Did you know you can import your bank statement directly into TallyPrime?
It's surprisingly simple.
In TallyPrime 7.1:
• Press Alt + O (or click Import)
• Select Bank Statement
• Choose your bank and the Excel/CSV file
• Import the statement
Once imported:
• Open Available Only in Bank → Deposits/Withdrawals
• Select all entries
• Press F7
• Map the ledgers once, and let Tally post the entries for you.
A small feature that can save hours of manual accounting.
Tally has introduced a new AI-powered feature called Tally IRA, which lets you upload your purchase invoices (PDFs or images) and automatically generate accounting entries after a simple mapping process.
How to access Tally IRA:
1. Ensure you have an active TSS (Tally Software Services) subscription.
2. Search for "Tally IRA" on Google and open the portal.
3. Log in using your Tally credentials.
4. Once activated, the plugin will automatically appear in Tally. You can verify this by going to Help → Tally Plugins.
5. To import invoices, go to Import → Transactions, upload your invoice (PDF/Image), complete the required field mapping, and Tally IRA will automatically create the accounting entries for you.
That's it, your purchase entries are ready in just a few clicks.
Getting a lot of queries on taxation of shares, mutual funds, gold, property, crypto, SGBs and other investments during this ITR season...
I've compiled a comprehensive Investment Tax Reckoner FY 2025-26 (AY 2026-27) covering tax rates, holding periods, exemptions, TDS provisions and key practical points - all in one place. 🙏
💥BONUS SHARES CAN CREATE TAX LIABILITY EVEN WHEN YOUR ACTUAL PROFIT IS SMALL!
📌 Bought 100 shares @ ₹1,000 on 08-03-2024
📌 Received 100 bonus shares on 05-06-2025
📌 Market price after bonus: ₹600
📌 Sold all 200 shares @ ₹610 on 24-06-2025
✅ Actual Economic Gain: ₹22,000
✅ Taxable STCG on Bonus Shares: ₹61,000
💰 Tax Payable: ₹12,688
Why? 🤔
Because Bonus Shares have NIL cost u/s 55(2)(aa) and the LTCL of ₹39,000 on original shares cannot be set off against STCG.
#IncomeTax #CapitalGains #TaxationUpdates
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