. Today I'am going to share 28 (twenty-eight) most useful short cuts of tally. Before starting just make a note, fever shortcuts might only work in Tally ERP version.

 1)    For going to Gate Way of Tally

By using the below stated shortcut-key (key pair) you can move to the main window (gate way) of tally from anywhere in tally.

CTRL + M

2)    For opening calculator

 

For opening calculator while working in tally at anytime (shown in the picture above).

CTRL + N

3)    For Deleting a Entry or Voucher

For deleting deleting entry or voucher just either select the entry in the ledger (as shown in the picture above) or by opening the entry/voucher and then pressing the shortcut.

ALT + D

4)    For Changing the Voucher Date : F2

5)    For Changing the period

For changing the period, by the default it always the current financial year.

ALT + F2

 

      6)    For printing the voucher : ALT + P

      7)    Company Information : ALT + F3

      8)    For Exporting Tally data

For exporting tally data for any reporting, calculation and other purpose, the data can   be exported in Excel, HTML, XML, ASCII format. This is the most useful shortcut.

ALT + E

     9)    For shutting company : ALT + F1

     10) Features : F11

     11) Configure : F12

     12) Accounting Report : F10

     13) Inventory Report : F9

     14) For hiding an entry : ALT + R

     15) For unhiding an entry : ALT + U

     16) Duplicating an voucher

Just select that voucher (as shown in the picture above) and press the shortcut.

ALT + 2

     17) For opening an account/ledger

For opening an account/ledger any time while entry making.

 ALT + C

     18) Repeating the Last narration : CRTL + R

     19) Repeating the Last narration of the ledger : ALT + R

     20) Cancelling a voucher : ALT + X

     21) Select all entry : CTRL + SPACE

     22) For bank reconciliation 

After opening the bank ledger for starting the bank reconciliation, just press : F5

     23) Selecting the range of information : ALT + F12

    24) Opening last or previous voucher : Page up & Page down

     25) To alter or change ledger details : CTRL + ENTER

   

     26)    For E-Mail Tally data : ALT + M

     27)     For Upload Tally data on internet : ALT + O

    28)   For changing language : ALT + L

  

   Abbreviation :

    CTRL - Control 

    ATL - Alter

  

These are the 28 (twenty eight) most useful short-cuts in tally. By using them one can increase their speed at work and can lessen their workload. I tried my best to mention almost all the short-cuts I personally use. Other then this various helpful tutorial are also provided at the company’s website so one can learn from there as well. Please share this useful blog with friends and family and feel free to leave your comments and queries.

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Disclaimer :

The above blog is purely for educational and  guidance purpose. It's just the reflection of the author's personal experience and judgment. The author has just provided the general information & understanding and its not at all an alternative of any legal advice or practitioner. It has no connection with the websites mentioned in its contents. The content stated in the blog should be used by the reader at his own discretion and sole responsibility. The content of the blog can be only used for any other document, write-up, article, blog and any written or printed material whether on paper or digitally in any form, with the prior permission of the author.

Scope of Supply Under GST

Goods and Service Tax (GST) is levied on “Supply”.

GST is a tax charged on supply of good and service. Supply is the root origin of GST applicability. A layman considers GST over sales or providing of service which is correct to an extent but it’s periphery is beyond that. In order to hold a complete understanding for working under GST one need to have knowledge of its seed i.e. Supply.

The levy or chargeability arises at supply but its payment liability arises at the “time of Supply”. So to understand better the time of payment of liability of GST one need to understand, “What is Time of Supply” ?

So let’s fine out our knowledge and command over GST.

Scope of Supply

Scope means coverage or extent. So scope of supply means the acts considered as supply. Sec. 7 of the Central Goods and Service Tax Act 2017 (CGST Act 2017) defines Scope of Supply. Let us understand this in simplified manner. Following shall be considered as supply of goods or services or both:

1)    With consideration for business purposes :-

• Sale
• Transfer
• Barter
• Exchange
• License 
• Rental 
• Lease
• Disposal made or agreed 
• Import of service (also if not for business purposes)

2)   Without Consideration for Business purposes or in relation to business :-

• Sale or disposal of business assets where input tax credit is availed on them. 
• Supply between related persons or between or distinct persons as specified under Section 25 (registered or required to take registration under the GST Act) for business purposes. 
• Supply of goods by ‘Principal’ to ‘Agent’ where Agent will supply it on behalf of Principal. 
• Supply of goods by ‘Agent’ to ‘Principal’ where Agent receives on behalf of Principal.
• Import of service from a related person or other entity outside India for business purpose.

Not Considered as Supply of Goods or Services

As per Section 7 of the Act read with Schedule III, The following are not to be considered as supply of goods or services :-

1. Services of Employee to Employer. 
2. Service by any court or tribunal.
3. Functions of Member of Parliament, Member of State Legislature, Members of Municipalities & other local authorities. 
4. Duties of Person holding post under Constitution.
5. Duties of Person as Chairperson or Member or Director of body established by Central, state or local authority and who is not deemed as employee before the commencement of this clause. 
6. Services of Funeral, burial, crematorium or mortuary including transportation of deceased. 
7. Sale of land and building where the entire consideration has been received after issuance of completion certificate by the competent government or statutory authority or after its first occupation, whichever is earlier. 
8. Actionable claim, other than lottery, betting and gambling. 
9. Supply of goods from a non taxable territory to another non taxable territory without entering such goods entering into India. 
10. Supply of warehouse goods to any person before clearance for home consumption.
11. Supply of Goods by the consignee to any other person, by endorsement of document of title to the goods, after the goods have been dispatched from the port of origin located outside India but before clearance for home consumption. 
12. Activities or transactions undertaken by the Central Government, a State Government or any Local Authority as Public authority.

This is all about what is supply under GST, and what is not considered as supply under GST. This turn out to be the foundation of GST law. In the next blog we will understand about “Time of Supply”. 

Disclaimer :

The above blog is purely for educational and  guidance purpose. It's just the reflection of the author's personal experience and judgment. The author has just provided the general information & understanding and its not at all an alternative of any legal advice or practitioner. It has no connection with the websites mentioned in its contents. The content stated in the blog should be used by the reader at his own discretion and sole responsibility. The content of the blog can be only used for any other document, write-up, article, blog and any written or printed material whether on paper or digitally in any form, with the prior permission of the author.

Overview of the Companies Act Compliances for a Private Limited Company

Every company is incorporated and formed under Companies Act 2013 (as amended from time to time). There are many compliance under Companies Act. This blog provides you the over view of compliances which every private company has to comply in order to run its operations. These are the compliances which are mandatory, pervasive and annually to be performed by a company. 

To be very clear, these are not the only compliances or formalities a private limited company has to perform. There are many compliances, some are one time; some are operations specific and some are eligibility oriented. For example, every company as per Section 12 (2) of the Act read with Rule 25 of Companies (Incorporation) Rules, has to file/furnish Form No. INC 22 with the Registrar within 30 days of its incorporation, this is a onetime compliance (if the address mentioned in the company incorporation application is different).

Fairly advising for accomplishment of Company Law Compliances is to have an annual engagement or contract for Compliances with a CS (Company Secretary) or CA (Chartered Accountant) firm, as it will be a full assurance.  Let’s move ahead with the summarized overview.

1)           Director KYC

As per Rule 12A of Companies (Appointment and Qualification of Directors) Rules, Every DIN holder has to file DIR-3-KYC on or before 30^th September of the immediate next financial year. So a company must ensure that its Directors KYC is done.

2)           Board Meeting

Every company has to have 4 (four) board meeting in a year. There should be 120 days between 2 (two) board meeting.

In case of start-up Company, if there is one (1) board meeting in each half year and gap between 2 (two) meeting is 90 (ninety) days then it will be considered as compliance of the above.

• Notice – Notice for calling meeting must be given 7 (seven) days before board meeting. 
• Quorum - Members to be present in board meeting to validate the meeting. Must be 1/3 of the strength of board or 2 directors, whichever is higher. 
• Minutes of Meeting – Recording of proceeding and discussion of board meeting.
• First board meeting – it should be held within 30 days of incorporation.

3)           Auditor’s Appointment

Every company has to appoint within 30 days of incorporation the auditor of the company.

• Qualification – A CA (Chartered Accountant) or CA Firm in practice, can only be appointed as auditor of the company.
• No Disqualification – Auditor should not be disqualified as per Sec. 141 of the act 
• Notice – Notice for appointment of Auditor is to be given to Registrar in Form ADT-1 within 15 days of meeting in which appointed. 
• Appointment – First appointed shall hold office till the conclusion of 6^th AGM. Appointment shall be subject to ratification in every AGM till the 6^th AGM. 
• Reappointment or rotation – allowed as per rules applicable.
• Written Consent & Certificate – Written Consent for appointment as an auditor and Certificate as per requirement should be received from the prospective auditor.

4)           Annual General Meeting (AGM)

Every company including a private limited company has to mandatory conduct a AGM every year.

• Notice – Notice for calling meeting must be given 21 (Twenty) days clear before the AGM. 
• Quorum – 2 Member to be personally present in the AGM. 
• Minutes of AGM – Recording of proceeding and discussion of the meeting. 
• First AGM – it should be held within 9 (Nine) months from closing of Financial Year (F.Y). 
• Subsequent AGM – Subsequent AGM must not be held later than 6 months from the date of closing of F.Y. 
• Gap between – the gap between 2 AGM cannot be more than 15 months.

5)           Filing of Financial Statements with ROC

As per Sec. 137, every company including a private limited company has to file its financial statement with the Registrar of Companies (ROC) along with Form prescribed.

• Form – Filing of Form AOC -4 with the Registrar of Companies (ROC).
• Last date – It should be filed within 30 days from the date on which the AGM held.
• Fine – In case of non-compliance punishable with fine.

6)           Annual Return

As per Sec. 92, every company including a private limited company has to mandatory file Annual return for every financial year.

• Form – Annual return is to be filled in MGT 7. 
• Last date – It should be filed within 60 days from the date on which annual meeting is held. 
• Singed by – A director and CS (Company Secretary). If no CS in the company then by a PCS (Practicing Company Secretary). One person company, small company and start-ups can get there returns signed by director only if no CS 
• Fine – In case of non-compliance punishable with fine.

Friends saying clearly this is just an overview, each compliance mentioned above is huge in it. The aim of this blog is to make to aware with the basic compliances so you can understand them better. A profession CA or CS can perform it with expertise. 

Disclaimer :

The above blog is purely for educational and  guidance purpose. It's just the reflection of the author's personal experience and judgment. The author has just provided the general information & understanding and its not at all an alternative of any legal advice or practitioner. It has no connection with the websites mentioned in its contents. The content stated in the blog should be used by the reader at his own discretion and sole responsibility. The content of the blog can be only used for any other document, write-up, article, blog and any written or printed material whether on paper or digitally in any form, with the prior permission of the author.

Compliance For "BENEFICIAL INTEREST" As Per Companies Act 2013

Investment in shares is a usual segment of an Investment portfolio of individuals and organisations. There are many lucrative corporations whose shares and voting rights are always high in demand. This situation gives a rise to phenomenon, "Beneficial Interest". But before moving ahead with the Compliance, first let's understand beneficial interest, registered owner, and beneficiary owner.

Beneficial Interest in Shares

If you go for the dictionary meaning then as per the Cambridge Business English Dictionary, beneficiary Interest means the right to receive income, profits, interest etc. from a business, contract, or investment.

As per Section 89 sub-section (10) of the Companies Act 2013, beneficial interest in a share includes, directly or indirectly, through any contract, arrangement or otherwise, the right or entitlement of a person alone or together with any other person to -

(i) exercise or cause to be exercised any or all of the rights attached to such share; or

(ii)receive or participate in any dividend or other distribution in respect of such share.

Registered Owner

He is the Person or entity whose name is entered as shareholder in the Register of Member.

Beneficial Owner

He is the Person or entity whose name is not entered as shareholder in the Register of Member but derived or receives all the benefits arising from the shares like dividend, voting rights etc.

 

Let’s take a practical example, Mr X. opens a Demat account with “CDSL” (Central Depository Service (India) Ltd) who is a Depository though the Depository Participant (DP), Mr. Broker. Now as securities are held in dematerialised form. When there is a purchase of shares, the shares are registered in the name of “CDSL” in the register of issuing company and not in the name of Mr. X.

Here, the registered owner is “CDSL” but the beneficiary owner will be Mr. X.

Compliance under Companies Act

As per Section 89 of the Companies Act 2013 as amended for time to time, there is compliance to be accomplish in case of "Beneficiary Interest in shares" by Registered Owner, Beneficiary Owner and Company. To ensure clarity, we will discuss them one by one.

Compliance in Case of Registered Owner

• The registered owner has to give a “Declaration” to the Company with details of Beneficiary owner in the manner prescribed. 
• Form – Declaration is to be given in Form No. MGT. 4. 
• Time – 30 days from the date of entering name in the register of members of such company. 
• Further change in the beneficiary interest – then again the registered owner has to give a “Declaration” to the Company with details of Beneficiary owner in Form No. MGT.4 within 30 days from the date of change.

Compliance in Case of Beneficiary Owner

• The beneficiary owner has to give a “Declaration” to the company specifying his interest, details of registered owner and others prescribed. 
• Form – Declaration is to be given in Form No. MGT. 5. 
• Time – 30 days from the date of acquiring such beneficiary interest. 
• Further change in the beneficiary interest – then again the beneficiary owner has to give a “Declaration” to the Company with details of change in Form No. MGT.5 within 30 days from the date of change.

Company

• Once the declaration is received by the company from the registered owner or beneficiary owner. The company has to file a Return with ROC (Registrar of Companies) with fee. 
• Noting in Register of Member - The Company make a note in the register of members. 
• Return – Return is to be made in Form No. MGT. 6. 
• Time - 30 days from the date of receipt of declaration. 
• Days counting – 30 days will be counted from the date of receipt of declaration of Registered Owner and Beneficiary Owner, whichever is later.

Non-Applicability 

These provisions are not applicable on Trust formed as Mutual Funds or Venture Capital Fund or such other fund as may be approved by SEBI (Security and Exchange Board of India).

Non Compliance

The Non Compliance of Section 89 of the Act will attract fine :- 

In Case of Beneficiary Owner or Registered Owner

• In case of non-compliance by beneficiary owner or registered owner without any reasonable cause. They will be fined upto ₹ 50,000 (Rupees Fifty Thousand). 
• In addition to above if the failure is continuing one. The further fine may be charged of ₹ 1000 (Rupees One Thousand) for every day of continuing default after first failure.

In Case of Company

• In case of non-compliance by the Company. The company and every officer in default shall be punishable with a fine. 
• Fine shall not be less than ₹ 500 (Rupees Five Hundred), which may be extended to ₹ 1000 (Rupees One Thousand). 
• In addition to above if the failure is continuing one. The further fine may be charged of ₹ 1000 (Rupees One Thousand) for every day of continuing default after first failure.

  

I hope this blog will be helpful to all the readers. This is all about beneficiary interest as per Companies Act. Please due share with your friends and family. For any comments and queries please go to the comment box below.

Disclaimer :

The above blog is purely for educational and  guidance purpose. It's just the reflection of the author's personal experience and judgment. The author has just provided the general information & understanding and its not at all an alternative of any legal advice or practitioner. It has no connection with the websites mentioned in its contents. The content stated in the blog should be used by the reader at his own discretion and sole responsibility. The content of the blog can be only used for any other document, write-up, article, blog and any written or printed material whether on paper or digitally in any form, with the prior permission of the author.