What is fill handle?

Click on a cell in a excel worksheet; you will see a black square at its right bottom corner is called fill handle, cursor turn in to a cross hairs when you hover.

How to use a built in list?

Select the cell of a column or row in which you want to start the list, now type the first item in the list, and press enter. Reselect the cell, move mouse cursor over fill handle click and drag either to right or down or to left or up. This will fill the successive item in the continuous cell.

Step1                  Step2

Features of List in excel

1. Consider using week list, if you pass 7^th cell the next cell start repeating the list.
2. If you drag left or upward direction item fill in reverse direction, like Friday, Thursday, and Wednesday.
3. You can start with any item within the list, from April or from December etc.

Create a Custom list or readymade list in excel.

Let us take an example; suppose you are using a long list of employees for creating payroll every month, instead of typing all names we can create a list, save it then use it whenever you want.

Open Microsoft excel, create list of employees you want to save. Select the list you want to save

Then click on file in Microsoft office 2010 or office button in 2007

Click Excel option (2007) or option (2010), Select advanced tab scroll down until you find Edit custom list button

Click on Edit custom Lists,  custom list screen will appear

Select new list under custom lists, click on import all names in the list will have imported to new list.

Click ok.

Now custom list is ready for use. Test new list in a fresh excel work book.

Related posts:

1. how to convert number to words in excel
2. Automatic age calculation of bills using Microsoft excel

Auto forward a mail to another mail id

Let us discuss this topic with an example; your account daily bank statement is coming to your boss mail id. Each day, instead asking your boss to forward, you can set a rule to outlook to auto forward mail received from bank.

Assume that mail is from axis bank with a subject Account statement from a mail id statmnt@axis.com so create rule defining mail with a subject account statement from mail id statmnt@axis.com should be auto forwarded to acc@abc.com lets do this

Open Microsoft outlook and go to menu

Click on New rules, a rules wizard opens

Select Check messages when they arrive under section start from a blank rule, now click next; you will lead to next step of select condition where you can define our first two conditions in the above case.

Check the first two conditions ‘from people or distribution list’ then with ‘specific word in the subject’

At the end of the wizard you can see step2 where you can set the value for conditions.

Click on the link from people or distribution list, you will have a new window called rule address, where you can search your address book.

If the mail id statmnt@axis.com already exists in your contacts you can search it at top or otherwise just type it in the form just after the inactive from button

Click ok. In the same way click specific words and type word account statement

Now click Add, Word account statement will added to columns search list then click OK

We have defined the identity of statement coming from axis bank; outlook can easily identify the statement from axis bank. This way you can define a mails identity using various conditions mentioned. Click next

Next step is what to do this identified mail. You can copy or move it to a specific folder in outlook, delete the mail; forward t to someone even can print it. Here we want the mail forward to a specified mail id Check forward it people or distribution list.

At the bottom, in step2 define the mail id in which the mail is to be forwarded by clicking on people or distribution list

Click ok .You have success fully added the rules for auto forwarding click next, here you can add exceptions if necessary. Click next

In this window you can name the rule, make sure that Turn on this rule check box is selected

Now click Finish, We are finished now all l the mail from id statmnt@axis.com with a subject ‘Account statement ‘will be automatically forwarded to mail id acc@abc.com .

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The tax will be collected in three tiers rates.

1. Goods at lower rate
2. Goods at standard rate
3. Services.

During the first and second year GST on goods will charged in two rates. i.e. Goods at lower rate for necessary items and goods of basic importance ,Goods at standard rate for goods in general. Rates of GST on service will remain same from the beginning

And from third year i.e. April 2013, if everything is going according to planning, and there is not much Burdon of compensation (to state govt) on central government the tax rate will be reduced and there will be only two rates for Goods and services.

1. Goods at standard rate
2. Services

In GST taxable events are supply of Goods and supply of services, any economic events which is not supply of goods is considered as supply of services. a service provider or trader has to collect tax in two element called CGST( For cental government) SGST ( for state government) and paid separately.

Threshold limit for GST

The exemption limit of GST has been proposed to 10 Lakh Both for services and Goods. So any business with a turnover below 10 lakh will be exempted from levying GST.  Current threshold for excise duty is 1.5 crore, so more manufacturers liable for GST this will help to compensate state government lose to an extent.

Cost increase for Services

Definitely there is a price hike for services as the present service tax rate 10.3 go up to 16

Exempted Goods

All the exempted goods under VAT remain exempted under GST also.

Related posts:

1. What is goods and service tax in India?

As per RBI “Any alteration even if countersigned except a counter signed correction of date shall be returned if presented in clearing through the image based CTS system in Delhi/NCR (National capital region) region.”

You can alter cheque only in the date field and that too required counter sign of authorized. Alteration in any other part of the cheque will leads the rejection of cheque.

Why Cheque alteration regulation applicable in Delhi only?

CTS –Cheque truncation system is under test run in Delhi; Hence cheque clearing through image is any applicable in Delhi only. Hope soon this will be mandatory all over India when implemented CTS.

Why Cheque cannot be altered?

This to prevent fraudulent transaction and clearing related fraud; Image can be easily edited by using various techniques. An image of cheque with so many alterations will increase the chances of such actions during clearing cycle. To enhance the security features of cheque truncation system; safe cheques without alterations are essential.

The following things should be take care by the customers

1. Now in Delhi and in future all other parts of the country, not accept cheque with alteration.
2. Do not issue an at par cheque with alteration for the clearing in Delhi circle.

Related posts:

1. Cheque truncation- CTS or image based clearing system –ICS in India
2. What is a Pay order or Banker’s Cheque ?
3. What is the Local clearing procedure?

Why still people use Cheque?

In the system of issuing paper cheque Drawer gets time for arranging fund. Cheque issued today will be cleared in one or two days in case of local clearing .Intercity cheques will take some more time to hit in issuer bank. Cheque will cleared on same day if presenting and drawee banks are same or special clearing like high value. Second thing is Lakh of knowledge about other fast money transfer methods.

Nowadays NEFT; RTGS can be done through internet banking facility provided by various public sector and Private Banks in India. You don’t need to visit bank, transaction can be done at home if you have computer with internet connection. And beneficiary will get faster credit.

Why Cheque truncation system in India?

Because of higher volume of paper cheque clearing exists and due to cheque system cannot be eliminated, Reserve bank has decided to increase the efficiency of existing cheque clearing system. CTS is the major up gradation of existing clearing system. Cheque truncation system ensure better customer service by speeding up the transactions, reduces the cost of clearing,  reduces the  chance of fraudulent action involved in clearing cycle.

What is Cheque truncation system?

In Cheque truncation, the physical instrument will be truncated at some point of clearing and an image of cheque would send along with MICR field, date of presentation, presenting bank etc. to clearing house and drawee bank. The electronic images will be added a digital signature of presenting bank for the purpose of ensuring uniqueness of images. The images will be rejected at clearing house if presenting bank and drawee bank are same

The main hindrances in the clearing system by moving cheque physically are

1. Transportation of cheques
2. Cheque transmitting time
3. Reconciliation problem
4. Clearing related fraud
5. Cost involved in clearing process

By introducing cheque truncation system, all the above problems can be overcome. Instead of moving paper cheque, an electronic image of cheque is transmitted through a secured electronic route from presenting bank to clearing house and clearing house to paying bank. Hence transporting charge of physical cheque eliminated and reduces the time to reach destination as cheques are moving electronically. Moving of physical cheque may cause manipulation in clearing cycle or lost during transit, but electronically moving images reaches safely through secure electronic route.

Benefits of Cheque Truncation

Following are the benefit of cheque truncation

To the customer

1. Faster clearing of fund, Local clearing would be on same day and intercity clearing  on next day of deposit
2. Since clearing cost reduces, there would be a chance to reduce intercity collection charges.
3. Better customer service, no chance for misplacing instrument during clearing cycle as there is no physical movement of cheque.

To Banks

1. Efficiency of clearing cycle will increase.
2. reduced reconciliation and clearing fraud
3. Minimize transaction cost
4. Reduces risk involved in clearing cycle
5. reduce data entry operations of cheque details so that less staff can be engaged in this work

Duties of a customer with respect to cheque truncation

1. Write a cheque with dark color ink
2. Do not alter cheque once written, altered cheque will not accept in CTS.
3. Make sure that Rubber stamp used in the cheque is not overshadowing important material portions like, Date, payee name, amount, signature, cheque number, MICR field etc. This will ensure all important parts of the cheque captured during scanning.

Can I get back the original cheque if returned?

No, you will not get original cheque instead payee bank issue a copy of the image for represent, this legally recognized replacement of original cheque is called Image replacement document (IRD).

Related posts:

1. Cheque cannot altered or corrected wef-01-12-2010 as per RBI notification
2. What is the Local clearing procedure?
3. What is a Pay order or Banker’s Cheque ?

What is TCS?

It is a liability as per section 206C.TCS is the tax collected by the seller from the buyer at the time of debiting of amount payable by buyer or at the time of receipt of amount by way of cash, DD, cheque or any other means whichever is earlier for the sales of prescribed goods under section 206C (1) for business purposes and not for personal use. Tax also collected by person who grants lease or a license in respect of parking lot, toll plaza, mine, quarry to another person.

Who is Buyer and seller under TCS

Who is not a seller

Public sector company, The central govt, State govt, an embassy, a high commission, Legation, commission, consulate and the trade representation of foreign state and a club or a buyer purchasing for personnel use.

What are the goods prescribed under section 206(C)

How to Collect TCS?

Suppose A is selling any of the prescribed products for Rs 1000.00 to B .It is the liability of A to collect TCS amount from B apart from Rs 1000.00, the total amount to be collected from B is Rs 1000+TCS.

TCS Payment to Government

The seller shall deposit the TCS amount to central govt through Reserve bank of India, Statebank of India or any other authorized bank  .The last date of payment is within one week of the last day of the month in which tax was collected.  The challan number for TCS Payment is 281, Tax challan is not required if the tax collection is on behalf of the govt.

TCS Certificate

The seller (The person collecting tax) is responsible for issuing TCS Certificate to buyer in form 27D within one month from the end of the month during which the amount is debited to the account of the buyer or payment is received from the buyer. Consolidated form 27D can be issued to buyer on request for the financial year.

What to do if TCS certificate Lost?

If TCS Certificate lost, you can approach seller (the person who is collecting tax) to issue a duplicate TCS certificate .He will issue a duplicate certificate on plain paper with necessary details contained in Form 27D.

TCS return

TCS Return must be filed on quarterly and annual basis .The quarterly return should be filed in Form 27EQ and annual return in Form 27E .Form 27B should be filed physically along with Annual return (27E) and Quarterly return (27EQ).E-TCS – Electronic TCS is mandatory for corporate and govt collectors, which means online filing of TCS return is compulsory for corporate and govt collectors. Collectors other than corporate and govt can file TCS manually or electronically. NSDL collect the e-TCS returns from collectors for income tax dept.

Due date for TCS Return filing

When are surcharge, Education Cess and higher secondary education cess applicable?

Surcharge & Cess  are applicable in following cases

In which of the cases TCS is not applicable?

TCS need not be collected if buyer buying goods for personal consumption. In such cases the seller must satisfy that buyer purchasing goods for personal purposes. As a minimum requirement, the seller gets a declaration from buyer stating that goods are purchasing for personal use.

In second case, TCS is not applicable for goods purchasing for manufacturing purposes. The buyer should submit a declaration form in form 27C to the seller stating that goods are to be purchasing for manufacturing purposes.

How to calculate TCS?

Let’s discuss this with an Example, A Sells timer from forest lease to B(Resident company), For Rs 50000.00,The calculation will be as under.

Timber               50000.00

TCS @2.5%          1250.00

51250.00

Vat @4%              2050.00

Total Bill        53300.00

Related posts:

1. Income tax rate – financial year 2010-2011 after budget
2. Income tax rates in India 2009-10

1.  Right to be a member of Provident fund scheme, EDLI and Pension scheme if he is fulfilling the following conditions.

• Employee must be working for a covered establishment. That is he is working for one of the 180 industries specified in EPF act , and no of workers in the establishment should be 20 and above
• His salary (Basic + DA) Should not exceed 6500

2. Employees have the following right with respect to the claims and withdrawals.

• Receive claim settlement within 30 days for final settlement or partial withdrawal from date of claim submission.
• Employee can submit claim form to any EPF office and get the acknowledgment
• Employee can avail claim form without any cost from EPF office and can obtain assistance from PRO (Public relations officer) in filling up forms.
• Right to receive monthly pension even if the employer not paid dues.
• Rights to receive provident fund dues from special reserve fund due to nonpayment of dues by employer, fraudulent withdrawal from account etc.
• Employees have the right to receive advance for the purposes prescribed by the Act

3. Following are rights in respect to contribution

• Employee can contribute to PF account up to 100% of his Basic salary instead 12% if he wishes to contribute voluntarily.

4. Right in respect of nomination

• Employee can change the nominee whenever he decides within the framework of rules for such nomination.

5. Rights in respect of account transfer

• Employee has the right to get the accumulations transferred to new account within 30 days on change of employer.

6. Rights in respect of account balance and statement.

• Right to get annual statement of account of provident fund by 30^th September of the following year

7. Rights in respect of grievances and redress

• Have the right to file a grievance and to get a redressal, He can approach officer in charge of any provident fund office without prior appointment.

Related posts:

1. Employees Provident fund organisation,india ( EPFO ) EPF rates and calculation
2. Esi-employees state insurance and its calculation

This decision will cover more employees under the scheme,  Employer will have an extra compliance burden for deducting esi contribution  and will have to pay extra expenses towards esi  employer contribution for staffs getting salary  from 10000 to 15000 apart from previous contribution up to 10000

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In the Budget 2010-11  , it is proposed to increase the threshold limit in sections 194B,194BB,194C,194D,194H,194I,and 194 J to reduce the tax burden of tax payers. There is no change in tax rate only change is on threshold limit of tax deduction.

However we would like to provide you a complete chart of TDS applicable for the financial year 2010-11. The amendment on threshold limit is proposed to take effect from 1st july 2010

Please note the following points while deducting TDS

1. Rate of TDS will be minimum 20%  or normal rate whichever is higher in all  cases if  pan number is not quoted by deductee wef from April1 2010
2. In the case of transporter no TDS is required to deduct if Pan number is submitted by transporter.
3. Surcharge and cess is not applicable in case of payment made to resident w.e.f 01.04.2010
4. Interest on late payment of TDS has been increased from 12 to 18 % per annum wef  1 st july 2010

Related posts:

1. New TDS rates chart 2009-2010

Accountinghead is converted this function script for the use of indians  with the help of some VB experts.  Letus do it with easy 5 steps , by using this script you can convert number in to indian Rupees.

1. Download the script from here
2. Open excel  then Press Alt+F11 to start visual basic editor
3. In visulal basic editor click insert menu then open module
4. Open the downloaded notpad for script, copy the script and paste in opened module window, on the left side pane  click on This work book
5. Press Alt+Q to save the  file.

Now save the excel workbook on your hard disk. For MSoffice 2007 You need to select Save as type = Excel Macro enabled Work book. In excel 2003 you can directly save as xls file.

You are created a new excel function called ntow

How to use the function Number to word

In excel 2007 you need to enable macros before typing function. As you have saved the work book macro enabled, you can see a warning message  just under the  menu tab like this .

Click on options, a new window appear,click on enable this content.you are done.

Now you have  Rs 1555 in cell A1 and you need the number in words cell A2 type in cell A2  =ntow(a2)

Press enter, the amount in words will have displayed.

If you dont want the rupees element, remove the following code from the script

If Val(Left(FIGURE, 9)) > 1 Then
Ntow = “Rupees ”
ElseIf Val(Left(FIGURE, 9)) = 1 Then
Ntow = “Rupee ”
End If

You can also use this function as

=ntow(1500 ) the number will be converted in to words in the same cell.

Related posts:

1. How to create a custom list in excel
2. Automatic age calculation of bills using Microsoft excel