ITRs are prescribed forms of IT department through which a tax payer should file his yearly IT return. You can not file your IT return in any other format. Based on your IT status and income, different IT Return forms are prescribed by IT department. Till date, IT department has prescribed 8 ITRs out of which you have to choose one IT Return Form. You have form ITR 1, ITR 2, … [Read more...] about Use the right Indian income tax return form – ITR
Archives for November 2013
Group chart of account’s requirement in internal reporting
In case of cross company code reporting, financial statement contain items of several company codes. Reporting to the management could be a problem if all such company codes are not using same operating COA. If all of your company codes are assigned to same operating chart of account then internal reporting can be done through controlling area. However controlling area has a … [Read more...] about Group chart of account’s requirement in internal reporting
Segments of customer and vendor master in SAP
Like normal GL master, customer and vendor master also have segments. Both these masters have two segments i.e. general data and company code specific data. Information under general data can be accessed throughout the whole organization whereas company code specific data will be specific to a company code. Company code that wants to do business with a customer or vendor has … [Read more...] about Segments of customer and vendor master in SAP
Line item and Balance display in GL Master
To display accounting data we use two types of reporting i.e. balance display and line item display. It's possible for those accounts which are selected as line item display while creating gl master record. Balance display in sap will provide you an overview of the financial transaction of a gl account. From this you can only drill down to those line items which are taken to … [Read more...] about Line item and Balance display in GL Master
Tax return copy to be sent to CPC, Bangalore Office – ITRV
All tax payers are required to send their ITR copy (i.e. ITRV) to IT department, CPC office, Bangalore if they have e-filled their return without digital signature. As per IT act, IT Return copy has to be sent on or before 120 days of e-filling your ITR (i.e. uploading your IT return). If you are e-filling your ITR on 31st July then the due date of sending IT receipt is 31st … [Read more...] about Tax return copy to be sent to CPC, Bangalore Office – ITRV
How to define GL account as a balance sheet or profit and Loss A/c in SAP
The objective of having a balance sheet or Profit and Loss (PL) account is for preparing year end financial statements that are required for the company’s external reporting i.e. reporting to the shareholders, banks and legal reporting. As per the legal requirements various gl A/cs are required to be defined under different heads of a profit and loss account or balance sheet … [Read more...] about How to define GL account as a balance sheet or profit and Loss A/c in SAP
Why should NRI get a PAN Card
Non resident Indians (NRI) are taxable for the income that they receive from India. With effect from 1st of April 2010, non resident Indians are required to obtain Permanent Account Number (PAN) from IT department and provide the same to the deductor. Failure to do so will attract higher withholding of income tax at the rate of 20% compare to the normal income tax rate … [Read more...] about Why should NRI get a PAN Card
Company code segment of a general ledger master – SAP FICO
To use a gl account for your company code (CC), you need to create company code segment for it. Chart of account segment and CC segment together will form a gl account. CC segment contains all the information that is required for a gl account of a CC. Such information is required to control the entry of accounting documents in SAP FI. Also Read: Chart of Account seg of gl … [Read more...] about Company code segment of a general ledger master – SAP FICO
When and How auditors are appointed under companies act
Companies in India are registered with the registrar of companies where the registered office is situated. Such companies are required to undergo annual audit of their books of accounts by a chartered accountant in practice. Company audit is also known as external or statutory audit. Initially, when a company is registered in India, they have to appoint their first auditor … [Read more...] about When and How auditors are appointed under companies act
How to avoid delays in getting income tax refund
After filling your income tax return (ITR) online for getting refund, you need e-verify your uploaded return by using any of the mode available to you online. If it's not possible to e-verify, then government has provided option to send your ITR-V to IT department CPC Bangalore office within 120 days of uploading your ITR. On receipt of such ITR-V, IT department will … [Read more...] about How to avoid delays in getting income tax refund