With effect from 1st July 2012, government has introduced negative list of services which are not taxable in India. If you want to know whether your service is taxable or not then first you have to look in to negative list of services and then into the mega exemption. If in both the places you did not get your service then its a taxable service. The negative list in … [Read more...] about Negative List in Service Tax
Archives for August 2013
Service Tax in India – Registration and Filing of Return
Service tax was imposed by the government of India on all services rendered in India except in the state of Jammu and Kashmir. Now instead of service tax, Government of India charge GST at the rate of 18% on services. In India, service tax was charged on all types of services except those that are specifically exempted or mentioned in the negative list. In India, Service … [Read more...] about Service Tax in India – Registration and Filing of Return
Automatic account Assignment in sap
Automatic account assignment determines the correct gl a/cs that need to post from the transaction types used and with other relevant factors. You need to not enter general ledger a/cs manually every time for all these types of transactions in sap. Posting done with the customization of automatic account assignment is called automatic posting. After doing a change to your … [Read more...] about Automatic account Assignment in sap
Advance Tax Payment Due dates and Interest provisions for non payment
Taxpayers are required to pay income tax in advance if their net tax liability during the financial year is expected to be 10, 000 rupees or likely to exceed 10, 000 rupees per year. Paying it in advance i.e. before the actual liability arises, is called advance tax. Which means, every taxpayer is required to pay tax in advance instead of paying it at the time of filing … [Read more...] about Advance Tax Payment Due dates and Interest provisions for non payment
What is cost center planning in SAP CO
We do cost center planning as a target oriented measure to compare the plan cost with it. CC planning has two parts; Cost element planning Activity type planning Cost Element Planning In cost element planning you enter your plan data for primary cost element against each cost center. Primary cost element represents the general ledger accounts which you create in … [Read more...] about What is cost center planning in SAP CO
Common reason of higher Income Tax Deduction
Their can be reasons where TDS from your source of income will exceed the actual tax to be deducted as per the provisions applicable to you. Followings are some of the these situations where such things may happen; Non submission of Investment proof to employer At the beginning of the year, most of the employees will declare their investments to get less IT deduction. At … [Read more...] about Common reason of higher Income Tax Deduction
How to get Income Tax Refund instantly
You are eligible to income tax refund if the amount of tax paid exceeds the actual tax liability for a previous year. This type of situation arises when you have paid advance tax during the financial year expecting a higher income or TDS has been deducted from your receipts even though you are not liable to tax . In case of salary employee, if your employer has deducted 1, … [Read more...] about How to get Income Tax Refund instantly
What is SAP Product Costing
SAP product costing will enable you to get expenses apportioned to your finished goods manufactured or services that you render. By using PC and other sub modules of controlling you can find profitability of different manufactured items and services. Using spread sheets or other tolls to derive expenses of a finished goods is questionable because of its authenticity and … [Read more...] about What is SAP Product Costing
How to create your own transaction code in sap
You can develop your own transaction code related to specific requirements either to run a program or specific report. A customized tcode can be created with the help of tcode SE93. A screen to enter your tcode will be opened up. Enter the tcode that you want to create and press the create button. Different options will be opened up to enter. You can select any one of … [Read more...] about How to create your own transaction code in sap
What is SAP System Landscape
In most of the SAP interview, questions are asked on system landscape and on functional spec and technical spec. Here we have tried to answer these questions for your benefit. SAP System Landscape SAP System landscape is the layout of your SAP servers. It’s how you architect your SAP servers. Generally SAP is divided into 3 landscapes; Development Server Quality … [Read more...] about What is SAP System Landscape