Lesson-40 How to take Abatement in Tally.ERP9

In this lesson we know about Rate Abatement in Tally.ERP9. Lots of Business take Rate Abatement Effect on Service Tax, Excise Duties etc. But 1st we know about rate abatement. A small definition of rate abatement as follows.

Abatement refers to a reprieve from or reduction in a debt, tax or other payment obligation faced by an individual or company. The most common form of abatement is tax abatement. Tax abatement is also an incentive utilized by cities to encourage the redevelopment of distressed areas by providing real property tax abatement and eminent domain. Another type of abatement is that related to the payment of rent. If a building is destroyed by fire, water damage or another accident, a renter is usually granted abatement from making rental payments. A lesser known form of abatement is penalty abatement, commonly associated with the Internal Revenue Service (IRS). Penalty abatement can help an individual or business reduce or eliminate an IRS penalty and/or interest. To request penalty abatement from the IRS, certain requirements must be met. For example, penalty abatement might be granted if a business or individual is able to prove reasonable cause as to why they were unable to meet their tax obligations.

Basically Rate Abatement is applicable on MRP Based Invoices, Abatement effect on only MRP Value & Excise Duty. So What is the calculation of rate abatement, here it is. Let example start with a excise invoice, 

A Mobile phone amount is Rs. 10200.00 but MRP Base rate is Rs. 9300. Total Quantity 250 Nos., So the formula is = MRP * 30% = AMOUNT - MRP (9300 * 30% = 2790, THEN 9300 - 2790 = 6510) 

I.E. Total Quantity * MRP After Abatement = (250 * 6510 = 1627500), Excise duty will applied on Rs. 1627500-00 + 2% Education Cess %, 1% Secondary Edu Cess + Output Vat / CST.

Total MRP Amount =             1627500-00

Excise Duty @ 12% =             195300-00

Education Cess @ 2% =            3906-00

Secondary Edu Cess @ 1% =   1954-00

Output Vat @ 12.5% =            343896-00  (Output VAT / CST is not effect on abatement)

Following videos shows you how to take abatement in Tally.erp9

Part - 1

Part-2

Delhi Govt. Hike Minimum Wages 2012

The Delhi government has increased for all categories of workers the minimum wage.

Daily wages of unskilled workers in the nine rupees, 10 rupees for skilled labor, skilled labor has been increased to Rs 11.

New minimum wage rates have been applied first of October.These rates are fixed after adjustment of DA. These new employment rates in all scheduled and non-technical inspection staff will also apply to the clerk.

Delhi Labour Minister Dr AK Walia said on Friday announced increase in the minimum wage. According to the new rates, the monthly minimum wage of unskilled labor from 7020 to 7254 were Rs. The daily wages from Rs 270 to Rs 279.

The new monthly minimum wage of skilled workers has been fixed at Rs 8008, whereas previously it was Rs 7748. 298 daily wage has been increased from Rs 308.Increased monthly minimum wage of skilled labor is priced at Rs 8814, whereas previously it was Rs 8528. 328 daily minimum wage has increased from Rs 339.

Clerk and non - technical inspection staff qualification at matriculation minimum wage has been fixed at Rs 8008, Rs 7748 was the first. 298 daily wage was increased from Rs 308. Metric and graduate qualifications between the 8528 minimum wage has been increased from Rs 8814. 328 daily wage was increased from Rs 339.

Qualification at bachelor and above the minimum wage has been fixed at Rs 9594, Rs 9282 was the first. 357 daily wage has been increased from Rs 369. The Delhi government has urged employers that pay the minimum wage increased from October 2012.

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Winner Tally.ERP9 Single User Giveaway

We posted Giveaway of Single User Tally.ERP9 software on 9th August 2012. Tally.ERP9 is most useful software for Accounting, Inventory & Payroll. Tally is also handling Indian Standard Accounting taxation forms like Sales Tax, Income Tax, TDS, Service Tax, Excise etc. Only 2 Peoples show their interest in this giveaway & the winner is: Vikas Chouhan. An email sent to you with License Key & User id. I hope next time more visitors enter in our next giveaway.

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