IT return can always be filled for two preceding financial year

We all know, Income tax return (ITR) has to be filled before the due date of filling IT return i.e. 31st July of the assessment year following the financial year for which you are filling your tax return. But this is not the end. If you missed the deadline of filling your tax return then … Read More » "IT return can always be filled for two preceding financial year"

What is cross company code controlling in sap

Controlling area is the starting point of your SAP-CO module configuration. While defining controlling area we need to assign company codes to it. After such assignment, financial transactions will flow from company codes (CC) to controlling area (CA). There can be two types of assignment between a CC and CA; One CC to One CA … Read More » "What is cross company code controlling in sap"

Credit management and credit control area in sap

Credit facility of an organization is managed by credit control area (CCA). SAP delivers different options to manage credit facility for a company. Credit facility can be managed at a group level or company code (CC) level or can be a combination of both. Based on the requirements it can be divided into followings; Centralized … Read More » "Credit management and credit control area in sap"

Form 16 and Income tax return – Use and requirement

Form 16 is issued by your employer to you as a TDS certificate showing the entire tax that are deducted from your salary and other incomes as declared by you. As per IT act, employer needs to deduct tax from employee’s salary if such employee’s salary is taxable for the financial year. After such deduction, … Read More » "Form 16 and Income tax return – Use and requirement"

Credit card: Cash back or reward point – which one is better

Now a days it is very difficult to ignore the convenience of a credit card in Indian and abroad. Rewards on credit cards boil down to two basic categories: cash back and rewards points. You could choose a credit card based on its offerings. Cash back and reward points provide an opportunity to earn while … Read More » "Credit card: Cash back or reward point – which one is better"

How a Non resident Indian is taxable in India

NRI having income during the financial year from any Indian source will be liable to tax. Any income which is incurred outside and received in India will also be taxable in India. Incomes like salary for services rendered in India, sale of any capital asset are liable to tax even though the individual is a … Read More » "How a Non resident Indian is taxable in India"

Due date and income tax filling for an individual

Individuals like employee, self employed persons are required to file their tax return on or before the due date of filling tax return. Such returns are required to be filled either online or in paper format with the IT department as prescribed in the IT act. Sometime CBDT use to extend the due date based … Read More » "Due date and income tax filling for an individual"

Who is a Non Resident Indian or NRI as per income tax act?

A person of Indian origin or citizen living outside India will be treated as Non Resident Indian or NRI if they satisfy the conditions of becoming a non resident. The concept of non resident depends on number of days the person stays in India. A person will be treated as resident if he is in … Read More » "Who is a Non Resident Indian or NRI as per income tax act?"

Bonus – How employee bonus are taxed in india

Over and above the normal compensation, an employee gets performance bonus based on his performance on a job during the financial year. It’s an excellent way to reward employees and motivate them to do more than the bare minimum. These bonuses can have many components like it can be based on employee’s performance or industry … Read More » "Bonus – How employee bonus are taxed in india"

Controlling area and Company code relationship in SAP

Company code (CC) is one of the organizational units in sap which is linked to all other modules for transfer of financial documents to SAP FI module. In the case of CO module, controlling area is the highest organizational unit to which CCs are assigned and due to this assignment financial transaction from SAP FI … Read More » "Controlling area and Company code relationship in SAP"