Alantia Institute Logo

Alantia Institute of Information Technology (AIIT)

"Apprise Education, Reprise Innovation"
An ISO 9001: 2015 Certified Training Institute


+91-9735596611 Call Us
+91-8001281345
alantiainstitute@gmail.com
OUR BLOG | ENQUIRE NOW
FAQ | Alantia IIT
alantia institute faq-list

FREQUENTLY ASKED QUESTION

GENERAL FAQ for Tally.ERP9

Q. 1) What Is Surcharge And How It Is Computed?

Ans.

Surcharge is an additional tax levied on the amount of income-tax. In case of individuals/HUF/AOP/BOI/artificial juridical person surcharge is levied @ 15% on the amount of income-tax where the total income of the taxpayer exceeds Rs. 1 crore. In case of Firm, co-operative society and local authority surcharge is levied at 12% if total income exceeds Rs.1 crore? In case of a domestic company surcharge is levied @ 7% on the amount of income-tax.Surcharge is an additional tax levied on the amount of income-tax. In case of individuals/HUF/AOP/BOI/artificial juridical person surcharge is levied @ 15% on the amount of income-tax where the total income of the taxpayer exceeds Rs. 1 crore. In case of Firm, co-operative society and local authority surcharge is levied at 12% if total income exceeds Rs.1 crore? In case of a domestic company surcharge is levied @ 7% on the amount of income-tax.Surcharge is an additional tax levied on the amount of income-tax. In case of individuals/HUF/AOP/BOI/artificial juridical person surcharge is levied @ 15% on the amount of income-tax where the total income of the taxpayer exceeds Rs. 1 crore. In case of Firm, co-operative society and local authority surcharge is levied at 12% if total income exceeds Rs.1 crore? In case of a domestic company surcharge is levied @ 7% on the amount of income-tax.

Q. 2 Is There Any Limit Of Income Below Which I Need Not Pay Tax?

Ans.

At this moment (i.e., for the financial year 2016-17?) Individual, HUF, AOP, and BOI having income below Rs.2,50,000/- need not pay any Income-tax. In respect of resident individuals of the age of 60 years and above but below 80 years, the basic exemption limit is Rs. 3,00,000 and in respect of resident individuals of 80 years ?and above, the limit is Rs. 5,00,000. For other categories of persons such as co-operative societies, firms, companies and local authorities, no basic e Source.

Q. 3 Can A Non-resident Claim Rebate Under Section 87a?

Ans.

Rebate under section 87A is available only to an individual who is resident in India, hence, non-residents cannot claim rebate under section 87A.

Q. 4 How To Round Off Total Income Before Computing Tax Liability?

Ans.

As per section 288A, total income computed in accordance with the provisions of the Income-tax Law, shall be rounded off to the nearest multiple of ten. Following points should be kept in mind while rounding off the total income First any part of rupee consisting of any paisa should be ignored.

Q. 5 How To Compute The Total Tax Liability?

Ans.

After ascertaining the total income, i.e., income liable to tax, the next step is to compute the tax liability for the year. Tax liability is to be computed by applying the rates prescribed in this regard. For rates of tax, refer "Tax Rate" section. Following table will help in understanding the manner of computation of the total tax liability of the taxpayer. Computation of total income and tax liability for the year: Particulars Amount Income from salary XXXXX

Q. 6 What Is Marginal Relief And How It Is Computed?

Ans.

The concept of marginal relief is designed to provide relaxation from levy of surcharge to a taxpayer where the total income exceeds marginally above Rs. 1 crore or Rs.10 crore, as the case may be. Thus, while computing surcharge, in case of taxpayers (i.e. Individuals/HUF/AOP/BOI/artificial juridical person) having total income of more than Rs. 1 crore, marginal relief shall be available in such a manner that the net amount payable as income-tax and surcharge shall not exceed the total amount Source

Q. 7 How To Round Off The Tax Liability?

Ans.

As per section 288B, tax payable by the taxpayer or tax refundable to the taxpayer shall be rounded off to the nearest multiple of ten, following points should be kept in mind while rounding off the tax.

Q. 8 What Is Rebate Under Section 87a And Who Can Claim It?

Ans.

An individual who is resident in India and whose total income does not exceed Rs.5,00,000/- is entitled to claim rebate under section 87A. Rebate under section 87A is available in the form of deduction from the tax liability. Rebate under section 87A will be lower of 100% of income-tax liability or Rs.5,000/-. In other words, if the tax liability exceeds Rs.5,000/-, rebate will be available to the extent of Rs.5,000/- only and no rebate will be available if the total income

Q. 9 Can I Claim Deduction For My Personal And Household Expenditure While Calculating My Taxable Income Or Profit?

Ans.

No, you cannot claim deduction of personal expenses while computing the taxable income. While computing income under various heads, deduction can be claimed only for those expenses which are provided under the Income-tax Act.

Q. 10 Can A Partnership Firm Or Huf Claim Rebate Under Section 87a?

Ans.

Rebate under section 87A is available only to an individual, hence, any person other than an individual cannot claim rebate under section 87A.

Q. 11 What Is Gross Total Income?

Ans.

Total income of a taxpayer from all the heads of income is referred to as Gross Total Income.

Q. 12 What Is The Difference Between Gross Total Income And Total Income?

Ans.

Section 80C to 80U provides certain deductions which can be claimed from Gross Total Income (GTI). After claiming these deductions from GTI, the income remaining is called as Total Income. In other words, GTI less Deductions (under section 80C to 80U) = Total Income (TI). Total income can also be understood as taxable income. Following table gives a better understanding of the difference between GTI and TI.

Q. 13 How can we check the organizations, statutory details?

Ans.

We can use the shortcut Ctrl+Alt+B to check statutory details from any screen.

Q. 14 How can text be copied from Tally?

Ans.

We can use the shortcut Ctrl+Alt+C to copy text and shortcut Ctrl+Alt+V to paste the copied text.

Q. 15 Mention what is the shortcut to select the purchase order voucher type?

Ans.

Shortcut ALT+F4 is used to select the purchase order voucher type, at accounting and inventory voucher creation and alteration screens.

Q. 16 What is the short cut to filter the data based on the monetary value of almost all the report screens in Tally ERP 9?

Ans.

To filter the data based on the monetary value on Tally ERP 9, we should use the short cut Alt+F12.

Q. 17 What is the short cut to cancel a day book or list of vouchers in Tally ERP 9?

Ans.

The short cut to cancel a day book or list of vouchers is ALT+X In Tally ERP 9.

Q. 18 What is the shortcut to duplicate a voucher and to add a voucher in Tally ERP 9?

Ans.

We should use the shortcut keys Alt + 2 to duplicate a voucher. We should use the shortcut keys Alt + A to add a voucher.

Q. 19 What is the shortcut to select the credit not voucher in Tally ERP 9?

Ans.

We should key in F8 (Cntrl+F8), which will enable us to select the credit note voucher in Tally ERP 9.

Q. 20 How can schedule VI profit & loss account be generated using an auditors edition of Tally ERP 9?

Ans.

For generating the schedule - VI balance sheet using an auditor’s edition of Tally ERP 9, we need to go to the gateway of Tally - Audit & Compliance - Financial Statements - Profit & Loss account. After that we should Press Ctrl+3 to load the previous year’s company to generate the Schedule VI profit & loss account with two year’s data.

Q. 21 Explain how you can view profit and loss statement in Tally ERP 9?

Ans.

To view the profit and loss statement, we should press F1: Detailed which will display the data based on the default primary groups. With every transaction/voucher that has been entered instantly.

Q. 22 What is the use of statement of Inventory in Tally ERP 9?

Ans.

The use of statement of inventory is to view the information of Inventory based on Godowns. Tracking each and every single detail of items in the inventory, along with carrying on the stock and check the budget variations v/s forecasts, plans, statistics, etc. Inventory in Tally.ERP9 works in the same way as its accounting part with regard to displaying, modifying and printing of reports.

Q. 23 Mention the options available in the Account Books Menu in Tally ERP 9?

Ans.

    Account Books Menu includes the following.
  1. Bank Book (s)
  2. Cash Book (s)
  3. Ledger
  4. Group Summary
  5. Sales Register
  6. Purchase Register
  7. Journal Register

Q. 24 How can the Books of Accounts in Tally ERP 9 be viewed?

Ans.

To view the Books of Accounts on Tally ERP 9, we should press D at the entry of Tally ERP 9 to pull the Display menu. On the display menu, we have to press A to bring up the Accounts Books menu.

Q. 25 Explain the default configuration of Tally ERP 9 provided for Balance Sheet?

Ans.

Balance Sheet in Tally ERP 9 displays two different columns with Liabilities and Assets. The balance sheet also displays the closing balances of all the primary groups and capital accounts along with the net profit for the specified period as required by the organization.

Q. 26 Explain trial balance and the process to check the trial balance in Tally ERP 9?

Ans.

Trial Balance is mainly a synopsis of all the ledger balances and checks whether the mathematical accuracy and the information is right and balanced. It is a way to verify that the journal entries are correctly posted in the general ledger. In trial balance, the total of all debt balances should be equal the total of all the credit balances.

Q. 27 Mention what is the shortcut to recall the last narration saved for the first ledger in the voucher?

Ans.

The short cut to recall the last narration stored for the first ledger in the voucher is Alt+R.

Q. 28 Mention the information preserved by Tally ERP 9 after creating a company.

Ans.

Directory of Tally ERP 9 stores the path to the folder where the data will be stored.

Q. 29 Mention the shortcut to retrieve the last line which is removed in Tally ERP 9?

Ans.

The shortcut to retrieve the last removed line is Ctrl+U.

Q. 30 Mention the types of vouchers? Also give the shortcut for creating these vouchers?

Ans.

    Types of vouchers that can be created in Tally ERP 9 are: -
  • Contra Voucher - (F4): It points the transfer of funds from a bank account to the cash account or cash account to a bank account, or in a different bank account of different banks.
  • Payment Voucher - (F5): It explains the historical payments on each account like payment of salary, rental, etc.
  • Receipt Voucher - (F6): Describes the transactions that relate to payments received.
  • Journal Voucher - (F7): It maintains the expenses to maintain the organization’s running costs.
  • Sales/Invoice Voucher - (F8): This voucher describes the sales made, it displays the sale invoice.
  • Credit Note Voucher - (Cntrl+F8): Entry to this voucher is made when a customer returns the products which wasn’t correctly dispensed.
  • Purchase Voucher - (F9): Voucher made for items purchased for running the business like raw materials, etc.
  • Debit Note Voucher - (Cntrl+F9): Voucher for keeping records when goods are returned to suppliers due to damage goods.
  • Reversing Journals - (F10): It is a special entry that gets automatically reversed after the date of the issue.
  • Memo Voucher - (Cntrl+F10): This voucher marks the unknown expense at a moment of time which can be converted to actual sale voucher, or can be deleted.

Q. 31 What is a group in Tally ERP 9?

Ans.

Group is a compilation of ledgers of same nature. In any organization, operating costs like electric bills, telephone bill, conveyance, etc. are commonly included in groups. Ledger based on these expenses can be created to be used while accounting vouchers are entered. There are 28 Groups by default in Tally. ERP 9, out of which 15 are Primary Groups and 13 are subgroups.

Q. 32 Mention the shortcut to repeat the narration on a voucher.

Ans.

For repeating the narration on any voucher we should press Ctrl + R.

Q. 33 Mention what is the shortcuts for Voucher Creation and Alteration Screen in Tally ERP 9?

Ans.

Tally ERP 9, allows to create master (ledger, stock item) on the voucher by the shortcut Alt+C. To modify any master item on a voucher, we have to select the specific ledger on the sales voucher screen and press Ctrl+Enter.

Q. 34 Mention the types of the ledger that can be made in Tally ERP 9.

Ans.

    The types of the ledger that can be made in Tally ERP 9 are as follows:-
  1. Generating sales/purchase ledger.
  2. Generating Income/Expense ledger.
  3. Generating party ledger.
  4. Generating bank account.
  5. Generating tax ledger.
  6. Generating current liabilities.

Q. 35 What is the pre-defined ledgers available in Tally ERP 9?

Ans.

  1. Cash: Under the group Cash-in-hand, cash ledger is created, where the opening balance can be entered as the books begins from.
  2. Profit and Loss Account: This ledger is created under Primary, where previous year’s profit or loss is entered as the opening balance.

Q. 36 What are the features integrated in Tally ERP 9?

Ans.

  • E-mail option: Users can send reports to multiple beneficiaries.
  • Accounting Voucher: Unique ID to each voucher which also ensures that the voucher are numbered sequentially.
  • Printing Bank Transaction Details: Provides a choice to print bank details.
  • Credit Limits: The Credit Limit control set for a dealer will not be applied on sales order. An alert will be notified of the credit limit, whereas the user can save the voucher.
  • GST: GST form details are entered in the invoice in its simplest form & will get printed.
  • Excise for Manufacturers: Details of buyers and suppliers is exhibited on the voucher including daily stock maintenance, according to date, types and Tariff wise.
  • Payroll: TALLY ERP 9, enables the giving out salary, according to the National Pension Scheme.
  • Tax Audit: Updated with form like 3CB, 3CD and 3CA as per the requirements of the CBDT.
  • XBRL: Constrained only for those organizations, having the nature of the report sent to consolidated.
  • The TDS facilities are the latest feature over the entire scale of TDS related processes, right from the creation of a TDS liability to discharge and creating the e-file for the same.
  • In the latest version of this software, the TDS feature has been totally modified with new features being integrated.
  • The ability to deduct TDS and also record the liability (as a result of purchase of services) in a single voucher.
  • We can also opt for creating the TDS liability on a periodic basis.
  • Nowadays we don’t need to create different ledgers for payments associated or not associated to TDS, as the same ledger are being used for both transactions.
  • Additional features such as NRI payments are also facilitated.

Q. 37 Mention what features are available in Tally ERP 9 for Accounting?

Ans.

    Tally ERP 9 offers the following benefits for any organizations: -
  1. Outstanding Management for better Finance Management.
  2. Cost/Profit Centers Management for better ledger maintenance.
  3. Invoicing of all dealers.
  4. Budget/Scenario supervision.
  5. Other features like Printing of checks, etc.

Q. 38 What is the difference between Tally ERP 9 and Tally 7.2?

Ans.

Tally is a solution that integrates the essential functions related to accounting, reporting and inventory in any organizations. Tally ERP has included many features including Payroll management, TDS and other tax parameters.

Q. 39 Explain Tally and its applications?

Ans.

    Tally is an accounting software used for performing various purpose like: -
  1. Performing all basic accounting functions of inventory management.
  2. Costing like jobs and other miscellaneous overheads.
  3. Administering payroll of Office Staffs.
  4. Filing of tax return, profit and loss statement, preparation of balance sheets, GST, trial balance, Fund flow statement, etc.
  5. Helping in budgeting and variations in it.
  6. Calculation of interest on outstanding amounts.
  7. Synchronizing and managing data over different locations.

Latest News

We ,AIIT is a privileged of Tally.ERP9 with GST, SAP & Advance Excel Training. We focus on the needs of the Tally & SAP ERP community. We AIIT provide the ideal platform to meet the demands of the constantly evolving Present job market.
msme registration

Quick Contact

+91-9735596611
+91-8001281345
alantiainstitute@gmail.com
info@alantiainstitute.in

Skype : alantiaiit16


Register Address: Satgachia Manashatala, Satgachia, Memari, Burdwan-713422 Training Center Address: Bhairab nath tala, J.B Mitra Lane, Burdwan-713104
Copyright ©2018 - 2020 AIIT . All Rights Reserved
Follow us on: