SAP FICO Interview Questions Part 21

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 … Read More » "SAP FICO Interview Questions Part 21"

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 … Read More » "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. … Read More » "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 … Read More » "ITRV – Address and Time limit of sending your ITRV to Income tax Office"

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 … Read More » "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 … Read More » "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. … Read More » "Transfer of movable property to employee is taxable"

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 … Read More » "Car expenses paid by employer to employee is taxable"