Question: What Are The Importance Of Filing?

What are the 5 basic filing systems?

Five basic filing steps are: Conditioning, Releasing, Indexing and Coding sorting.

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Conditioning; Removing all pins, brads, and paper clips; Stapling related papers together; Attaching clippings or items smaller than page-size to a regular sheet of paper with rubber cement or tape.

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What are the objectives of filing?

The following are the main objectives of filing:To preserve documents. The main objective of filing is to preserve the past and present documents from possible loss and damage.To provide information. … To act as proof. … To increase efficiency.

What are the 3 types of filing systems?

Most Common Filing Systems Filing and classification systems fall into three main types: alphabetical, numeric and alphanumeric. Each of these types of filing systems has advantages and disadvantages, depending on the information being filed and classified.

Why do I need to file a tax return?

Reasons You May Want to File a Tax Return If you had taxes withheld from your pay, you must file a tax return to receive a tax refund. If you qualify, you must file a return to receive the refundable Earned Income Tax Credit.

What are the advantages of filing?

Advantages of good filing systemEfficiency. The office staff can easily locate and use the records properly without any delay under good filing system. … Ready Reference. Filing arrangement helps the office staff to refer the relevant papers and documents very quickly. … Protection. … Planning. … Better Control. … Quality Decision. … Evidence. … Legal Compliance.More items…

What is the most common filing system?

Alphabetic systemsAlphabetic systems are the most natural and common method of arranging files. However, even the simplest alphabetic system requires establishing, filing standards, including written filing procedures, cross-reference methods, and practices for filing duplicate name changes, etc.

What is file and filing?

A filing is when a legal document becomes part of the public record. … You can take part in the physical act of filing by organizing documents in separate files. Or, you can execute a different type of filing by making a legal document public.

What is modern filing system?

Horizontal Filing system is a modern type of filing. The documents or letters are chronologically placed in folders one upon another in horizontal or flat position. The latest documents are placed on top and the oldest at the bottom in the folder.

What are the objectives of record management?

The Most Important Objectives of a Records Management ProgramInformation security. Information security is a key objective of a records management program. … Preservation of vital records. … Regulatory compliance. … Controlling overhead costs. … Streamlined file retrieval processes.

What is income tax advantages and disadvantages?

An income tax is a rate charged on the income of individuals as well as business (companies or other legal entities). … Individual income taxes often tax the total earning of the individual, while corporate tax often taxes net profit of the company.

What is an alphabetical filing system?

Alphabetical filing is a method in which files and folders are arranged in order of alphabets of the names of person or institution concerned with such file. … In cases where the names of more than one person starts with same letter then second letter of name is taken into consideration, then third and so on.

What is the benefit of Form 16?

Form 16 is the TDS certificate issued by your employer, to certify the deductions they’ve made. It not just helps in IT returns, but also remains important as an income proof, for clearing tax credit and it is also used for visa processing.

What is the meaning and aims of filing?

Filing is a form of record keeping. Documents are filed in such away that they may be available whenever required. This is the main purpose of record keeping. A large number of records can not be preserved and handled without proper arrangement. Such proper arrangement is called filing.

What is benefit of income tax return?

One of the biggest benefits of income tax return is claiming tax deductions. There are several ways in which you can reduce your overall tax liability. If you have made such tax-saving investments but have paid more income tax in the form of TDS, you can claim a refund for the same by filing tax returns.

What are the requirements of a good filing system?

5 characteristics of a good filing system1) It should be so simple a well trained monkey can use it. … 2) It should be as flexible as a double-jointed yoga teacher. … 3) It should be accessible to everyone who needs it, when they need it. … 4) It should be as physically compact as possible. … 5) It should be safe from every imaginable threat, including alien invasion.

What is a good filing system?

Economy: The filing system should be economical in time, space, money and operations. The cost of installation and operation of filling system should be as low as possible. The selected filing equipment should occupy minimum space but can accommodate maximum number of files.