SAP FICO Interview Questions Part 6

What is the use of “only balances in local currency” and account currency in sap gl master? When we select “only balances in local currency” under the control tab of gl master (tcode: fs00), sap shows the gl balances in local currency. If you enter transactions in another currency, sap converts it to the company … Read More » "SAP FICO Interview Questions Part 6"

SAP FICO Interview Questions Part 5

What is field status variant and how it’s handled in sap? Field status variant is created to handle filed status group which are assigned to a general ledger account master. Once you create a field status variant in sap, by default you will have field status group in it for use in general ledger master. … Read More » "SAP FICO Interview Questions Part 5"

SAP FICO Interview Questions Part 4

What is an account group in sap? Chart of account in sap, is a list of general ledger accounts used by an organisation for recording its transaction into financial accounting and reporting to external stakeholders. Account groups are used to group these general ledger A/c further for better presentation in the financial statement. We use … Read More » "SAP FICO Interview Questions Part 4"

Rounding off of taxable income and tax in India

Rounding off of taxable income and tax has been prescribed under section 288A and 288B of IT act, 1961. According to section 288A you need to round off your taxable income to the nearest multiple of 10 rupees. While deriving paise should be ignored. Section 288B talks about rounding off of tax payable or refund. … Read More » "Rounding off of taxable income and tax in India"

Partnership Firm Registration in India

Partnership firms in India and its registrations are governed by partnership act, 1932. Anyone can form it with more than one individual. Each and every individual forming a partnership firm will be called as partners. Each partner will share their profits out of the income generated from the partnership firm’s business based on the ratio … Read More » "Partnership Firm Registration in India"

How agricultural income is taxable in India

Agricultural income is exempted in India. The power to levy tax on agricultural income is with the state government. Central government cannot impose tax on it. For this reason, under section 10 (1) of IT act it has been specifically said that agricultural income will not form part of the total income and as such … Read More » "How agricultural income is taxable in India"

Definition of Agricultural income as defined under section 2(1A) of income tax act.

Agricultural income means – (a)  Any rent or revenue derived from land which is situated in India and is used for agricultural purposes; (b)  Any income derived from such land by— (i)  Agriculture; or (ii)  the performance by a cultivator or receiver of rent-in-kind of any process ordinarily employed by a cultivator or receiver of … Read More » "Definition of Agricultural income as defined under section 2(1A) of income tax act."

SAP FICO Interview Questions Part 3

What is FI organizational structure in sap? FI organizational structure is defined to determine the reporting structure of financial accounting. On the top of FI organization structure we have Company then followed by Company code. Company code represents the legal entity for which we determine the external reporting. You can assign more than one company … Read More » "SAP FICO Interview Questions Part 3"

How to derive residential status of companies

Income tax in India will be charged based on the residential status of your company. Residential status of a company is based on the place of company’s control and management of its affairs. If your company is register in India then it will be treated as a resident under the provisions of IT act. An … Read More » "How to derive residential status of companies"

How to create material master in sap

Material master is the master data that is created to integrate all other modules with the MM module. There are two ways to create material master in sap; Creating it Immediately Creating with Special transaction code Creating material master record – MM01 You can use transaction code MM01 or path; Logistics > Material Management > … Read More » "How to create material master in sap"