steps to create a company in Tally

Steps for creating a company with Tally Training in Chandigarh

First thing in making a company in Tally ERP9. The first and very essential thing you have to keep in mind that how to create the company in Tally software. Every user can create multiple businesses in Tally ERP9 software in single cost. Tally training in Chandigarh will teach you the most essential step for cas its is the foremost step which have to be known before going to Next step. User can run tally ERP9 in easy manner with the help of tally.net features, PAYROLL process and many other features.

Quick guide for Creating a company in Tally :

1. Double click on Tally ERP 9 icon open the Tally Software.
2. If the user is going to use the tally first time then the user will land on the page called company info menu.
3. Select the create company option  in the Tally ERP9 Software menu.
4. The screen displayed in front of you is the screen of company creation.
5. Type all the necessary information for the company details like company name, financial year,address and all other details asked by the creation screen.
6. Press Enter key, the confirmation process will be held to save, YES or NO.
7. Now save the company information and do press Enter Key and then press the yes option. The program will create a company and user will easily entered into it.

Now, Let’s start from very beginning.

Step 1: If user is using the tally ERP-9 for the first time. We have the screen  below which we are going to see when we open the tally ERP9.

Step 2: You are in the company info menu. To do that select create company from the menu and Hit Enter Key.

Step 3: Company creation screen will be easily displayed.

You should enter all the details of the company. Let us explain each section separately.In this company creation screen.

Directory:-  Directory is the place where tally store all data you entered in tally ERP9. By default the data storage will be inside the installation folder. It’s meaning is  the data storage location , This You can change it at your desired location by typing it manually. For example D:/Tally data

Here are a couple of hand-picked articles to help you to learn more about data management in Tally ERP9.

• Data management in Tally ERP9
• How to backup tally data?
• How to restore tally backup?

Name: Type the name of the company in this field , for Example. ABC LTD

Address: This is the place where we can enter the address of the company.

Country :  Select the country from the list in which your business exist.

State : Select the state in which you  want to comply statute.

Pincode: Pincode of the location where your company office exists.

Telephone: Enter telephone number

Mobile No: Enter mobile number

Fax No : Fax No if exists.

Email: Enter your official communication mail id

Website: Enter website address if exists.

How CBitss will help you to become efficient in Tally Training in Chandigarh

We are the renowned Tally Training in Chandigarh offering courses on basis of the Tally ERP9 software.We concentrate on Tally Course in Chandigarh because, Tally is the No.1 Accounting Software in India. For Individuals Learning Tally Courses in Chandigarh can create a good income earning career.

Income Tax

Taxation, one of the major and inevitable section of accounting. If you are  into accounting or related field, you must know about each and every type and should have complete practical knowledge about it. What is taxation, its types, how it is applicable, how it is calculated, filed and paid to to the government.

Tally Training institute in Chandigarh is the right place to clear all your doubts and make yourself competent enough.

Taxation is vast ocean and Income tax is the most important drop of that ocean. Before getting into the details one must know about the tax levied on their income.

Income Tax

Income Tax is a Direct Tax levied to the income of an individual, company or business. The tax is collected on all the forms of Income such as salaries, business income, commision etc.

Individual Income Tax

The income tax to be paid by an individual depends on the income he/she receives throughout the year. Government has decided 4 slabs to decide the percentage of tax to be applied .

But the tax is levied on the taxable income.Taxable income is after making all the deductions such as education expenses, medical bills, House rents, Policy payments etc.  For example, if the taxpayer is earning Rs.3,50,000 per year and shows the deduction of Rs. 69,000 then the tax is levied on the remaining amount of Rs. 2,81,000 as per the rated decided by the Income Tax Department.

Property Tax

Property Tax can be collected from any individual, businessman or Undivided Families for the property they are owing. The tax is levied on the assessed value of that property and have to be paid within the given time period in order to avoid penalty.

Business Income Tax

Income Tax levied on the income of a businessmen is business income tax. Here the income could be the profits earned , Sale made and various other sources. The taxable income is after deduction of operating and capital expenses. And after deducting these two expenses the remaining income is said to be the taxable income.

These are the three different forms of Income Tax as the tax is applied according categorizing the income sources and making it easier and convenient to calculate and regulate as per Income Tax Department. To learn more about tally training in Chandigarh visit our website http://cbitss.net/.

Accounting Terminology

Accounting the most integral part of every organization, whether it is a company, a small firm, MNC, showroom, shop etc. All the expenses, sale, purchase, inventory is to be managed through accounting.

Accounting is basically a process of maintaining the records relating to company finances.  All the records are maintained with the help of an accounting software called “Tally ERP9”.

Tally ERP9 is the most used software in India and one can easily learn to operate it and maintain the records on regular basis by joining Tally Training Institute in Chandigarh.

So, this shows that without having a knowledge of Tally, one cannot get ahead in the field of accounting.

Here we are about to share few accounting terminology and terms with you to make your concepts more clear :

Bookkeeping : Bookkeeping is a process of keeping the records maintaining the same of all the financial transactions  of the organization.

Capital : Capital is the amount of money invested by the businessman to start a new business.

Credit : Credit is an entry in accounts which shows the increase in account balance of the company or reduction in assets of the company .

Debit : It in entry opposite to credit, which shows decrease in the account balance of the company or increase in assets of the company.

Creditor : Creditor is the person who owes money from the company/ person to whom he has sold his goods or provided his services.

For Example : If you sold your  goods to a Company A on credit then you are the creditor and this company becomes liable to pay you in a given time frame.

Debtor : Debtor is a person who has to give money to the person or a company from whom goods are purchased .

For example: If you purchase a particular quantity of goods from a company then you become the debtor. Basically debtor in simpler words is a customer who buys goods on credit.

Ledger : Ledger is a the complete accounting record of every transaction and that so datewise. All the financial statements are prepared with the help of these ledgers.

Sale : Sale in terms of accounting means to sell the goods in the inventory of the company. This reduces the inventory but increases the gross profit of the company.

Sale return : Sale return is also called return inward.This happens in case the goods sold by a company are returned in account of bad quality or some other fault and this increase company’s inventory.

Assets: Assets are the company resources which are purchased by the company in order to use the same for the business development. Everything being used for company benefits is an  asset for the company. This includes machinery, company vehicles, live stock, company land, building, it’s furniture, brand names, patents, Cash, inventory, and the most important asset Employees.

These basic term may help you to grasp those basic concepts of accounting in your early stages of learning in Tally training institute in Chandigarh.

Indirect Tax

Indirect tax is tax collected from intermediaries such as retailers but the ultimate taxpayer over here again are the citizens.The intermediaries apply these taxes on the product raising the price of the product and consumer pays the complete amount “inclusive all taxes”. This is how the tax is indirectly paid by the citizens of India.

Now after collecting the tax from the consumer, intermediary has to file a tax return to pay that tax to government.This may include Value added tax, Service Tax sales tax etc.

Let’s discuss about the various taxes being applied indirectly on us :

GST :

Goods and Service is the tax applicable from 1st of July, 2017. This is a consumption-based tax which includes all the taxes which were being applied previously on the good consumed and services provided.

Being consumption-based tax, at each stage of consumption in chain of supply it is levied on value added goods and services. The taxes which are now subsumed in GST are VAT, Sales tax, Luxury Tax, Central Excise duty, service tax, custom duty, property tax, etc.

Le’s have a brief desc about all such taxes.

Value Added Tax :

Value Added Tax is now included into GST. Being a commercial tax it was levied on all the stages of supply chain which included manufacturers, distributors and consumers. The tax was applied on the goods sold in the state and decided by the state itself. There were schedules as per the VAT percentages such as Schedule 3 had 1% vat, Schedule 2 had 5 % and the goods without any category were having VAT of 15%.  But now being included into GST it is not being applied separately after 1st July, 2017.

Sales tax:

Sale tax is a tax levied at the time of sale of the product, that means it is beared by the saler. The tax is levied only once and 2nd time for the same product it is not applicable but it can be trasfered to the consumer by adding the same into the final price of the product.    

Service Tax:

As the name indicates, this is the tax levied on the companies or organizations providing their particular services. The service tax may be collected monthly, quarterly or annually depending on the services being provided.But now service tax is also amongst the taxes included in GST.

So, these are few of the examples of indirect tax and there is much more than this. Gaining knowledge about taxation is not as easy as you thing. You won’t be able to grab the thing through internet. Tally Training institute in Chandigarh is the only way out if you are thinking to go for Financial Management, CA or Commerce.

Direct Tax

Tax is the amount levied by the Government on citizens in order to generate income for the development of country, to raise the living standards and economy of the country.

All the taxes being levied in India are derived from the Constitution of India and is backed by the Law passed by the Parliament.

Types of Taxes:

Taxes are paid in two different forms: Direct Taxes and Indirect Taxes.

Direct Tax :

Direct Tax are the taxes levied by the government directly to their citizens.

Citizens are the direct tax payers and they have to pay taxes if their income exceeds the particular slab of amount decided by the government.

We are here to discuss about the taxes paid by you directly :

Direct Income Tax

• Income Tax
• Wealth Tax
• CorporateTax

Income Tax

As the name implies, this is the tax paid directly against certain amount of income. The rates are charged as per the income level.

The slab of income decided by the government for the individuals below the age of 60 is as follows:

• Taxable Income below Rs.2,50,000 is Zero.
• The income between Rs. 2,50,000 - Rs. 5,00,000 is charged with 10% tax of the total income being earned.
• The taxable income between Rs. 5,00,000 to 10,00,000 is charged with 20% of the total income plus Rs. 25,000.
• The last slab of more than Rs. 10,00,000 is charged with 30% tax of the total income plus Rs. 1,25,000.

The slab for the individuals who are in between the age of 60-80 is :

• The first slab starts from Rs. 3,00,000 and below this amount the tax applied is nil.
• Between Rs. 3,00,000 to Rs. 5,00,000 the rate of tax to be paid is 10% of the total income. And rest is same for this category.

Now come the people more than the age of 80 :

• Tax is exempted for this group id the income is upto Rs. 5,00,000.
• The income more than Rs. 5,00,000 and below Rs. 10,00,000 will be levied with the tax rate of 20%. And more than that it is 30% adding to this Rs. 1,00,000 also.

The income tax is charged to an individual, companies, Hindu Undivided Families etc. There are various different heads under which the income tax is charged such as income coming from House, property, salaries, business etc. There are few exemptions also due to which the total amount of tax to be paid may reduce.

The total taxable income could be calculated by subtracting the necessary deductions and exemptions from the total amount of income earned. And after getting the particular amount tax is applied as per the slab decided.

Wealth Tax

Wealth tax is a tax levied on the personal property of the owner. If some benefits are being derived from that property, then wealth tax is applicable and is charged every year for the same property.

But the wealth tax has been abolished by the current Finance minister Mr. Arun Jately, dated 28th of February, 2015. In place of wealth tax, Additional Surcharges were raised from 10% to 12% for those Super Rich people having their income more than One Crore per annum.

This Include Super rich individuals, Hindu Undivided Families and Companies.

Corporate Tax

Corporate tax is the tax charged by the government on the profit earned by the businessmen. The said tax is applicable on both domestic companies and foreign companies.

The tax is applied in similar way as it is applied on the individuals.

So, if you are an aspiring CA,Finance Professional or student from the related field, you ought to know each and every thing minutely. And to gain knowledge practically one must join Tally Training institute in Chandigarh .