How to Choose an Accountant for your New or Existing Business

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If your hobby is doing Tax and accounting then no need for you to read this article. For the rest of us, if you need help with your yearly tax return or run a business that requires hiring an accountant, then it can be quite a task to find a skilled accounting firm offering professional help and expertise. Whatever type of accountant is required, (chartered accountant, tax accountant, etc.); most people don’t really know what they should be looking out for in their search. Generally decisions are based on the locality, an advertisement found in the phone book or recommendations from friends and colleagues.

Taking the time to find out something about the company you select will make all the difference between an accountant who is just doing their job and one who will be loyal and enterprising. If you are running your own company or if you are self-employed, hiring an accountant can be priceless. A few of the services they offer include completing tax returns, keeping company accounts, financial planning, auditing and book-keeping. Most of the professionals also advice on anything from buying new company to selling shares. If you already have your own business or are in the process of setting one up then you will know how important the accountant can be. They should know the rules and regulations concerning any financial activities and be aware of any changes in the law that might affect your business. With the right accountant you can be sure your business is in capable hands. Accountants can save you from spending your valuable time by maintaining all the essential paperwork for you and they even advice you on ways to cut costs. For example, because a dependable accountant will be up to date on tax laws and legislation, they will save your business quit a lot of money. It’s crucial to select an accountant fitted to your company as they will not only keep the records and finances updated and in order but can also smooth the progress of expansion. To find the right accountant is the difficult part.

The first place to start is on the internet. Preferably you want an accountant in your local area that has been established for a number of years, this will enable you to meet them face to face to discuss your needs and requirements and check out their reputation and qualifications. Ask around colleagues and business owners in similar industries for their recommendations and opinion. You could also ask your financial planner, bank and insurance agent for their advice. If you worry about the costs of an accountant then keep the following in mind. Large accountancy firms might have the advantage of offering their services at more competitive rates, whereas a smaller company could provide a more personable service and commit more time to your account. Thus the question is; do you want quality or quantity? Don’t hold back on contacting a firm to ask questions and advice before making that decision. Chew over the area you need advice or help in as companies often specialize in particular fields, for example if you are setting up a small clothing company, the accountancy firm you select should be clued-up and have some clients and thus experience in this sector. Always check for accreditation from an officially recognized body, especially if you are thinking of selecting an individual accountant. Only registered agents are allowed to charge for preparing or lodging a tax return.

There are only a few companies in India like Just Dial and Sulekha, which offer an accounting firm listing service. These firms can find you professional help in your local area for free. Make sure that the members of their network are fully qualified Chartered Accountants. If you are searching for a general chartered accountant or require a specialist, they should be able to help you locate one in a location of your choice. They can provide a range of accountancy services, from financial planning to trust accounting, from setting up a company and auditing. Handing your financial records over to someone you don’t know involves a lot of trust and co-operation. Choose an accountant firm that responds quickly to your questions and has an understanding of your business. Also ask for their pricing policies and see if it is within your budget. An accountant is not only there to complete your tax returns but to offer advice and guidance that can lead your business in the right direction and into the future.

accounting

Practicle problems relating to partition of HUF

drsaca

(a) Relating to witness

While getting the document attested by witness care should be taken in the selection of witness and in recording their full names and address on the instrument itself. In order to prove a document in the court of law, it is necessary that at least one of the attesting witness is called to prove the deed.

Whenever full name and address or not noted or strangers or less known persons are taken as attesting witnesses it become a problem to recall as to who signed after a lapse of time when the need to prove the document arises, besides when they are to be summoned in a court of law to prove the document by means of their deposition. Such strangers and unknown persons are neither co-operative nor willing witness so as to readily come forward and take the botheration of deposing and proving the document.

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Practicle problems relating to partition of HUF

(a) Relating to witness

While getting the document attested by witness care should be taken in the selection of witness and in recording their full names and address on the instrument itself. In order to prove a document in the court of law, it is necessary that at least one of the attesting witness is called to prove the deed.

Whenever full name and address or not noted or strangers or less known persons are taken as attesting witnesses it become a problem to recall as to who signed after a lapse of time when the need to prove the document arises, besides when they are to be summoned in a court of law to prove the document by means of their deposition. Such strangers and unknown persons are neither co-operative nor willing witness so as to readily come forward and take the botheration of deposing and proving the document.

It is always prudent to have the attestation of a document only by such person who are either well acquainted or are relatives and friends and it is an act of prudence to specify their full names and addresses at the time of the execution of the document and its attestation by the witness.
(b) Availability of documents to each co-owner

In the case of partition deed properties are allotted to several members of the joint Hindu family by means of non instrument only and each of the co-owners or members of a joint Hindu family who is allotted a share as a result of the partition, so affected derives its title to the absolute ownership of the specified property. The instrument of partition is required to be compulsorily registered under the provisions of Indian registration Act and it is the registered document which is required to be produced as an evidence and proof of partition or as a proof of the absolute ownership of the specified property. The original registered document is, there fore, of grate importance and at times is indispensable.

In the case of any partition there has necessarily to be two or more persons to whom the property is allotted by means of one instrument only, while the original instrument can remain in the possession of one of the parties only and all the remaining parties have to depend upon the party in whose custody the original document remains.

In such cases a duplicate certificates certified copy should be obtained from the registrar office. Under the provision of Indian stamp act a counter part or a duplicate of any instrument, chargeable with duty and in respect of which the proper duty has been paid can be obtained by making the stamp paper of requisite value available which is quite negligible in most of the states.

The counterpart or the duplicate of the instrument can also be offered for registration, which attract the same registration fee as payable on the original instrument and each counterpart so registered carries the same weight and value as the original instrument which is written on the full stamp value applicable for a partition deed.

The deed partition can as a matter of prudence be made out in as many counterparts. As the members amongst whom the partition is to be effected and each co-owner or member can thus be provided with a separate registered instrument which can remain in their possession and is readily available to them for all possible eventualities.
(c) How registration possible at a place where property not situated

Section 30 of Indian registration Act empowers the registrar of the district by the persons seeking permission, starting the reasons as to why the concerned document is being offered for registration before him. One of the plausible reasons can be that either all or most the parties to the document are residing where the document is being offered for registration, while the property which is the subject-matter of registration is situated outside.

There can be many other reasons for which registration may be allowed. The discretion to register the document vested with the registrar without any fetters and thus very wide. The registrar is without any fetter and thus very wide. The registrar is at liberty as well as under an obligation to register the document for any reasonable cause or ground.

The basic principle is that stamp duty payable is the one which applied to the state where the document is executed. This provision can, there fore, be fruitfully enjoyed in all such cases where the stamp duty payable in other towns is lower as compared to the stamp duty payable at the actual place of transaction.

Precautions to be taken

(i) While drafting a deed partition, all the members who are entitled to have a share in the joint Hindu family property are to be made parties. Karta’s wife or the widowed mother through not entitled to claim partition, are nevertheless entitled to, a share when a partitions takes place between father and sons, the wife of the karta is entitled to an equal share and like wise when a partition takes place between brothers, the windowed mother becomes a necessary party to the document.

(ii) When partition is made by a father in the exercise of his paternal right and there are minor son is to be represented through the natural guardian and the mother guardian is to sign for and on behalf of the minor.

(iii) when the partition takes place between brother and there are unmarried sisters, a provision is necessarily required to be made for the maintenance and marriages of the unmarried daughters and/ or sisters as the case may be.

(iv) A deed of partition should give full recitals of the ownership of the property as well as the content of the relevant documents which go to establish the ownership of the property by the joint Hindu family.

(v)As earlier mentioned, while choosing witnesses, the parties should choose such witness, who is either close relative or friends so that they are readily available when ever so required. Further it shall be an act of prudence that the witnesses chosen are younger persons and not of old age, so that with the lapse of time or at a time when witnesses are needed such persons are available to prove the document.

(vi)Whenever the document is executed in a number of counterparts as it ought to be when there are several persons who are allotted shares, the document should recite the number of counter parts is handed over and also the names of the person to whom the first counterpart is handed over and also the names of the persons to whom the other counterparts are to be handed over.

(v). When ever the parties are effecting a total partition, it should be so specified that all assets and liabilities exiting or contingent, should be divided.

Good bye Andhrapradesh…

Friends have a look at Telangana

Lets Talk

Goodbye Andhrapradesh..

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With a heavy heart I am saying goodbye to the state in which I am living from five years. Henceforth I will be living in Telangana and not Andhrapradesh.

 

In a country where great poets like Kuvempu and Rabindranath Tagore talked about being a global citizens rather than limiting ourselves to our caste, creed or Language, the people of Andhrapradesh have decided to divide further thus increasing the pieces of India. I am afraid how many such more surgeries our mother India has to undergo!

 

In a time when cities like Mumbai and Bangalooru have become cosmopolitan and not only people from allover India but also people from all over the globe are residing in such places, here we are dividing a state which has one major language Telugu to two parts and looking at the identity of a person by his place of…

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PROCEDURE AND CRITERIA FOR SELECTION OF SCRUTINY CASES UNDER COMPULSORY MANUAL DURING THE FINANCIAL-YEAR 2013-2014

In supresssion of earlier instructions on the above subject, the Board hereby lays down the following procedure and criteria for manual selection of returns/cases for scrutiny during the financial-year 2013-2014:

2. The targets for completion of scrutiny assessments and strategy of framing quality assessments as contained in Central Action plan document for Financial Year 2013-2014 has to be complied with. It is being reiterated that all scrutiny assessments including the cases selected under manual criteria will be completed through AST system software only.

3. The following categories of cases / returns shall be compulsorily scrutinized:-

a) Cases where value of international transaction as defined u/s 92B of IT Act exceeds Rs. 15 crores.

b) Cases involving addition in an earlier assessment year on the issue of transfer pricing in excess of Rs. 10 Crores or more which is confirmed in appeal or is pending before an appellate authority.

c) Cases involving addition in an earlier assessment year in excess of Rs. 10 lacs on a substantial and recurring question of law or fact which is confirmed in appeal or is pending before an appellate authority.

d) all assessments pertaining to Survey under section 133A of the IT Act excluding the cases where there are no impounded books of accounts/documents and returned income excluding any disclosure made during the Survey is not less than returned income of preceding assessment year. However, where assessee retracts the disclosure made during the Survey will not be covered by this exclusion.

e) Assessment in search and seizure cases to be made under sections 158B, 158BC, 158BD, 153A & 153C read with 143(3) of the IT Act.

f) All returns filed in response to notice u/s 147/148 of the IT Act.

g) Cases claiming exemption of income u/s 11 or u/s 10(23C) which are hit by proviso(s) to Section 2(15) of IT Act.

h) Entities which received Donations from countries abroad in excess of Rs. One crore during the Financial Year 2011-2012 (relevant for the A.Yr. 2012-2013) under the provisions of Foreign Contribution Regulation Act (FCRA). Such Information is maintained by Ministry of Home Affairs and is available on its Website (http://mha.nic.in/fcra.htm). Respective Cadre-Controlling chief Commissioners / Directors – General of Income-tax may identify the cases pertaining to their respective jurisdiction after downloading from the website and disseminate the information to various field offices.

i) Cases in respect of which information is received from other Government Department(s) or other authorities pointing out tax-evasion. The Assessing Officer shall record reasons in such cases and take approval from jurisdictional CCIT/DGIT before selecting such case for scrutiny.

4. In order to ensure the quality of assessment orders, CCsIT/DGsIT would evolve suitable monitoring mechanism. They shall analyse at least 50 quality assessments of their respective charges and send the report to respective Zonal Member with copy to Member (IT) with suggestions for improvement by 30th April, 2014. CCsIT/DGsIT would further ensure that cases selected for publication in ‘let us share’ are picked up from quality assessments as reported.

5. These Instructions may be brought to the notice of all concerned.

F.No.225/107/2013/ITA.II

(Rohit Garg)
Deputy secretary to Government of India

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What is Healthy proteins and even why is it Essential?

Bodybuilding

Protein is just one of three macronutrients used by the human body for power. These kinds of macronutrients contain proteins, carbohydrates and also fats.

Technologically, protein is a series of amino acids linked together just like a chain. The links that keep these amino acids collectively are really known as peptide links. Amino acids are the major source for nitrogen in the body. Getting a good nitrogen balance is important for appropriate muscle tissue development as well as repair.

Protein and even Muscle Development

Raising your daily protein consumption during a strength training program really helps to boost muscle mass. The entire body is in a constant condition of “protein turnover.” Muscle mass is constantly being restored as well as replaced. To improve this repair, you should maintain a protein positive nitrogen balance.

While you are associated with a rigorous muscle building routine, more muscle mass than normal is in…

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