What is vendor master segment? While creating vendor master in sap we have three segments which need to be configured as per the business requirements. In general data segment we enter all the common set of data that are relevant for all the company codes. In company code segment we enter only those data that are relevant to the company code in which this vendor master will … [Read more...] about SAP FICO Interview Questions Part 21
Archives for September 2013
Insurance premium paid to ensure family member’s life – Section 80C
Insurance premium paid by an individual to ensure the life of family members can be claimed as tax deduction under section 80C of IT act. Family members mean spouse or any child of the individual. Child can be dependent or independent on such individual or married or unmarried or minor or major. To get eligible for tax deduction under section 80C of IT act, such amount … [Read more...] about Insurance premium paid to ensure family member’s life – Section 80C
SAP FICO Interview Questions Part 20
What is Inter company transaction in sap? A group can have more than one legal entity and can make transactions between themselves. Such transaction can be making payments on behalf of another entity or incurring expenses or selling and buying products from each other. We can configure such kind of situation in transaction code OBYA. When end user posted an … [Read more...] about SAP FICO Interview Questions Part 20
ITRV – Address and Time limit of sending your ITRV to Income tax Office
After filling your income tax return online you will be able to download ITRV of your IT Return. In case you have not downloaded or taken a print of your ITRV then you can select the option of “my account” and then under my account select “My returns/form”. Click on the selected assessment year and download acknowledgement copy of your tax return. It will ask you for a … [Read more...] about ITRV – Address and Time limit of sending your ITRV to Income tax Office
How to e-file Your income tax return
E-filing of income tax return is easy like paying electricity bills online or using net banking facility. You just need to have the right details to fill up the form that is required to be filled with IT department. In the first step you need to gather all the details that are relevant for efilling of your income tax return. Following things will be required for an … [Read more...] about How to e-file Your income tax return
What is efilling in income tax
Efilling means electronic filling of your income tax return via internet to the tax authority. Submitting your IT return by e-file or in paper format at IT office are the only two options available in India. Efilling in India is faster, safer and will speed up the process of getting refund. All companies registered in India and business persons having turnover of Rs. 1 Crore … [Read more...] about What is efilling in income tax
SAP FICO Interview Questions Part 19
Can we reverse depreciation posting in sap? Yes, it can be reversed in sap. We can reverse a depreciation posting if any mistake or change in depreciation parameters occur. For example if in depreciation parameter you want to change the life span of the asset then such change will affect the depreciation amount posted in sap. For this we need to perform recalculation … [Read more...] about SAP FICO Interview Questions Part 19
Transfer of movable property to employee is taxable
Any movable property transferred by the employer to employee directly or indirectly is taxable in the hand of employee. If such movable property is transferred to any member of his/her household then also this provision will be applicable and the value of such movable asset will be treated as perquisite in the hands of employee. How to derive value of the movable … [Read more...] about Transfer of movable property to employee is taxable
Capital Gain Tax on Sale of your House Property in India
Capital gain tax on house property arises only when you sale your building or house property to some one else for a consideration. If you have held this building for more than 3 years then you will be paying tax at the rate of 20.6% on such capital gain as it will be treated as long term capital gain (LTCG). If the building is held for less than 3 years then it will be … [Read more...] about Capital Gain Tax on Sale of your House Property in India
Car expenses paid by employer to employee is taxable
Income tax liability on the employee’s car expenses are derived based on the purpose and ownership of the car. Followings are the provisions of income tax to calculate taxable amount of perquisite in the hands of employee. Car is owned by the employee and expenses are met by employer Where the car is owned by the employee and expenses are met by employer, we have to see … [Read more...] about Car expenses paid by employer to employee is taxable