Manish Sharma

Set a realistic goal and make an assessment everyday of how your daily activities are contributing to the fulfillment of it. Learn to find joy in study, first of all, find your strength and areas of interest. Learning and knowledge will not only just help you to make a living, it affects every aspect of your life whether its your confidence, your social status, your perception about things and any other aspect. And lastly, don't give too much attention of what everyone else is saying. Just go with it.

In layman terms, every person whose total income, in an accounting year aka Financial year/Previous Year being 1st April to 31st March, is more than the basic exemption limit applicable for that particular Previous year after adjusting deductions under Chapter VIA of the Income Tax Act is liable to file Income Tax Return. Although a person can also file his return voluntarily even if he is not liable to file it otherwise. The person who file the return is called an assessee under the Act and the term Person has been defined u/s 2(31) of the Act which includes as follows:- i) an individual, (ii) a Hindu undivided family, (iii) a company, (iv) a firm, (v) an association of persons or a body of individuals, whether incorporated or not, (vi) a local authority, and (vii) every artificial juridical person, not falling within any of the preceding sub-clauses. CA Manish Sharma

The only thing you need for this is:- Just categorized everything in 8 Major heads:- 4 for Capital and Liabilities and 4 for Assets(Based on the accounting equation formula that "Capital + Liabilities= Assets". For Capital & Liabilities, remember the mnemonics "CLIP" which stands for Capital, Liabilities, Inocme and Profits. Also CLIP starts from "C" and all of these 4 things are Credit by nature. (As per the Modern approach) so whenever you find anything which falls in any of the above you will instantly know that it is Credit by nature which means it will be increased by crediting the account and decrease by debiting the account. For Example:- 1. If Capital accounts get credited it means addition has been made to Capital account. 2. Income/Profits are always credited to P&L Account. 3. Liabilities are always Credit by nature. Like Creditors, Loans, Payables, provisions etc. Now for the Debit side, remember the mnemonics "DEAL" which stands for Drawings, Expenses, Assets and Losses. These 4 things are debit by their very nature and any increase to these will be debited and decrease will be credited. For Example If Purchases any assets the Journal entry is Assets, Dr (Being assets get increased so debited) To Cash/Bank/Creditor (Cash/Bank are also an assets and they get decreased if we purchases assets in Cash therefore decrease in assets is 'credited'. Creditors (in case of purchase on credit) are being liabilities get credited as liabilities when increased get credited.