Interest @ 1% per month is payable on the amount of income tax paid after the end of the financial year. Text of Section 234 B of IT Act, 1961 Subject to the other provisions of this section, where, in any financial year, an assessee who is liable to pay advance tax under section 208 has failed to pay it or, where the amount paid by such assessee under the provisions of … [Read more...] about Section 234 B – Interest payable for default in payment of advance tax
Archives for June 2013
Section 234 A – Interest payable for default in furnishing the return of income
In simple words, interest @ 1% per month is payable under section 234 A of IT act on the amount of income tax paid after the due date for filing of the return. Due Dates for Filing of Returns For Corporate assessee who are required to furnish report u/s 92E of the IT Act 31st November 2013 For all other Corporate assessee. 30th September 2013 For non … [Read more...] about Section 234 A – Interest payable for default in furnishing the return of income
How Reconciliation Account is used in Customer Master Record
In SAP we have 3 types of Subsidiary ledgers maintained for Financial module i.e. Accounts receivable, Accounts Payable and Asset Accounting. Each and every subsidiary ledger will have detailed transaction report. Subsidiary ledgers are connected to general ledger through an Account called reconciliation account. When transactions posted into a subsidiary ledger the … [Read more...] about How Reconciliation Account is used in Customer Master Record
Customer Account Master creation in SAP FI
Customer Account group is entered on the initial create screen. In SAP Financial module, once the customer master account is created, its account group cannot be changed. A complete Customer Account consists of 3 segments – General Data at the client level, Company code segment and Sales Area segment General data consists Address, Control data, Payment transactions … [Read more...] about Customer Account Master creation in SAP FI
Cross Company Code Transactions in SAP FI Module
Cross company code transaction involves two or more company codes in one business transaction. For a cross Company Code transaction, the system will post a separate document in each of the Company Code in sap involved in the business transaction. Examples for cross company code transactions are: One Company Code makes purchases for other Company Code (Called Central … [Read more...] about Cross Company Code Transactions in SAP FI Module
Creation of primary cost element in SAP Controlling Module
Primary cost element in SAP controlling module mirror to the profit and loss accounts set up of general ledger in the financial module. Primary cost Element in SAP is used as the vehicle to transfer expenses from the Financial module to Controlling module. If there is no primary cost element set up for a specific P&L account on the general ledger, then expenses … [Read more...] about Creation of primary cost element in SAP Controlling Module
Cost Center Planning in SAP Controlling Module
At the beginning of a year, expenses will be planned on Cost Centers, internal orders. Planning will be done for all cost centers as well as for the internal orders defined as per requirement. The overheads of administration as well service dept. will be allocated to related production depts. as per logically determined basis. Like Actual cost capturing and allocation, planned … [Read more...] about Cost Center Planning in SAP Controlling Module
Posting Key used in SAP FI Module
Posting key in SAP is specified or defaulted for each line item and it controls how the line item is entered and processed. These Posting keys in SAP determines three parameters - Account Type, Debit or Credit, Field status of all other fields in the line item. Posting key in SAP determines: What data can be entered in the line itemHow the data that is to be posted is … [Read more...] about Posting Key used in SAP FI Module
Manual Partial Payment or Residual Payment Options in Vendor Payment
When open items are cleared, the system assigns them a clearing document number and the date on which clearing was made. In this way, invoices in a vendor account are indicated as paid and the items in the bank clearing account are indicated as applied. Such open items can be paid and cleared manually. Manual payment option in SAP can be utilized for Partial … [Read more...] about Manual Partial Payment or Residual Payment Options in Vendor Payment
Vendor down Payments in SAP – Process Flow
Facility to effect Vendor Down payment in SAP and recovery of the same after receipt of material or after availing desired services as per purchase order. Vendor down payment in SAP is a business process which should facilitate the followings: Facility to provide advance payment clause at the time raising purchase order.Facility to effect down payment to Vendor against … [Read more...] about Vendor down Payments in SAP – Process Flow