Popular Posts

Saturday 3 August 2013

F11: Audit Features




The Auditor needs to set the following Tax Audit Rules and Payment Due dates for various clauses:
  • Tax Audit Rules for Amounts inadmissible u/s 40A (3) - (Clause 17(h)
  • Statutory Payment Due Dates for Value Added Tax and Central Sales Tax
  • Statutory Payment Due Dates for Service Tax
  • Statutory Payment Due Dates for Tax Collected at Source
  • Statutory Payment Due Dates for Provident Fund, ESI and Professional Tax

Tax Audit Rules for Amounts inadmissible u/s 40A (3) - (Clause 17(h)

To set the Tax Audit Rules for Amounts inadmissible u/s 40A (3) (Clause 17(h))(Cash Payments),
Go to Gateway of Tally > Audit & Compliance > 44AB Audit
  • Click on F11: Features or Press F11
  • Show Aggregate for the Day : This option should be set to Yes if the Auditor wants to view the Payment Vouchers with Aggregate amount more than specified in Show Aggregate Amounting More than field
  • Show the Aggregate Amounting more than :
  • When Show Aggregate for the Day is set to Yes, this will display only those Payment Vouchers belonging to a Ledger, which exceeds the aggregate amount as entered in this field for a day.
  • When Show Aggregate for the Day is set to No, this will display only those Payment Vouchers belonging to a Ledger, which exceeds the aggregate amount entered in this field for the Period.
  • Ignore Vouchers having Amount less than : Enter the required amount in this field. The Payments Vouchers having the amount less than entered in this field will be ignored while displaying the Cash Payments report.
  • Press Enter to Accept and save the changes.

Statutory Audit

To enable Audit Working Paper, tab down to Audit Documentation section
  • Set the option Enable Audit Working Paper to Yes
  • Set the option Enable Audit Working Paper? to Yes. On enabling the option Enable Audit Working Paper, a menu option Audit Working Paper will be displayed in Audit Documentation Menu.
  • Set the option Enable Audit Priorities and Categories? to Yes to assign priorities and categories while seeking clarification from users of the company in Tally.ERP 9.

Statutory Payment Due Dates for Value Added Tax and Central Sales Tax

  • Tab down to Value Added Tax & Central Sales Tax section
  • Enter No. of Days within which the payment is to be made against the Value Added Tax field and Months payment cycle from Period drop down
  • Similarly enter the No. of Days within which the payment is to be made against the Central Sales Tax field and Months payment cycle from Period drop down

Note: The system will check the Challan date with the date entered in the F11: Audit Features screen and display the status as:

On Time: When Payment is made on or before the due date.
Late: When the Payment is made past the due date.
Late (Partially): When atleast one payment is made past the due date.
Due / Late (Partially): When one payment is made past the due date and another payment is due.
Due (Partially): When at least one payment is not made and other payments are made on time.
Due: When the Payment is not made past the due date.

Statutory Payment Due Dates for Service Tax

  • Tab down to Service Tax section
  • Enter No. of Days within which the payment is to be made against the Payment Period field

Note: The system will check the Challan date with the date entered in the F11: Audit Features screen and display the status as:

On Time: When Payment is made on or before the due date.
Late: When the Payment is made past the due date.
Late (Partially): When atleast one payment is made past the due date.
Due / Late (Partially): When one payment is made past the due date and another payment is due.
Due (Partially): When atleast one payment is not made and other payments are made on time.
Due: When the Payment is not made past the due date.

Statutory Payment Due Dates for Tax Collected at Source

  • Tab down to Tax Deducted at Source & Tax Collected at Source section
  • Enter No. of Days within which the payment is to be made against the Tax Collected at Source field. By default 7 is prefilled.

Note: The system will check the Challan date with the date entered in the F11: Audit Features screen and display the status as:

On Time: When Payment is made on or before the due date.
Late: When the Payment is made past the due date.
Late (Partially): When atleast one payment is made past the due date.
Due / Late (Partially): When one payment is made past the due date and another payment is due.
Due (Partially): When atleast one payment is not made and other payments are made on time.
Due: When the Payment is not made past the due date.

Statutory Payment Due Dates for Provident Fund, ESI and Professional Tax

To enter the Due dates for Payroll related Payments,
  • Tab down to Payroll section
  • For Provident Fund payments, enter No. of Days within which the payment is to be made against the Provident Fund field.
  • For ESI, payments, enter No. of Days within which the payment is to be made against the Employee State Insurance field.
  • For Professional Tax payments, enter No. of Days within which the payment is to be made against the Professional Tax field.

Note: The system will check the Challan date with the date entered in the F11: Audit Features screen and display the status as:

On Time: When Payment is made on or before the due date.
Late: When the Payment is made past the due date.
Late (Partially): When atleast one payment is made past the due date.
Due / Late (Partially): When one payment is made past the due date and another payment is due.
Due (Partially): When atleast one payment is not made and other payments are made on time.
Due: When the Payment is not made past the due date.

21 comments:

  1. Thanks for Sharing -----


    Today, almost every Indian business preferred Tally accounting software for their Business. Tally is one of the best accounting software for business. Tally training in Chandigarh offer a service that help you to enhance your career and boost your skills. Enterprise Resource Planning (ERP) introduce a integration and industrialization of a company’s core business in order to help it focus on performance and simplified success. Tally ERP9 is the latest ERP that offers various features for business management and that increase business performance.


    Tally Training in Chandigarh

    ReplyDelete
  2. The informative content you are sharing. Keep updating.
    Accountant in Perth

    ReplyDelete
  3. Nice Blog, very informative content, Tally Institute of Learning is best option for commerce students

    ReplyDelete
  4. Here is the investors contact Email details,lfdsloans@outlook.com.  Or Whatsapp +1 989-394-3740 that helped me with loan of 90,000.00 Euros to startup my business and I'm very grateful,It was really hard on me here trying to make a way as a single mother things hasn't be easy with me but with the help of Le_Meridian put smile on my face as i watch my business growing stronger and expanding as well.I know you may surprise why me putting things like this here but i really have to express my gratitude so anyone seeking for financial help or going through hardship with there business or want to startup business project can see to this and have hope of getting out of the hardship..Thank You.

    ReplyDelete
  5. This comment has been removed by the author.

    ReplyDelete
  6. Thanks for sharing this amazing information .please keep going on. we also provide QuickBooks solution at quickbooks phone number

    ReplyDelete
  7. This is excellent information Thank you for sharing it is very helpful for . if you have need accounting service contact at

    quickbooks customer service

    ReplyDelete
  8. thanks for the information you share. Financial market is like roller coaster. If we don't care our financial situation, our business credit score is going very low.

    ReplyDelete
  9. If you want to pay off your business debt quickly then create and follow a monthly operational budget to reduce corporate debt quickly through the Debt Settlement Process. Zero-based budgets prioritize essentials, savings, and debt reduction of business debt defaulters. CreditQ helps you to understand and solve the issue with your business debter.

    ReplyDelete