Thursday, May 22, 2008

Make 2,000 Credits for Spreading the Word

Make 2,000 Credits for Spreading the Word
Want to earn an easy 2,000 Entrecard credits? Just blog about the new Entrecard feature and ebook and they’ll credit your account.
We are holding a contest to help us spread the word on our “add new blog” feature and our new E-Book, so anyone who posts on their blog, mentions our new “add a blog” feature, and posts a link to our new ebook on their blog wins 2000 credits. Just leave a comment on this blog post with the link for us to see.
Credits will be paid to all winners on June 25th. I have a feeling the number of blogs in the Entrecard system is about to increase dramatically.

Thursday, March 1, 2007

RBI Raises Bank Audit Limit to 5 Crores

You may be aware that a letter has been issued by Reserve Bank of India to the nationalised banks fixing the norms for determining the auditable branches for statutory audits by Chartered Accountants. It has been communicated by RBI to the nationalised banks that the criteria for selection of branches of bank for audit shall be only those branches whose advances are above Rs.5 crores. This limit hitherto was Rs.1 crore.
This may cause great inconvenience and discomfort to many practising Chartered Accountants in their not getting the appointment/allotment of bank branch audits.

Monday, February 26, 2007

Railway Budget

What is in for Nashikites?
  • Nashik Pune train in new list of trains
  • Internet Booking prices Slages
  • 20% reduction in Super Fast Fare so a very nominal Fare reduction in Panchvati Train
  • AC Fares Reduced
  • Some new amenities announced for Older People and women

The Highlights from

Passenger fares to be slashed for air-conditioned and higher classes; no hike in second-class rail fares.
Passenger fares cut by 4 per cent for sleeper class rail travel.
AC Ist class fares reduced by 6 per cent in lean season and by 3 per cent in peak season.
Re 1 cut in daily non-suburban train fares.
For AC two-tier, the busy season reduction is 2 per cent and lean season 4 per cent.
He also lowered fares for all classes of high capacity new design reserved coaches which would be 4 per cent for AC three-tier and AC chair car in busy season and 8 per cent in lean season.
In sleeper class, the fare-reduction would be 4 per cent in all seasons.
Superfast charge on second class tickets has been reduced by 20 per cent from Rs 10 to Rs 8, he said.
Prasad announced introduction of tourist ticket in Mumbai suburban services with facility for unlimited travel.
Freight rates unchanged; .petrol, diesel freight rates cut by 5 per cent, freight on minerals cut by 6 per cent.
The railway minister announced that discounts for the busy season shall be applicable in popular trains throughout the year.
He brought down charges for e-tickets booked on the Internet.
Railways to introduce smart rail travel cards
Rail tickets will soon be sold at petrol pumps, ATM centres, et cetera to make life easier for passengers.
Ticket bookings and hotel bookings can be done through railway call centres which will soon be set up.
He also said that 6,000 automatic ticket vending machines to be set up in next two years.
Mumbai Urban Transport Project to be speeded up to help suburban commuters. A sum of Rs 5,000 crore to be allocated during the next Five-Year Plan for the purpose.
Railways to observe 2007-08 as Year of Cleanliness
More lower berths to be earmarked for women and senior citizens.
Ladies above 45 years of age and senior citizens will have priority for lower berths and seats.
SMS alerts for passengers to get information
Railway profits to be Rs 20,000 crore by March-end
No more wooden seats in trains.
Six thousand automatic ticket vending machines to be set up in next two years
Number of berths to be increased from 72 to 84 in sleeper coaches.
All customer complaints to be disposed in three months
New telephone number for railway inquiry to be 139 across India. So dial 139 for enquiry wherever you are.
Fifty per cent fare concession for UPSC and other official examinees.
Changes in the design of compartments to help physically disabled.
Separate coach for vendors, milkmen and petty traders in passenger trains.
Coupon validating machines (CVMs), after its success in Mumbai, is to be introduced in Kolkata, Chennai
Mumbai to get smart card-based reservation system in Mumbai on trial basis
Railways to introduce 800 new wagons; 20,000 km of high-density network to be laid; new trains for cement transportation.
Railways annual plan for 2007-08 fixed at Rs 31,000 crore (Rs 310 billion).
The budget estimates of ordinary working expenses for 2007-08 has been placed at Rs 51,783.27 crore (Rs 517.83 billion), involving an increase of Rs 5,087.59 crore (Rs 50.87 billion) over the revised budget estimates of Rs 46,696.69 crore (466.96 billion) for 2006-07.
Railway interest surplus at Rs 10,227 crore
Freight earning s up 17% in Apr-Dec
Passenger traffic up 14% in Apr-Dec
60 MT extra freight loading in 2007
To invest in 3 storey freight containers
15 private container licence issued
Pipavah-Jaipur double-decker train to begin
Tariff discount to up high axle output; to explore independent private tariff agency.
20-30 per cent increase in passenger traffic
Fund balance at Rs 16,000 crore (Rs 160 billion)
Freight: Incremental loading of 60 million tonne this year
Cement steel traffic up by 20 to 30 per cent
High surplus recorded without load on common man
Plan to start three-storey container trains
Will invest massively in container operations over the next 5 years
Lalu claims container train experiment has been successful
Efforts to increase container traffic five-fold to 100 million tonnes by 2011-12
Each zone will have a SP grade officer to look into consumer complaints
New wagons to be replaced by new ones
To invest in improving infrastructure around railway stations
Wooden seats to be replaced by cushioned ones in ordinary class passenger trains from next fiscal.
Unreserved compartments in new trains to be increased from four to six
Freight revenues up 17 per cent, passenger revenues increase 14 per cent in April-December 2006
New rail lines to aid new steel & power plants.
800 bogies to be added to popular trains.
Rail infrastructure revamp planned.
Huge investment for containers.
Wagon production up by 10%.

Wednesday, February 21, 2007

Employers, who are not collecting and depositing tax deducted at source(TDS) from the salaries of their employees, will have to pay heavypenalty from April 1 onward as the Income Tax Department has decided totighten the noose around them. Sources in the Income Tax Departmentsaid till now no penalty is specified under the Income-tax Act forfailure to collect TDS.However, the Central Board of Direct Taxes(CBDT) has been receiving information from various quarters that in anumber of cases, employers as well as accounting departments in manycorporates were not collecting and depositing the TDS, especially afterthe expansion of the provisions of TDS. In a recent circular, theDepartment has inserted a new section 271CA to provide for imposition ofpenalty on any person who is responsible for collecting tax and hasfailed to collect TDS in accordance with the provisions of Act. Thisamendment will take effect from April 1, 2007, and will, accordingly,apply in relation to the assessment year 2007-08 and subsequentassessment years, sources said.The employers, who fail to collect TDS,will have to pay a penalty equal to the amount of tax which they failedto collect at source and will be imposed by the Joint Commissioner ofIncome Tax.However, employers would be able file an appeal against theorder of the department, if they consider that the penalty has beenimposed wrongfully.The Income Tax Department will also ensure that nopenalty is imposed if the person concerned proves that there was ajustified cause for his failure to collect and deposit TDS taxes. Sources-- HindustanTimes. com » Business » Story

Tuesday, February 13, 2007

Designing and furnishing your office

A Very Interesting Article I found which is actually very important for all of us. We have faced these problems. We were expanding and I was searching across for something and found this article very very interesting.


How to design your office?
Before you start designing your office think about the interior space that will be needed. Does it need to be subdivided into rooms or work areas? What types of work will be done in the space. For the exterior, what should the appearance and surroundings convey about your business? What about parking and loading docks?
Gather as much information as possible about the area in which you wish to locate, looking at prospective sites and buildings. Allow yourself time to conduct a thorough search. Network, testing your plans out on trusted associates. This is a critical decision to the business so take ample time to think through all the ramifications of cost, space and location.
Designing Your Office Space
Designing your space should happen simultaneously with choosing the space. The most efficient layout will make a major difference in your space requirements.
Equipment and workflow. Group the equipment you use most frequently closest to you. If at all possible, plan flexibility into the space with movable equipment and desks and adjustable shelving. Then as work flow changes; the space can be rearranged appropriately. Look at the equipment you will be using, not only from a convenience standpoint, but also from what it needs to function properly and what type of output it produces.
Good lighting is critical, but different lighting is needed for different tasks. Arrange lights so you can turn them on and off in various work areas as the need arises.
Noise can be a major distraction, especially if you need to make numerous phone calls. Place noisy equipment away from work areas that need quiet.
Comfort. We all should be very aware by now of the consequences of long-term exposure to poorly designed environments. Ergonomics , the study of the spatial design of job requirements and work sites in relation to human physical and psychological capabilities and limitations, has become a critical component in any work environment.
What are the things to be considered while designing your office?
How much can you afford for space?
What is the maximum amount your are willing to spend?
What is the ideal amount to spend?
Number of employees by type of work they do.
Amount and type of work areas each employee needs.
Special needs for disabilities.
The things you must have in your office space
The things you absolutely don't want in your office space
What your ideal space would be given you could afford it?
How many private offices?
How much open work area is needed?
How much storage?
How many restrooms?
Any other specialized space needed (e.g., reception area, lunch room, conference room)
Ease of access for customers and suppliers
Work Areas
What types of work areas are needed?
How large do the work areas need to be?
What equipment is needed for each work area?
What other features need to be considered? (e.g., electrical outlets, air conditioning)

How to maintain your equipments?
Regular maintenance schedule
Having a regular maintenance schedule is critical for every piece of equipment used in your business. Fortunately, computer software exists to help with that process, although a good paper system that flags maintenance dates can be perfectly effective.
Start a file
Start a file of all the papers that came with each piece of equipment for warranty service, including copies of invoices. Set up a calendar of maintenance for all the equipment. For a small office, it may be one day every six months that you give a thorough cleaning to each item. Include vehicles in this list. This is time that needs to be programmed that is not for business production, but for taking care of what you have.
For larger items, insurance may be critical - and these maintenance files will be good documentation for obtaining the insurance. Appropriate surge protection for all electrical items also fits under maintenance. Look for other hazards like cords running across an open space or possible fire hazards.
Be aware of opportunities for theft. Are important pieces of equipment secured well? Take time to step back and look at potential hazards. Put procedures in place in make the environment safe with minimal downtime for broken equipment.
How to purchase the equipments?
This is the fun part so take the time to really look, compare and make the right choice for you. The critical component at this stage is to think through the purchases carefully. Do not race and buy whatever is the cheapest.
Take you time. Make each purchase an asset to your business.
The equipment choices for any business these days are enormous. Making the right choice for your business can be a challenging task.
Think through the long-term consequences of each choice.
Get advice from other business owners.
Invest in equipment you can trade-in or upgrade when you are ready.
Try to keep your options open by leasing before buying so you can see if the equipment is right for you before you make the leap.
Enjoy making the decision and enjoy using the new equipment in your business
Make a bare bones list of each piece of equipment that is absolutely essential for running your business.
Determine how much this equipment should cost.
Make a list of the equipment that might be useful to have.
Make a list of the equipment that it would be just plain fun to have.
Figure out what portion of your budget can go towards equipment. It should cover the bare necessities and let you have at least a few of the 'nice-to-have' items.
Identify the features on the equipment lists that you want for each piece of equipment.
List the manufacturers of each of the types of equipment, including the models and features they make.
Identify all the different places you might purchase each piece of equipment. Don't forget to include the possibility of purchasing directly from the manufacturer.
Visit some vendors to see the different features demonstrated.
Start down your list of basics and price out every model from each possible vendor by phone.
Make your basic purchases.
Add up how much was spent on basics to see how much money is still available.
Prioritize your remaining to lists (would like to have, would be fun to have).
Decide how many of the items you can purchase and purchase them.
Save the list of unpurchased items for rewards when you reach certain financial goals in your business.
If you are purchasing a lot of equipment at a time, contact each potential purchase site to see if you can get special pricing or terms.
Many vendors offer lease with an option to buy. If this is a new brand or type of equipment for you, this may be a good way to try it out without too much of a financial commitment.
For very large equipment purchases that would be used infrequently, consider buying it in a partnership with one or more other entrepreneurial ventures.
How to purchase lease equipments and furniture?
Instead of buying equipments and furniture, leasing can be the best option for your business. However, there are many variables that should be considered, including costs, use restrictions, and legal implications.Leasing operating equipment, such as computers, vehicles, and machinery, often makes more sense than buying. However, while favorable leases are often good bets, unfavorable ones can easily sink an emerging venture. While doing your legal homework can help prevent bad deals, it's always a good idea to have a lawyer look over a lease before signing it.
Benefits of Leasing Equipment
Leasing is Flexible.
Leasing can be Cost-Effective.
Leasing Has Tax Advantages.
Leasing Helps Conserve Your Operating Capital.
Leasing keeps your lines of credit open.

Structure of a Balance Sheet and Statement of Cash Flows

I found this presentation on Structure of a Balance Sheet and Statement of Cash Flows very interesting and have uploaded the same over a link. You can download the same from

It talks about
  • Classification Criteria and Measurement Conventions for Balance Sheet Accounts
  • Cash Flow Statements

It is a very interesting presentation and also very useful

Blog for Nashik CA's

Dear All,

It was need of everyone a common place to share information. From the first step towards having a e-group to share information , we though the need to start a common place where teh infromation relevant is stored for long and you can browse through it.

We can post topics on areas of intrestest, experiences here.

Thank you

Ashwin / Yogesh