Section 194B deals with deduction of TDS in the case of winning from lottery or crossword puzzles and section 194BB is for TDS deduction in case of winning from horse races. Section 194B Under section 194B, any person responsible for paying any amount as winning from followings will attract Tax at Source and the payer has to deduct TDS at the rate of 30% if such amount is … [Read more...] about Section 194B and Section 194BB – TDS on Winning from lottery or crossword puzzles or horse race
Archives for September 2013
Cost of company registration in India – For a private limited company
Company registration cost in India depends on so many factors. One of the major factor is the authorized share capital with which you want to register your private limited company. If you want to register your private limited company with the minimum requirements then cost of company registration will be less. Cost of company registration will go up with the increase in … [Read more...] about Cost of company registration in India – For a private limited company
Is Gift given to an employee by the employer taxable?
Gift to the employee by an employer is taxable under the head “salary” if it's value exceed Rs 5000 during the financial year. Under this provision gift of any kind is taxable under the head income from salary including voucher or token. Value of such gift in excess of Rs 5000 will be treated as perquisite and taxable in the hands of employee. While deducting tax (TDS) … [Read more...] about Is Gift given to an employee by the employer taxable?
SAP FICO Interview Questions Part 16
What is document currency in sap? Currency entered in the header section of a financial accounting transaction is called document currency. After posting a transaction in document currency, SAP automatically calculate the amount in local currency and stored the amount in local currency. What is FI substitution rule in sap? Substitution rule will replace the value that … [Read more...] about SAP FICO Interview Questions Part 16
Section 43B – Tax deductions based on actual payment
Section 43B of Income Tax act allows certain expenses on the basis of actual payment made within the stipulated time i.e. before the due date of filling income tax return. If such expenses are not paid within the due date then it will be allowed in the year of payment i.e. on the basis of actual payment. Section 43B will be applicable only if incomes are chargeable to tax … [Read more...] about Section 43B – Tax deductions based on actual payment
SAP FICO Interview Questions Part 15
What is payment method in sap? While paying to a vendor or receiving payments from customers we use different payment methods to pay or receive money. These payment methods are one digit code that indicates the type of payment used for a vendor or customer. These codes can be in letter or number i.e. it can be alphanumeric. Example of payment methods are C= cheques, D= … [Read more...] about SAP FICO Interview Questions Part 15
SAP FICO Interview Questions Part 14
What is a payment term in sap? Payment terms are created to determine the due date of payment for a sap customer and vendor master data. It’s created separately and assigned to a customer or vendor master based on the requirements. While posting a customer or vendor invoice in sap, system pulls out data from these customer or vendor master data. Based on the configuration … [Read more...] about SAP FICO Interview Questions Part 14
Section 193 – TDS from Interest on Securities
Section 193 is applicable to interest on certain specific securities from which TDS has to be deducted at the time of payment or credit to the books of accounts which ever is earlier. Transfer to any account like suspense account other than the party account will be considered as if such interest amount has been credited in the books of account. Any person who is responsible … [Read more...] about Section 193 – TDS from Interest on Securities
SAP FICO Interview Questions on Company Code
What is the difference between a company and company code in sap? Company includes one or more company codes (CC). Company in sap is created to draw individual balance sheet based on the legal requirements of the country where it is registered. Company is the group under which CCs are created for consolidation of financial accounts. CC is created within a company to allow … [Read more...] about SAP FICO Interview Questions on Company Code
Job of a Chartered Accountant or CS in company registration Process
Chartered accountants (CA) or company secretaries (CS) are the persons who are authorized to approve and certify all the documents that are required in company registration process. At each steps of company registration process, you need to obtain their approval before uploading it to MCA website. Approval of DIN Director Identification Number (DIN) is required before the … [Read more...] about Job of a Chartered Accountant or CS in company registration Process