SAG Infotech Pvt. Ltd. is aware of the importance of staying at the forefront in today's competitive world. Our dedicated and fully qualified team works hard at providing competitive prices, quick turnaround and full technical support. We offer a cutting-edge solutions and provide quality, cost-effective IT products and services.
Answer: Need not to say much about this software however Genius does following works:
- Will, etc.
- Document Manager
- Telephone Directory
- Client information
- File Manager
- Password Settings
- Miscellaneous Information: such as all India Pin Codes, STD Codes, ISD Codes, List of TIN FCs, TAN/PAN-AO Codes, Bank Branches
BSR Codes, Service Tax Ranges, MICR Codes, IFSC Codes, etc.
Answer: Need not to say much about this software however Genius does following works:
|Individual||HUF (Hindu undivided family)||AOP (Associate of person)|
|Proprietor firm||Partnership firm||Trust: (Charitable, Public and capable of holding property)|
|Company (Private, Public, Part IX or Producer)||Co-operative society||BOI: Body of Individual|
|Local Authority||Artificial Judicial Person||Banks|
Answer: Yes, you can make Final accounts as per latest Revised Schedule VI.
Answer: Yes, there is facility of make the report of 3CA, 3CB, 3CD by following steps:
Answer: Yes, from this software you can calculate income tax from with the option of Income Tax.
Answer: Yes, you can calculate TDS from this software from with the option of TDS.
Answer: Yes, you can calculate service tax from this software with the option of service tax.
Answer: Yes. You can now prepare Balance sheet both in New and old versions of Schedule VI as per your requirement.
Answer: Yes, you can go for the options as per your requirement mentioned in FAQ: 1.
Answer: Yes, there is Billing Facility to maintain records of amount dues and received with ledger of clients fees for service rendered to them.
Answer: Yes, in there is facility to import data from other accounting softwares such as Tally, Busy, NAC, TataEx, ACE, MCS, Focus, etc.
Answer: Yes, from this software e-returns can be filed very easily.
Answer: This software complies all the provisions of the Income Tax Act, 1961. The Main features are listed as below:-
Answer: It is a tax imposed by the Government of India on anybody who earns income in India. This tax is levied on the strength of an Act called Income tax Act which was passed by the Parliament of India.
Answer: Income earned in the twelve months contained in the period from 1st April to 31st March (commonly called Financial Year [FY]) is taken into account for purposes of calculating Income Tax. Under the income tax Act this period is called a Previous year.
Answer: It is the twelve-month period 1st April to 31st March immediately following the previous year [refer answer-4]. In the Assessment year a person files his return for the income earned in the previous year. For example for FY: 2008-09 the AY is 2009-10.
Answer: Any Individual or group of Individual or artificial bodies who/which have earned income during the previous years are required to pay Income tax on it. The IT Act recognizes the earners of income under seven  categories. Each category is called a Status. These are Individuals, Hindu Undivided Family [HUF], Association of Persons [AOP], Body of individuals [BOI], Firms, Companies, Local authority, artificial juridical person.
When Companies pay taxes under the Income tax Act it is called corporate tax.
Answer: No, The Income tax Act applies to all persons who earn income in India. Whether they are resident or non-resident.
Answer: If an individual stays in India for 182 days or more in a year, he is treated as resident in that year regardless of his citizenship. If the stay is less than 182 days he is a non-resident.
Answer: A company is considered as resident if it is incorporated under the Indian Companies Act. A foreign company can also become a resident if the control and management of its affairs is done entirely in India during the previous year.
Answer: In case of resident individuals and companies, their global income is taxable in India. However non-residents have to pay tax only on the income earned in India or from a source/activity in India.
10. I am an Indian citizen and engineer by Profession, who had gone abroad on a government project. Should my return of income include income earned/received abroad?
Answer: It depends on your residential status. If you are a resident all incomes earned globally are taxable. Therefore the same needs to be included in the return. However if any tax is paid on that income in the foreign country, you will get credit for the same subject to DTAA rules with that foreign country.
Answer: It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income is communicated to the Income tax department after the end of the financial year. Different forms are prescribed for filing of returns for different Status and Nature of income.
Answer: You should choose a return form according to your status and nature of income from the following:
|ITR1||For Individuals having Income from Salary/ Pension/ family pension & Interest|
|ITR2||For Individuals and HUFs not having Income from Business or Profession|
|ITR3||For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship|
|ITR4||For individuals & HUFs having income from a proprietary business or profession|
|ITR5||For firms, AOPs and BOIs|
|ITR6||For Companies other than companies claiming exemption under section 11|
|ITR7||For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)|
|ITR8||Return for Fringe Benefits|
|ITRV||Where the data of the Return of Income/Fringe Benefits in Form ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-8 transmitted electronically without digital signature|
Answer: Yes. In this software tax is automatically calculates for following assesses:
Answer: Yes. You can file the online return through this software and while doing the same it shows all the errors of validation and one can rectify it then and there.
Answer: Yes. There is a separate option for listed securities but for the unlisted securities there is option of long term capital gain and short term capital gain. Under this option the details of both unlisted securities and other assets are to be inserted manually by the name of such security.
16. If the details of both unlisted securities and other assets are inserted under same option then how it will identify that the asset is long term or short term?
Answer: Yes. When you fill the details of unlisted securities under long term capital gain being the shares holds for a period of more than 12 months. The software check the condition of 36 months, when you click on the save button then one message will be displayed as
"Type of capital gain is Short Term.
Do you want to save this asset as Short Term Capital Gain?"
Then click on "No" and the asset will be saved as Long term capital asset.
Answer: Yes. In the software there are provisions about section 90, 90A, and 91. You can claim relief under above mentioned sections through this software.
18. Whether the software is capable to calculate the deduction u/s 80G where the qualifying limit is applicable?
Answer: Yes. It calculates the limit automatically and gives you the exempted and taxable amount in computation.
19. Whether the software complies about the provisions of section 44AD (for the firm who is not maintaining proper books of accounts)?
Answer: Yes. There is a compliance of section 44AD. In case of a firm, where the interest, salary and remuneration will be allowed after selecting higher between profits declared by the assessee at his own and deemed profits u/s 44AD. The tax will be calculated on whichever is higher basis depending upon the assessee.
Answer: Yes. Through the software MAT (Minimum alternative tax) u/s 115 JB is automatically calculated.
Answer: Yes. Through the software you can pay self assessment tax, advancetax etc.
Answer: The due dates are as follows:
|Companies & their Directors||31st October|
|Other business entities, other than companies, if their accounts are auditable & their working partners||31st October|
|In all other case||31st July|
Answer: Yes. It may be furnished at any time before the expiry of two years from the end of the financial year in which the income was earned. For example, in case of income earned during FY 2007-08, the belated return can be filed before 31st March 2010.
Answer: The excess tax can be claimed as refund by filing your relevant income tax return. It will be refunded by issue of cheque or by crediting to your bank account and both options are given in this software. The department has been making efforts to settle refund claims within four months from the month of filing return.
25. If I have committed any mistake in client's original return, am I permitted to file a corrected return?
Answer: Provided the original return has been filed before the due date and provided the department has not completed assessment. However it is expected that the mistake in the original return is of a genuine and bona fide nature.
AIR (Annual Information Report)
Answer: Usually the transactions are to be reported by Banks, Financial Institutions and others these are as mentioned below:
|S. No.||Class of Person||Nature and Value of Transaction||Clarification by Central Board of Direct Taxes vide Circular No.07/2005 dated 24 Aug,2005(4)|
|1.||A Banking Company to which the Banking Regulation Act, 1949(10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act).||Cash Deposits aggregating to 10 Lac rupees or more in a year in any savings account of a person maintained in that bank.||Only the aggregate of all the cash Deposits in the savings account of a person to be reported as one transaction and the date of the transaction is to be the last date of the financial year i.e. 31.03.2005 in respect of F.Y. 2004-2005|
|2.||A Banking Company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act) or any other Company or institution issuing credit card.||Payments made by any person against bills raised in respect of a credit card issued to that person, aggregating to two lakh rupees or more in the year.||Only the aggregate of all the payments by a person to the credit card company is required to be reported as one transaction and date of transaction is to be the last date of the financial year i.e. 31.03.2005 in respect of FY 2004-05.|
|3.||A trustee of a Mutual Fund or such other person managing the affairs of the Mutual Fund as may be duly authorized by the trustee in this behalf.||Receipt from any person of an amount of two lakh rupees or more for acquiring units of that fund.||The amount actually received from the transacting party and not the amount relating to allotment is to be reported.|
|4.||A Company or institution issuing bonds or debentures.||Receipt from any person of an amount of five lakh rupees or more for acquiring bonds or debentures issued by the Company or institution.||The amount actually received from the transacting party and not the amount relating to allotment is to be reported.|
|5.||A Company issuing shares through public or rights issue.||Receipt from any person of an amount of one lakh rupees or more for acquiring shares issued by the Company.||The amount actually received from the transacting party and not the amount relating to allotment is to be reported.|
|6.||Registrar or Sub Registrar appointed under section 6 of the Registration Act, 1908||Purchase or sale by any person of immoveable property valued at thirty lakh rupees or more.||There may be certain situations where the transaction in respect of property valued at thirty lakh rupees involves joint parties and value for one or more parties is less than rupees thirty lakh. In such situations, all such transactions are to be reported in respect of all the joint parties even though the value of transaction in the hands of one or more of the joint parties is less than the threshold limit.|
|7.||A person being an officer of the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 who is duly authorized by the Reserve Bank of India in this behalf.||Receipt from any person of an amount or amounts aggregating to five lakh rupees or more in a year for bonds issued by the Reserve Bank of India.||The aggregate of all the receipts from a person is required to be reported as one transaction and the date of the transaction is to be mentioned as the last date of the financial year i.e. 31.03.2005 in respect of FY 2004-05.|
Answer: Only one AIR is allowed to be filed by a Filer for a given financial year. However, in case the Filer wants to rectify genuine/bonafide mistakes or if it wants to furnish additional transactions to be included in AIR, it may do so through 'Supplementary Information'.
|Number of Records||Upload Fees (INR)*|
|Up to 100||25|
|More than 1000||500|
Answer: Now the IT dept. is ready to cross verifying your detail with AIR (Annual Information Return). In such transaction someone is responsible to file the AIR and file it to IT dept. through TIN-NSDL but it was published somewhere that in almost 60 % of the entries reported in AIR does not have a PAN. The reason behind that is person doing this transaction are not giving their PAN to the person who are liable to file the return. Though this number is reducing day by day but yet it is large in number.
Answer: With a view to ensuring that the annual information return conforms to the required specifications, the person(s) responsible for filing return shall ensure the following:
Answer: In case the AIR on the computer readable media is found to be corrupted or does not fulfill the above guidelines, the filer is expected to make appropriate correction and resubmit the Return.
Answer: Yes. You can maintain all kinds of bills and receipts within this software and can check outstanding of your dues.
|Bill Details||Pending Details|
|Receipt Details||TDS Details (Bill Wise)|
|Outstanding Report||TDS Details (Party Wise)|
|Service Tax (Bill Wise)||Category Wise Bill Details|
|Service Tax (Receipt Wise)||Opening Balance Details|
|Discount Details (Bill Wise)||ST-3 Details|
|Discount Details (Party Wise)||Client Account|
Answer: The CMA stands for Credit Monotring Analysis. The applicant arranges working capital finance information about income, assets & liabilities and expenses in a specific format to apply in the bank for a loan. This specific format refers to CMA Report / CMA Data for the verifying the applicant's information.
Answer: An Equated Monthly Installment (EMI) is what you pay every month towards repayment of your loan (or) Insurance booked. EMI depends on the loan amount, the rate of interest and the tenure of the loan. For a given loan amount and interest rate, your EMI can be lower if you increase the loan tenure.
Answer: In day to day routine our clients need to solve queries of their end clients by providing optimum solutions to their problems keeping the same thing in mind we have given add on features as:
Answer: Here are different types of loans and insurance:
Answer: There could be two possibilities of preparing projections for future:
Answer: Ratio analysis is generally more in practice these days as it gives a wide view of financial analysis of a business prospect and is advanced from the percentage method as it provides following enhanced analysis:
Answer: The Gen Balance Sheet is a part of Genius Software, through this software you can prepare final accounts by importing data form of trial balance and then preparation of Trading Account, statement of profit and lose & balance sheet as per latest revised schedule VI changes within it. It comes with some other features are given below:
Answer: It has the formats of both as new Revised Schedule VI and old Schedule VI.
Answer: TThe assortment of liability and assets have been changed in revised schedule VI, so one has to import which element is classified in what category.
(For more details please take a demo of our software and see presentation Link given here).
Answer: You can import data from the list of accounting softwares that is given in our software as well as from our Excel template.
Answer: Yes, you can prepare Cash Flow and Fund Flow Statement with the help of this software.
6. If the similar classification will be effective for XBRL Revised Taxonomy as per Revised Schedule-VI?
Answer: Yes, as these changes are made as per the New Revised Schedule VI in format of Statement of Profit and Loss and Balance Sheet, it will be helpful in XBRL filling with revised taxonomy as well.
Answer: Form Manager is a tool that creates and execute documents for professionals that are given below:
Answer: Of course, you can add or delete your word file and document, and that file can be retrieved and remove when required.
Answer: Yes, "Gen-Form Manger" is also available separately from "Genius" software. Please contact at our office.
Answer: Yes, it can be filled from our software Gen e-TDS. Annual e-TDS/TCS return is the TDS return under section 206 of the Income Tax Act (prepared in Form Nos. 24, 26 or 27) or TCS return under section 206C of the Income Tax Act (prepared in Form No. 27E), which is prepared in electronic media as per prescribed data structure. Such returns furnished in a CD/Pen Drive should be accompanied by a signed verification in Form No. 27A in case of Annual TDS returns or Form No. 27B in case of Annual TCS return.
Answer: Yes. TDS/TCS returns filed in electronic form as per section 200(3)/206C, as amended by Finance Act, 2005, are quarterly TDS/TCS statements. As per the Income Tax Act, these quarterly statements are required to be furnished from FY 2005-06 onwards. The forms used for quarterly e-TDS statements are Form Nos. 24Q, 26Q and 27Q and for quarterly e-TCS statement is Form No. 27EQ. These statements filed in CD/Pen Drive should be accompanied by a signed verification in Form No. 27A in case of both e-TDS/TCS statements.
Answer: Following are the forms for TDS/TCS returns and their periodicity:
|Form No. 24||Annual return of 'Salaries' under Section 206 of Income Tax Act, 1961||Annual|
|Form No. 26||Annual return of deduction of tax under section 206 of Income Tax Act, 1961 in respect of all payments other than 'Salaries'||Annual|
|Form No. 27||Statement of deduction of tax from interest, dividend or any other sum payable to certain persons||Quarterly|
|Form No. 27E||Annual return of collection of tax under section 206C of Income Tax Act, 1961||Annual|
|Form No. 24Q||Quarterly statement for tax deducted at source from 'Salaries'||Quarterly|
|Form No. 26Q||Quarterly statement of tax deducted at source in respect of all payments other than 'Salaries'||Quarterly|
|Form No. 27Q||Quarterly statement of deduction of tax from interest, dividend or any other sum payable to non-residents||Quarterly|
|Form No. 27EQ||Quarterly statement of collection of tax at source||Quarterly|
Answer: Form No. 27A is a control chart of quarterly e-TDS/TCS statements to be filed in paper form by deductors/collectors along with quarterly statements. It is a summary of e-TDS/TCS returns which contains control totals of 'amount paid' and 'income tax deducted at source'. The control totals of 'amount paid' and 'income tax deducted at source' mentioned on Form No. 27A should match with the corresponding control totals in e-TDS/TCS return. A separate Form No. 27A is to be filed for each e-TDS/TCS return.
In case of Annual Returns the relevant control charts are Form 27A for e-TDS and Form 27B for e-TCS.
Answer: Form 27A is an essence of the TDS/TCS statement. It is signed by the same person who is authorized to sign the TDS/TCS statement in paper format.
Answer: e-TDS/TCS should be prepared by the e-filing administrator in accordance with the prescribed data structure. And, separate data structure is prescribed for each type of form whether it is Quarterly return (FY 2005-06 onwards) or annual return (up to FY 2004-05).
Answer: It is a receipt number, which is given by the bank branch for use in TDS deposited. While, a separate receipt number is given for each challan deposited. You are required to mention the challan number in the e-TDS/TCS return and not the preprinted numbers on the bank challan form i.e. ITNS 269 or ITNS 271.
Answer: The Bank Branch Code is a seven digit unique code, which is allotted by the Reserve Bank of India to the each branch of the bank. And, you need to mention the bank branch code in the e-TDS/TCS return. You can get this code from the bank branch where the TDS amount is deposited (and) we have mentioned the same in Other Utilities > Miscellaneous Information > Bank BSR Codes.
Answer: Yes, it is mandatory to mention the 10 digits reformatted (new) TAN in your e-TDS/TCS return.
Answer: No, a single Form No. 26Q with separate Annexure corresponding to each challan payment for each type of payment has to be filed for all payments made to residents.
Answer: Yes, the Challan identification number (CIN) is essential for the all non-Government deductors.
Answer: PAN of the deductors has to be given by non-Government deductors. It is essential to quote PAN of all deduces failing which credit of tax deducted will not be given.
|Quarter||Due date for Form No.24Q & 26Q||Due date for Form No.27Q||Due date for Form No.27EQ|
|1) April to June||15 July||15 July||15 July|
|2) July to September||15 October||15 October||15 October|
|3) October to December||15 January||15 January||15 January|
|4) January to March||15 May||15 May||15 May|
Answer: The procedure for filing of e-TCS return is the same as that of e-TDS return except the forms to be used is different. The relevant forms for filing the e-TCS return are:
Answer: The details regarding to the help is required for filing of e-TDS is available on the Income-Tax Department website and the NSDL-TIN website. And, we are also available for all related help in the e-filing of TDS returns through our software.
Answer: The annual statement (Form No. 26AS) will be issued for all tax deducted and tax collected at source from FY 2005-06 onwards after the expiry of the financial year. You can get it within our software by downloading.
Answer: Form 26 QB is a Return cum challan statement, which is filled in case of transfer of Immovable property that should be more than Rs. 50 Lakhs. You have to upload 26Q, if there is more than one buyer and seller for each transaction.
Answer: yes, after uploading of Form 26 QB, after 15 days User can download form 16 B from traces and from direct link available in our software to download the same.
Answer: Yes, you can check Deductte wise payment report in both format detailed and summarized. User can check reports of payment with various sorting options like section/rate and threshold limit wise record report.
Answer: Threshold Limit check in Deductee Detail Entry and Data Quality Wizard is available. Whenever limit has been crossed software will notify you that total amount paid to particular deductee is now beyond the threshold limit so TDS should be deducted on the whole amount.
Answer: Yes, there is facility to verify certification No. which is issued u/s 197 directly from the TRACES. The software will let you know that total limit which is available as per that certification no. And, if the limit has been crossed software will show you shortfall of amount deducted.
Answer: Yes Auto Interest Calculation with its report is available in the software. You can directly download Justification reports from our software and check the cause of the shortfall or demand raised.
Answer: If you want to make changes in your previously filed return, then you have to prepare new correction report software will allow you to request for Conso file and import the same and after downloading Conso file you can make changes in correction file and re-upload the same.
Answer: Yes, users can Register DSC on Traces directly from our software and check the status.
Answer: If you want to view intimations directly in the software then you can use this facility to view intimations quickly.
Answer: Gen GST software is a highly acclaimed Goods and services tax billing software which is developed by SAG Infotech, an organisation with decades of tax solution market holding. The software is blessed with some of the most updated and innovative features to sort out all the complex GST related tasks and tax filing.
Answer: Yes, Our GST software now allows you to easily file your tax returns using GSTR 3B form directly from your desktop application. Just download and install the software on your system and start filing the GSTR-3B return now.
Answer: GST Online software is tightly packed with security features including secure Java language widely used for financial background institutions. Tax softwares are meant to be highly secured and hard track down and with GEN GST online software, it is acceptable to continue working for all the tax matters and data storage. Another accessibility state its online feature which converts the opportunity of editing modifying all the tax data anywhere.
Answer: Here is a list of some of the key points for which you need to have GST software as shown below:
Answer: The Gen GST software will be the most innovative GST software available in the market. The software will be accommodating features like Platform Adaptability, Security of Database, Built in JAVA language, Import/Export of data from anywhere, Unlimited client authentication and much more.
Answer: Management of master data in uniformity with applications Quick filing of returns with easy process Easy uploading and raising of Invoices accordingly Proper validation of data and word associated with clients and employees Prominent upscaling of valuation in groups
Answer: Yes, the software is capable of customised billing and can import data directly from the billing for filing returns.
Answer: Goods and Services Tax Identification Number (GSTIN) is a 15 digit PAN based number according to state wise structure mainly formed to refer identity of business units registered under GST.
Answer: Yes, the demo will be available for the prospective clients to have an outlook of our one of the best GST software. Just follow the link and register yourself for the demo.
Answer: The software will provide each and every service related to the GST billing, e-filing, account reconciliation, mismatch notification and much more.
11. Yes, you can use the free-version of Gen GST software for a limited time period. Although, we recommend buying the full software if you want to enjoy the complete unique features along with unlimited e-filing capability. The cloud version (online) software is free to use for one GSTIN (GST Identification Number), i.e for a single business or person.
Answer: Yes, you can use the free-version of Gen GST software for a limited time period. Although, we recommend buying the full software if you want to enjoy the complete unique features along with unlimited e-filing capability. The cloud version (online) software is free to use for one GSTIN (GST Identification Number), i.e for a single business or person.
Answer: To lighten the hectic job of HR, the Gen - Payroll has got a specific design and aim which will work as a powerful HR tool to calculate the various components of Salary earnings and deductions such as P.F., ESI, Loans and Advances, Leave management, Professional Tax, Bonus, TDS on salary, Arrears, Overtime, etc. and generating Pay-slips, MIS and statutory registers, reports and e-returns for the purpose of employees and management of any organization.
The software works strictly as per the Indian laws related to Industries, employees, labour and labour welfare.
Answer: The dynamic formula creation utility which calculates the complex or typical pay out structure depending upon criteria and conditions very easily.
Answer: 'n' number of companies and employees' data can be created as the limitation to create and maintain number of companies and employees is boundless in this software.
4. Can we create separate logins for our HR, Finance and Administration etc. with their individual rights to use this software?
Answer: Yes, for the security reasons, the important data can be scheduled which will be operable by the administration department or personnel and with this user can create different user IDs with distinct rights for login.
|e-TDS (Income Tax)||Employee State Insurance|
|Provident Fund||Professional Tax|
|Pension Scheme||Payment of Bonus|
|Minimum Wages||Payment of Wages|
|Payment of Gratuity||Contract Labour|
Answer: The following Government departments have enabled the facility of online e-filing:
Answer: The following reports are generated from its user’s specific point of view:
Answer: Yes, you can add Template Basis Letter or certificate such as:
Answer: The option to take Backup and Restore of complete database is been included in the Payroll. The facility to take Backup and Restore of individual company or organization is also there.
Answer: There are six types of classification in which you can distinguish your employees:
|Scale (Pay Grade)||Shift|
Answer: Yes, As per the requirement of the organization, a number of employee available leave structures can be maintained on month and annual basis. The following structures are few of its examples:
Answer: Yes, Automatic Tax computation facility is given within this software.
Answer: This facility helps you to get the miscellaneous information like PIN codes, Bank BSR and Nodal banks Codes, MICR codes, IFSC codes ,TIN facilitation centers, STD Codes, ISD Codes, Distance Search, PAN/TAN-AO codes, Service Tax ranges, Valid PAN/TAN etc.
Answer: Yes, The option to generate TDS Challan and filing the TDS quarterly report is available on single click by this software.
Answer: Yes, the pay slips will be mailed to all or selected employee's e-mail addresses saved in Master Details with user-defined message, subject and in Excel, Word, PDF and HTML Format.
Answer: Setups can be crafted for desired Loan structure e.g.
Answer: Yes, ESIC Challan can be filed online along with uploading the return. Further, we have also added following routine compliances:
Answer: Yes, Master Data of Employees, Salary Detail, Salary setup, Leave Setup to Next Financial Year with or without resigned employees can be transferred automatically.
Answer: Yes, we do have an option in “Utility” to calculate Reverse salary as many times this is also required.
Answer: First you need to enter 15 digits "Code no. allotted by EPF" department as a combination of Region code (2), Office Code (3), Establishment Code (7) and Extension Number (3) digits and then you can generate the ECR file i.e. (.txt) file which is finally going to upload on PF website.
Answer: ESI number is a unique number allotted by the ESIC department to all the applicants for registration.
Answer: It is the office of ESIC under which, the jurisdiction of your office is falling.
Answer: On registering your firm with the professional tax department, the Professional Tax Officer's Circle no. gets allotted to you under whose jurisdiction your PTO is being handled.
Answer: One can create his Leaves set-up as:
Answer: Yes, State-Wise Professional Tax Forms are there, with its monthly, quarterly and annual returns requirements.
Answer: User will need to add a Head of salary as 'VPF' given by default in the software in 'Master Details' > 'Salary Setup' option. Command it for manual or auto calculation and this will include the amount of VPF in ECR Challan automatically.
Answer: If you have entered 'Advance Payment' in 'Salary' option then for its deduction you need to select 'Advance' as Head for Salary in ‘Master Details’ > ‘Salary Setup’ for its deduction, this deduction can be made on Random or monthly basis. (Advance Type can also be created by going to ‘Master Details'>'Salary Heads' and add the new field as under the Advance category.)
Answer: Entering 'Employee Loan details' in 'Salary' option will create a Head for its deduction automatically, but eventually, it must be added with deductions in 'Master Details' > 'Salary Setup' option.
Answer: We have integrated following details which can be imported on a bulk basis in one go:
Answer: PAO means “Pay and Accounts Office” Code. Usually, this term is used in Government departments from where Office payroll (or) salary gets prepared. Pay and Accounts Office under Central and State Government or similar offices under the Government of India / State Government / Union Territories / Autonomous bodies are responsible for maintaining the contribution details for subscribers covered under the New Pension Scheme. The DDOs functioning as CDDOs will also be considered as PAO in CRA system.
Answer: 'CTC' stands for "Cost to Company" which includes any amount payable by a company as salary, allowances, perquisites, incentives, yearly benefits such as Bonus & ESI; retirement benefits such as Provident Fund (PF), Gratuity, Superannuation, Pension, etc. collectively in a year to an employee.
Answer: Reimbursements include
Answer: Gratuity is a gratuitous amount which is given to an employee who has delivered long and wise services to the employer for 5 years or more
Answer: Condition: (i) the amount received under the Applicability of Payment of Gratuity Act, exemption will be up to the extent of following:
Condition: (ii) If Payment of Gratuity Act is not applicable; exemption will be up to the extent of following:
Condition: (iii) Gratuity for government employees is fully exempt.
Answer: TAN or Tax Deduction account Number (TAN) is an Income Tax department generated unique 10 digit alphanumeric code for those people who are supposed to file tax deducted at source of income. It is mandatory to quote TAN on all TDS (Tax Deduction at Source) returns (including e-TDS return) or any TDS payment Challan.
Answer: Yes, you can generate computation in excel for more than one employee.
Answer: Yes, it is possible to import Daily attendance directly from Biometric machine.
Answer: Yes, there is an option to generate and upload PF KYC Text file.
Answer: Yes, by entering Traces Login ID and Password, you can verify the PAN.
Answer: First, you have to download UAN Number Text file from PF website and then through Employee Master Details you can import that.
Answer: Yes, on all places there is an option to show employees and generate reports according to their categorization.
Answer: Yes, with our SMS Facility you can send SMS to Employees.
47. Is there any facility to reserve the documents received from employees and generate reports of that?
Answer: Yes, with our Document Manager you can save the scan document received from employees and by report section, we can generate the report of the documents submitted by an employee.
Answer: Yes, by utility option you can change the single as well as multiple employee codes.
Answer: By going on Individual employee master details you can upload the photo. In Utility, the bulk photo import can be used to import in bulk, but the file name should be same as employees' code.
Answer: Yes, in salary with the Stop Payment option you can hold salary and a reason can also be mentioned for that.
Answer: In the TDS – Salary Certificate, there is an option to feed previous employer details and salary details.
Answer: Yes, you can send it to all the employees as an investment declaration form through e-mail.
Answer: Yes, you can generate ITR-1 or ITR-2 in PDF Format.
Answer: Yes, with Bonus set up you can define the bonus percentage and period and bonus payable month. Then software will calculate bonus for all employees.
Answer: Yes, through TDS option you can generate Form 16 for all employees and can be sent in bulk to employees through their e-mail ID.
Answer: Yes, there is pre-defined small salary setup is available by default. And can be customized according to your requirement.
Answer: Yes, for this purpose you can export the salary setup from one company and import it in another company.
Answer: Yes, by using utility-Import Employee Details option, we can import the employees from another company. So we need not to create same employee again and again.
Answer: Yes, First we have to add Overtime in salary setup and then the software will calculate the overtime amount while updating overtime hours.
Answer: Yes, by our Cheque Printing utility you can do so.
Answer: Yes, according to your requirement you can change the month days and From-To Dates.
Answer: Yes, using Import/Export bank details in master details can update bank details for all employees.
Answer: Yes, first you have to add Arrear Head in salary setup and then after entering percentage, the arrear amount will be generated automatically.
Answer: Yes, by utility options we can calculate the employees monthly TDS Amount.
Answer: Yes, with the Lock Month option you can protect the data till month.
Answer: The software will show resigned employees in RED colour.
Answer: The Gen- Comp Law is the software which is designed for easy compliance of all secretarial provisions of:
2. How can we feed the existing company's data (or) Is there any facility to create company as a client?
Answer: The following two basic steps are required to be executed for the creation of data for the existing as well as a new company:1. Client Master:
Answer: Yes, there is a facility to take back-up and restore in two ways:
Answer: You just have to follow the below mentioned four steps for generating and uploading an e form:
Answer: By feeding the basic data of an Incorporated Company in the software, the statutory registers in the software will be automatically updated and generated. Following Statutory registers can be generated on the current status basis in the software:
6. Is there any facility to prepare Minutes Book\Resolutions\Notices\MOA\AOA as per Companies Act 1956/2013 in this Software?
Answer: Yes, there is a facility to prepare all types of Minutes\Resolutions\Notices\MOA\AOA in the software. We have provided default templates in the software for your convenience and you can also further add your own formats in the software.
7. How many types of reports can be generated by comp law software apart from Registers and Minute Books?
Answer: Following reports can be generated by company law software:
Answer: Yes, the option of direct login to upload e-forms is provided in the software and user doesn't need to open multiple internet browsers.
Answer: Yes, there is a facility to download new e-forms as or when launched by MCA or ROC through Comp law software by checking option of "Check New Forms".
Answer: Yes, The DSC's track can be maintained and checked for its expiry and other aspects. The software intimates you about such expiration.
Answer: Yes, there is an option through which the registers will be kept to fixed assets as per Books, Companies Acts and Income tax act on the following criteria:
And the details can be tracked as when an asset is:
Answer: XBRL instance documents are also included in this software as The Comp Law software takes care of all the compliances related to MCA. However, it is also available separately.
Answer: One can check the following details without going to MCA portal:
Answer: Gen - Comp Law is software which provides ease to compliances for all secretarial provisions of LLP such as currently only e-form filling is available such as:
Answer: Yes, there is facility to import data of an existing incorporated LLP through its LLP IN no. and Partner’s DPIN no. now DIN no.
Answer: Yes, there is a facility to take back-up and restore in two ways:
Answer: XBRL stands for "Extensible Business Reporting Language" and it is a globally standardized language for business information exchange. It is based on XML language and the various syntaxes related to XML. It has started in India vide Companies (filling of documents and forms in Extensible Business Reporting language) Rules, 2011 notified vide GSR No. 748E dated 5/10/2011 select class of companies required to file their Balance Sheet and Profit & Loss Account and other documents as required u/s 220 of the Companies Act, 1956 with the Registrar of Companies (ROC) for the financial year ending on or after 31st March, 2011.
This is currently applicable on the following class of companies:
Answer: Our software can be used to file unlimited number of companies
3. Can I create the Final accounts documents again by using XML file generated and filled from any other XBRL software?
Answer: The software is provided with a vice-versa function to import the XML file and check the financial data as per taxonomy.
Answer: No, opening MCA validation tool separately is not required. The software is facilitated with the option to check Validation and pre-scrutiny error.
5. Can I generate PDF file, even if there is error in XML validation or pre-scrutiny to check the file as what is left?
Answer: Yes, PDF file can be generated without validation also for checking the further requirement.
Answer: Yes, you can create both standalone and consolidated instance documents in following manner:
|Category||Standalone||Consolidated(if they have subsidiary/holding companies)|
|1)All Companies having paid up capital Rs. 5 Crore & above.||Yes||Yes|
|2)All companies having Turnover of Rs. 100 Crore & above.||Yes||Yes|
|3)All companies listed with any Stock Exchange(s) in India and their Indian subsidiaries.||Yes||Yes|
|4)Indian Subsidiaries (or) Holding Companies of Listed Companies.||Yes||Yes, if they preparing consolidated accounts previously.|
|5)Any other Indian company, Indian Subsidiaries (or) Holding companies of Un-listed companies which are not falling in above category.||Normal filling.||Normal filling.|
7. Can we copy-paste our non-financial data, such as Auditor's Report, Directors Report, etc. in this software?
Answer: Yes, one can easily attach the non-financial data such as following:
Answer: Yes, you can provide the details regarding the elements and/or amount.
10. Whether the existing e-form 23AC and e-form 23ACA can be used for XBRL Balance sheet and Statement of Profit and Loss?
11. Whether it is required to validate the instance document (XML File) created before uploading the same on MCA portal?
Answer: Yes, validating the instance document is a pre requisite condition before filing the same on MCA portal. A Validation tool has been provided on the MCA XBRL portal (http://www.mca.gov.in/XBRL/index.html) for validating the generated XBRL instance document and we have given the same tool within our software for validation and pre-scrutiny.
Answer: Yes, we can merge data of any number of Companies.
Answer: Yes, We have the option to import from the previous year and current year in xml.
Answer: The error can be rectified by pressing F4 on the home page. Double clicking the errors will let users reach the concerned page where the error is located.
Answer: Yes, if you have filed with our software in the previous year, then its data can be imported directly. Also, there is an option to import data from Genius Software.
16. Do we have to fill the Balance sheet and Profit & Loss A/C manually or it can be automatically filled?
Answer: It will be filled automatically. After filing notes and clicking on auto fill, balance sheet and profit/loss will be filled automatically, but it can be filled manually also.
17. Is there any sorting by which we can only have that fields where only date or amount or Percentage etc. have to be entered, instead of all the fields?
Answer: Yes, in Find option you can give the conditions.
Answer: Yes, we do have this option where one can easily copy data from previous year to current year or vice-versa on a single click.
Answer: In software, mandatory fields will show in RED color.
Answer: Yes, there is a Console and Dragging facility in the software, by using that you can open your excel data file in the software. On half of the screen, the software will be displayed and on another half, the excel file will be running. You can import the data into the software by simply dragging.
Cost Audit Report in XBRL
Answer: Ministry of Corporate Affairs has mandated filing of the Cost Audit Report and Compliance Report from the financial year 2011-12 onwards (including overdue reports relating to any previous year) is been mandated for filing by the Ministry of Corporate Affairs using the XBRL taxonomy vide General Circular No. 8/2012 dated 10.5.2012 [as amended on 29.6.2012] and No. 18/2012 dated 26.7.2012.
The threshold limits as prescribed in the relevant Cost Accounting Records Rules 2011 meeting companies are required to file Compliance Report in the XBRL format.s
Answer: All such companies that are NOT covered under the company specific Cost Audit Orders issued prior to 31.3.2011 and/or under the industry specific Cost Audit Order No. 52/26/CAB-2010 dated 2nd May 2011, 30th June 2011 and 24th January 2012 are not required to file a Cost Audit Report.
Answer: The Ministry of Corporate Affairs issued the following Cost audit orders:
|Date of order||Industries Covered Broadly||Applicability –Conditions||Year for which applicable|
|2nd May 2011||
1) Cost Accounting Records (Bulk Drugs) Rules, 1974
2) Cost Accounting Records (Fortmulations) Rules, 1988
3) Cost Accounting Records (Fertilizers) Rules, 1993
4) Cost Accounting Records (Sugar) Rules, 1997
5) Cost Accounting Records (Industrial Alchohal) Rules, 1997
6) Cost Accounting Records (Electricity Industry) Rules, 2001
7) Cost Accounting Records (Petroleum Industry) Rules, 2002
8) Cost Accounting Records (Telecommunications) Rules, 2002
(a)Aggregate Value of networth as on the last day of immediately preceding financial
year year exceeds Rs. 5 Crores, or
(b) wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crores of rupees; or
(c) wherein the company's equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India
|3rd May 2011||The order was modified vide order dated 30/06/2011.||-||-|
|Date of order||Product/Industry under Cost Audit||HSN Classification/Central Excise Tariff Act||Applicability -Conditions||Year for which applicable|
|30 June 2011||
Tyres and Tubes
Paints and varnishes
Chapter 25, 38 and 68
Chapter 72 and 73
Chapter 47 and 48
|a)Companies having turnover exceeding Rs 100 crores in the immediately preceding financial year b) Companies whose equity or debt securities are listed or are in the process of listing||2011-2012|
|Date of order||Name of Industry||Relevant Chapter Heading of the Central Excise Tariff Act 1985||Applicability -Conditions||Year for which applicable|
|24th January 2012||Jute, Cotton, silk, woolen, or blended fibres / textiles
Edible Oil seeds and Oils (incl. Vanaspati)
Packaged Food Products
Organic and Inorganic Chemicals
Coal & lignite
Mining & metallurgy of ferrous and no ferrous metals
Tractors & other motor vehicles (incl. automotive components)
Engineering machinery (incl. electrical & electronic products)
|Chapter 50 to 63
Chapter 12 and 15
Chapter 2 to 25 (except chapters 5,6,14,23 and24)
Chapter 28, 29, 32, 38 and 39
Chapters 26 and 74 to 83 (except Chapters 76 and 77)
Chapter 84, 85 and 87
Chapter 8, 9, 21 and 40
Chapters 84 and 85
|a)Companies having turnover exceeding Rs. 100 crores in the immediately preceding
b) Companies whose equity or debt securities are listed or are in the process of listing.
Answer: The first step is to check for various parameters for the Cost Audit applicability such as:
After checking above parameters see for Cost Audit Applicability from Orders stated in Question No. 3 for 'Yes' or 'No'.
Step 1) Check the industries as per above mentioned list and then go through your excise return while checking the products being cleared under any of the excise classification codes mentioned above, or if the company counts under any of the industry coming beneath the cost audit order dated 2nd May 2011.
Step 2) If Not, your company free from cost audit apparently provided the same has not been covered specifically earlier, elsethe same has not been covered specifically earlier, else
Step 3) If yes,
1. What is PC Spy is all about and how it is going to help Professionals and business organizations?
Answer: There are many professionals who want all time security of their computer system while knowing the things happening with the same when they are off for the day. With PC Spy, you can track the activities getting performed over your computer or on the node computers of your company. You can track the following activities:
4. Can we block (or) allow any kind of website, portals, Pen Drives, External HD and CD ROM through this software?
Answer: Yes, the business personnel are often worried of monitoring their employees’ computer for inappropriate activities. The owner can block specific web pages, email windows, social networking websites etc. to protect their computers and to ensure the safety of their property from getting theft or illegitimate transfer.
Answer: Yes, The video of some specific action or the entire job can be recorded by allowing it from the server end.
Answer: Yes, there is an option to hide this software at LAN connected computers so that the users won't know about the software's action of monitoring their systems.
Answer: Yes, the History of work done at the node computer can be maintained by this software. The system startup time, sent emails, windows captions and various other activities can also be monitored.
Answer: Yes, the work back up facility is present over LAN.
Answer: Yes, the trial version is available for download and the license key can be availed on purchase.
Answer: Gen PC spy is an employee monitoring software that can be used without the knowledge of the worker and works in the background without any notice. The tool are very effective and accurate.
Answer: If you want to monitor the work of your employees then you should definitely use the Gen PC Spy. It facilitates a simple way to keep a track record of your employees.
Answer: No, there is no harmful effect on computers after installing Gen PC Spy. Rather, it allows to block restricted sites and installation via external sources that are harmful.
Answer: The support services on Gen PC Spy is very real time and efficient. Our representatives are always there to handle your queries regarding the software and help you in the best possible way. In fact, we have a separate tab for SAG support live.