As per IT act, total income of a person is to be classified under five different heads for the purpose of charging tax. Although there is only one tax, rules for calculating it are different based on these heads of income. One person can get taxed under all these heads if he is incurring those types of income as specified in IT act. To compute it under each of these heads, … [Read more...] about What are the taxable heads of income in IT act
Archives for November 2013
Reverse mortgage scheme for a senior citizen in India
Reverse mortgage is a scheme in which a senior citizen being owner of a house in India can obtain loan from a bank by keeping his or her house as mortgage. All senior citizens can avail the benefit of reverse mortgage scheme to support their old age. By keeping the house on mortgage, bank will provide a loan to the senior citizen by dividing the loan amount into equal EMIs … [Read more...] about Reverse mortgage scheme for a senior citizen in India
Income tax benefits for senior citizens in india
Our Income Tax act identifies a person as senior citizen if he or she is 60 years of age or more at any time during the financial year or previous year. Earlier this limit was 65 years, now recently government of India has reduced it to 60 years. Government of India has also introduced another concept called super senior citizen. As per Income Tax act, if a person is 80 … [Read more...] about Income tax benefits for senior citizens in india
Special posting period – Use of these periods in SAP FICO
To post financial transaction into SAP FICO, we define fiscal year and to represent months within fiscal year it is again divided to posting periods. Fiscal year is not defined for a particular company code. Fiscal year is defined as a variant and then assigned to the company code. One fiscal year variant can be assigned to more than one company code. Through this assignment it … [Read more...] about Special posting period – Use of these periods in SAP FICO
Country chart of account as an alternative to group COA
If company codes within your group do not require a special chart of accounts for external reporting then as an alternative to your legal reporting, you can use country chart of accounts. Country COAs are created like an operating chart of account (COA) and assigned to the company code in addition to the operating COA. … [Read more...] about Country chart of account as an alternative to group COA
How to analyze revenue of a company for your stock research
Revenue refer to the money that a company gets from doing what it does. Every year, the company has to report its total revenue or sales figure in company’s financial statement. In a financial statement we have four major parts which can be found in company’s annual report. They are balance sheet, income statement, cash flow statement and statement of shareholder’s … [Read more...] about How to analyze revenue of a company for your stock research
How to research a stock for your investment
Selecting stocks for investment can be overwhelming to a new investor. Learning how to research a stock can help you to get acquainted with the stock market. If you are interested in investing in stock market then start your research on various stocks before purchasing them. Your research on stock will show you the positive and negative aspects in detail. It’s a very easy … [Read more...] about How to research a stock for your investment
Account groups for customer and vendor master record
Account groups for customer and vendor can be either created or one can use sap default account group. While creating a vendor or customer master, we enter these account groups on the initial screen. After creation of a vendor and customer master you can not change such a/c groups i.e. you can not reassign any other account group to your vendor or customer master. A/c groups … [Read more...] about Account groups for customer and vendor master record
Difference between normal and one time customer or vendor Master in SAP
Normal and one time customer or vendor account is a concept of sap. In business there can be customers or vendors with whom you rarely do business. It can be defined in sap as a one time customer or vendor account. Other than this, what ever customer and vendor master you create in sap will be called as a normal account. Unlike normal account one time customer and vendor … [Read more...] about Difference between normal and one time customer or vendor Master in SAP
Form 16 and IT return copy’s requirement in Home Loan
Banks and financial institution grants home loan against house property as prime security. So the only thing such banks analyze before issuing home loan is the repayment capacity of the applicant. Repayment capacity depends on the regular income of the applicant which is derived from income, age, credit history and average monthly expenses based on family members. Banks … [Read more...] about Form 16 and IT return copy’s requirement in Home Loan