One more enhancement to our Housing Society Accounting Software
! With recent Service Tax Regulations that came into effect from July 1st 2012 – most income earned by a Co-operative Housing Society
has come under the ambit of Service Tax. Unlike the maintenance charges where Service Tax is applicable only if it exceeds Rupees Five Thousand per member per month – additional income that the society earns usually in form of renting out premises for commercial activities or promotions come under the ambit of Service Tax. (Please check with your auditor for exact interpretation of the regulations and if your society needs to collect Service Tax on all the income generated through sources other than members.)
While all along your favorite Housing Society Software – ApnaComplex – had the ability to record service tax collected with help of Journal entries, a much more easier and straight forward way is now supported in the Non-Member Income module. When adding new Non-Member Income entries, you can now explicitly specify service tax amount being collected from the third-party. This amount would automatically go into the Service Tax Payables core account. When the collected Service Tax is deposited to Government, you can record the same in the system under Expenditure->Vendor Payables->Pay Tax/TDS tab.
Admins can edit/revert/delete the Non-Member Income entries to change the service tax or other elements of the entry to rectify any mistakes.
The bulk upload feature for Non-Member Income also supports the service tax making it lot easier to import data into ApnaComplex.
In addition, admins can now update their PAN and Service Tax Registration numbers in Complex->Settings and these would automatically be reflected on all accounting vouchers.
Want to maintain financials easily and transparently in your Housing Society? – Get on to ApnaComplex – Today!
ApnaComplex is India’s best web based housing society accounting software.
ApnaComplex is designed to make the life of residents and owners lot better by bringing in more transparency and accountability in managing a housing society. Check out why we say ApnaComplex is Best Apartment Management Software and sign up your society today to get the benefits! We offer ApnaComplex – Free Edition with awesome capabilities which you can use free of cost forever.