Statutory Compliance Capabilities

Akaunt provides the following Statutory Compliance Capabilities namely, Value Added Tax (VAT) Service Tax Tax Deducted at Source (TDS) Excise (Manufacturers & Dealers) Fringe Benefit Tax (FBT) Tax Collected at Source (TCS) Central Sales Tax (CST) 7.1 Value Added Tax (VAT) Akaunt provides VAT solution to across 32 states in India and other international countries like Indonesia, Phillipines and Bangladesh. The VAT compliance in Akaunt is completely inte- grated with Accounting, Inventory & Reporting and simplifies these aspects with absolute ease, accuracy and speed. As per VAT Regulations, every registered business under VAT is required to generate VAT compliant Tax Invoice and file Statutory Returns periodically in prescribed forms and documents of the respective state

Tax Deducted at Source (TDS) Tax Deducted at Source is one of the modes of collecting Income Tax from the taxpayers as per the rates mentioned under IT Act and Rules. The deductor of the Tax (TDS) deducts the tax from the deductee, on payment of specified Incomes and deposits the same to the credit of Central Government within the specified period alongwith the challan in prescribed format. Akaunt’s TDS feature is designed to handle all your TDS requirements easily and with complete flexibility. It allows you to configure the TDS ledgers, by specifying the nature of payments and type of assessee along with the TDS rates. With the help of Akaunt, you can generate and file Quarterly/Monthly Returns, Challans viz., Form16 A and Certificates in prescribed formats. You can also generate e-TDS and file in NSDL compatible formats.

View TDS Reports Akaunt provides the following TDS Forms, Challans and Reports. TDS Computation TDS Challan Reconcilliation Quarterly eTDS Returns Form 26Q Annexure to 26Q Form 27Q Annexure to 27Q Annual eTDS Returns Form 26 Annexure to 26 Form 27 Annexure to 27 Outstandings Exception Reports

Excise (Manufacturer & Dealer) Akaunt provides complete excise solution for manufacturers as well as dealers dealing in excise goods. It facilitates generation of Excise Invoice for traders and manufacturers (covered under the Central Excise Act) as per Rule 11 of Central Excise Rules. It allows you to maintain complete information of purchase and sale of excisable goods and helps in printing the same in the Excise Invoice. With the help of Akaunt, you can generate Excise reports and registers in the prescribed formats for Manufacturers and Dealers,as the case may be

Fringe Benefit Tax The Fringe Benefit Tax is levied on employer in respect of fringe benefits provided/deemed to be provided by him to his employees during any financial year commencing on or after 1.4.2005. The Fringe Benefit Tax is payable at the rate at the 30% of the assesable value of fringe benefits. In Akaunt, Fringe Benefits classifications are prdefined with the assessable value and the rate of FBT for each nature of Fringe benefits.

Tax Collected at Source (TCS) TCS is the Tax Collected at Source by you (collector) from a Buyer/lessee (collectee/payee). This tax to be collected at source is applicable to goods, as specified under Section 206C of the Income Tax Act, 1961. If the purchase value of goods is X, the amount payable by the buyer is X+Y, where Y is the value of Tax at Source. The seller deposits the tax amount Y at any desig- nated branch of banks authorised to receive such payments. As a seller, lessor or licensor, you are responsible for the collection of tax from the buyer, lessee or licensee. The tax is collected for sale of goods or on transactions which involve receipt of amounts from buyers in the form of cash or cheque, draft or any other mode. The certificate of collection of Tax at Source has to be submitted in Form No. 27D by persons collecting tax at source within a week from the last day of the month in which the tax was collected.

Central Sales Tax CST is a tax levied on inter-state sales of goods by dealers by the Central Government. CST is applicable only if you sell goods to dealers in other states but not levied on sales made intra state or on import/export sales. The Inter-state sale occurs when sale or purchase constitutes movement of goods from one state to another. Accordingly, when you send consignments to your agents or transfer goods to your branch/ other offices, this is not a considered as sale under the CST Act. 193Statutory Compliance Capabilities in Akaunt CST is payable in the state from where you sell the goods and commence its movement. The tax you pay is collected and retained by the state where the transaction originated. The CST collec- tion and administration is performed by the authorities of your state's Sales Tax Dept. Thus, the State Government Sales Tax officer who assesses and collects VAT (state) also collects and assesses and CST. The CST feature is enabled automatically once the VAT feature is enabled in Akaunt.