Raj Information Systems Pvt. Ltd. - Statutory

Statutory (9)


A set of account books represents a 'company' in Acceasy. Therefore, if you decide to maintain your personal accounts you would create a 'company'. Many businesses do have more than one legal entity - and so will require multi-company support. All company data is stored in RDBMS Database which optimize consolidation of data from different companies

However, with multiple companies, several needs often arise beyond the mere facility to record transactions that need to be addressed,.

Principally, you would like to look at consolidated reports since these are often more meaningful to you than statutory reports of each company individually. You can therefore 'group' companies and have the reporting ability as if this were a 'company'. You could also 'group' these on demand or as required. So Partner A, could group companies in which he is a partner (say Companies P, Q & R) and Partner B could have a group with Companies Q, R & Y.

With multiple companies, you would probably need to compare them to see relative figures. In Acceasy, we use industry best reporting tool, Crystal Report, with which consolidation and comparing data is quick and professional, and if you have basic understanding of database and crystal report you can create your own report and export it in excel, word, PDF etc.

Quiet often with multiple companies, the need arises to create the same ledgers & post transactions to more than one company. This can be accomplished with the click of a few keys - you save immense time by not having to re-enter data and avoid data entry errors.

Security: With multiple companies, possibly including personal accounts, you may need to control who gets access to which companies, and to do what. You can set up users, grant or deny access - and these are defined for each company.

Remote Access: we have option of manual import/export of data in XML format and synchronizing of database via ftp, auto email and Virtual Private Network (VPN).

 

Acceasy has comprehensive support for the Value Added Tax (VAT) requirements of all the states and union territories (UT) of India. Coverage includes regular VAT, composite VAT, surcharge & cess on VAT, e-filing and more.


Interstate sales and purchases in India attract a federal sales tax (central sales tax, CST). A reduced rate of CST is applicable as well, generally for trade or as raw materials, which then require that certain documents, called forms, exchange hands.

Acceasy supports these requirements:
• Inter-State sales against 'C' form
• Transit sales against 'E – I' and 'E – II' forms
• Branch transfers / Consignment sales against 'F' form
• Sales to SEZ units against Form I
• Foreign diplomats against Form J
• Deemed exports against Form H
• Interstate purchase transactions
• Inter-State sales of exempt goods
• Sale in the course of import

Required CST reports are available:
• CST computation
• CST returns & annexure

For control and reporting these reports are available:
• Forms Issuable
• Forms Receivable

You can send reminder letters to your customers asking for forms not yet received from them, as well as create covering letters to send along with forms to your suppliers.

Combined with TDS, TCS, VAT, FBT, Service Tax, Excise for Traders, Excise for Manufacturers and others, Acceasy comes with complete statutory taxation coverage.


The Tax Deduction at Source (TDS) features of Acceasy delivers a phenomenal experience and great capabilities:

You can:
• Deduct TDS at the same time, while booking expenses
• Deduct TDS in a single voucher at the end of the month for all TDS related Payments/
Expenses booked
• While making a payment to one expense head (ledger) the amount can be split to more
than one nature of payment (including part payment exempt from TDS)
• Record both TDS related and non-TDS related payments in a single Voucher
• Manage TDS for Non-Residents (Sec.195) payments
• Reverse TDS deducted
• Manage retrospective TDS surcharge calculation once the surcharge limits are crossed
• Manage exceptions - Lower or zero rated TDS, ignore IT & surcharge exemption limits for
specific parties
• Use the option to create a single TDS duty ledger to deduct TDS for all nature of payments
• Excel® export forms 26, 26Q, 27, 27Q and 16A

These reports are available:
• Computation report to better mange TDS deductions
• TNS 281 -TDS Challan
• TDS Outstanding
• TDS Exception Reports – for example TDS parties not having PAN details
• Form 16A
• Form 26
• Form 26Q & related Annexure
• Form 27
• Form 27Q & related Annexure
• e-TDS
• Form 27A

Combined with FBT, TCS, CST, VAT, Service Tax, Excise for Traders, Excise for Manufacturers and others, Acceasy comes with complete statutory taxation coverage.

Tax Collected at Source (TCS)

TCS is the collection of tax at source by the seller (collector) from the buyer (collectee/payee) under sections of the Indian Income Tax Act, 1961.

Acceasy has full coverage of the statutory and reporting requirements for TCS:
• Recording transactions related to TCS
• Statutory returns such as Form 27D and 27B
• For E-filing e-TCS Forms (Form 27E, Form 27EQ)
• TCS Challans with Tax Payer Counterfoil
• Reconcile Challans with the TCS payment ledger

Service Tax

Acceasy delivers the necessary support for tax on services – Service Tax.

• You can track each service bills (bill-by-bill) and have service tax payable computed automatically
• Input tax credit is managed automatically
• Manual adjustments are supported
• Tax rates are picked up automatically, based on the service category
• Flexibility to make provisions for abatement, expenses and other notifications
• Generation & printing statutory service challans & other MIS reports
• Returns:
• GAR 7
• ST 3

Excise for Traders

Traders who either import or purchase goods and need to pass on the excise credit to another such dealer or a manufacturer can use this feature for unprecedented ease of use.

You can manage excise credit, supplier details (first & second stage) and print Form 11 invoices. All necessary statutory reports are available.

Trader excise is fully integrated with Excise of Manufacturers for those who trade as well as manufacture.

Excise for Manufacturers (CENVAT)

The Acceasy excise support allows you to maintain required central excise records for multiple excise units of Traders & Manufactures in a single company.

Ad valorem, Ad Quantum & MRP based Valuation methods for Excise duty calculation are fully supported, including for exempt & special rates.

Expenses / income can be apportioned for calculation of assessable value either by Value or by Quantity.

A single Excise invoice book can be maintained for all purposes of removals as per rule 11 requirement and an option is provided to maintain multiple Excise invoice books as well - the serial numbers of which can be generated as a single running series.

CEVAT credit during purchase entry can be avail fully or partially with the balance credit taken in a separate entry.

Service tax & CENVAT input credit can be utilized towards Excise duty payable.

These Excise Manufacturing Reports are available:
• Personal Ledger Account (PLA)
• ER1 - Monthly Return
• GAR 7
• CENVAT Credit on / Capital Goods Availed / Utilized Account
• Record of CENVAT Credit Allowable on Capital Goods (RG23 C Part II)
• Quantitative Account of Capital Goods on which CENVAT Credit Availed (RG23 C)
• CENVAT Credit on Inputs availed / Utilised Account
• Records of CENVAT Credit Allowable on Inputs (RG23 A PartII)
• Quantitative Account of Inputs on which CENVAT Credit Availed (RG23 A)
• Rule 11 Invoice
• Daily Stock Account (RG 1 Register)
• Sales Register

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