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How to prepare account in my businesses

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26 September 2016 Hi I wan to start a new business but I have some confusion please advise we provide limit on emitra ( state govt entity) kisok by the paytm payments direct paytm to emitra by online transaction & I received cash from emitra kisok so I am confused this is sale or Financial transaction made by me or I maintenance what type of accounts & some like sale book or cash receipt book & in which income tax head please advice

27 September 2016 what for you received money from kiosk? Can you please elaborate?

27 September 2016 Hi this is example for my business every emitra kisok first take prepaid limit for billing in self agent protel issue by state govt boby so we provide limit in that person protel by transfer paytm to emitra protel suppose we uplode 100000 rs in emitra kisok agent I'd & receipt cash 100000 rs in cash pls what's up me 8824264581




27 September 2016 so? what is the query now?
when you pay money
debit the person to whm money is paid (may be through paytm or otherwise)
credit bank/cash as the case may be

27 September 2016 my questions is this is sale or financial transactions or what type of books are maintained by me sale book or cash receipts book

27 September 2016 you may rely upon some simple software like TALLY for such type of accounting.

27 September 2016 & how to show this transaction in income tax return because my bank cash deposit is 20 lakh daily

27 September 2016 you can account for the same on cash basis, if you want.....
ask the transaction one by one....so that i can give you the journal entry




27 September 2016 first - cash load to paytm paytm a/c To bank a/c second - Transfer fund to emitra kisok I'd limit on emitra/cash a/c to paytm a/c currently this entry passed In tally but I cannot create any cash receipt in hard copy ( this is my confusion point ) I have to create cash receipt in hard copy or not

27 September 2016 oh i see..... what is the group given for all these accounts viz
paytm
e mitra

27 September 2016 I don't understand pls explain

27 September 2016 in Tally, while creating the account, it prompts for under which GROUP....?
which is the group given for paytm a/c and e mitra a/c




27 September 2016 paytm - debtors emitra- creditors

27 September 2016 & this transaction lible to service tax ?

28 September 2016 how do you receive cash? is it physical cash or virtual cash?
debit cash/bank account
credit e mitra




28 September 2016 physical cash

28 September 2016 then you can pass the entry as said above
debit cash
credit e mitra

28 September 2016 ok thanks for help in this matter pls also advise this is liable to income tax audit but in this business no purchase & no sale so how to determine the turnover

28 September 2016 why do you think that there is no sale or purchase? Can you please elaborate?

28 September 2016 Hi cash uploaded on paytm is not purchase ? payment to emitra- creditors is it sale ? or both consider as financial transaction advice ?

28 September 2016 cash uploaded to paytm is NOT purchase.....it is just a transfer of funds from say bank account to paytm vallet.
Now tell me once again why do you give credit to e mitra?

28 September 2016 I also have a emitra agent I'd & have some big counter for limit

28 September 2016 i am asking you to explain why do you give credit to e mitra account....
your explanation will try to resolve your query...so please, give the information as to why do you credit e mitr account in tally?

28 September 2016 sir I am not able to explain pls what's up me on this number 8824264581

28 September 2016 see, try to understand, prima facie...yours is a sort of commission business.......
your share of income is the difference between the two.....
that is why i was asking you to explain....anyway.....is it ok?

28 September 2016 some time when bank is close & Emita kisok not able to cash deposit in bank then Emita kisok contact me for limit I have a capital of 6 lakh so I given the Limit & received the cash that kisok

28 September 2016 yes, that is ok....no problem...you can very well do that.... no issues.

28 September 2016 can I continue this business & lible to audit

28 September 2016 yes, why not.....it is a legal business......if commission exceeds 1 crore, you need to get the accounts audited.

28 September 2016 I received no commission form other emitra kisok

28 September 2016 ufffffff.... then are you doing any charity business or what?
or you just want to kill time on internet?
What are doing all these for?... what do you get out of it? ...what is your revenue model?

28 September 2016 yes I am doing charity for that person not able to gain any income but is it ok to charity or I face some legal notices of Income tax please advise

28 September 2016 Oh...then you are most likely to get the notice sooner or later, if you are doing a charity without having a proper registration to do so.....
if you are interested in doing charity, then please register yourself as trust. Also please obtain 12A registration from income tax department.

28 September 2016 I am not like that charity but I have received same amount from emitra kisok

28 September 2016 only free service but amount not less then I pay

28 September 2016 i think you get yourself registered as TRUST and get the registration u/s 12A... that is better



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