Any income can be taxed under the head salary only if there is an employer and employee relationship between the payee and payer. If such relationship does not exist then income will not be taxable under the head salary. Member of Parliament and MLA are elected by the public from their respective constituency. They are discharging their respective constituency functions, so … [Read more...] about How salary of MP, MLA and Judges are taxable in India
Archives for September 2013
leading ledger and Non leading ledger in sap
Ledgers are used in general accounting to record financial transactions by account. Transactions are posted to these ledgers through journal entry and financial statements of companies are prepared based on it. SAP has two types of ledgers; Leading Non Leading Leading ledger It’s created based on the accounting principles of a company’s consolidated financial … [Read more...] about leading ledger and Non leading ledger in sap
Starting One person company (OPC) in India
Till last year, it was not possible to form a private limited company without two subscribers or shareholders. With the introduction of new Companies act 2013, an individual can set up companies alone without taking another subscriber or shareholder. With this new concept, small entrepreneurs can set up a one person company (OPC) without sharing their profits with another … [Read more...] about Starting One person company (OPC) in India
SAP FICO Interview Questions Part 18
Can we reverse a cleared document in sap? Yes, If we have posted the cleared document through automatic payment program then it can be reversed with transaction code FBRA or by using path: SAP Menu > Accounting > Financial Accounting > Document > Reset cleared items If we have used automatic payment program to clear the documents then transaction FCH8 can be … [Read more...] about SAP FICO Interview Questions Part 18
Form 12B – Furnishing salary details to the present employer
As per income tax rules, an employee has to submit his previous employment's salary details to the present employer if in between the financial year he has joined the company after leaving another company (i.e. former employer). Such salary details are to be submitted in form 12B to the present employer. Following details are to be presented in form 12B; Previous … [Read more...] about Form 12B – Furnishing salary details to the present employer
Appointment of Company Secretary in India
Appointment of company secretary or CS is governed by the Indian companies act. According to this act, a company secretary is to be appointed and/or compliance certificate is to be obtained based on the paid up share capitals of the company. Companies having paid up share capital of Rs. 10 lakh or more but less than Rs. 2 crore is not required employing a whole time … [Read more...] about Appointment of Company Secretary in India
Requirements of Form 16 and 12BA in Income Tax
Form 16 is a TDS certificate issued by employer to the employee for the financial year with the details of tax deducted, tax deposited, Challan number, date of deposit, PAN of the employee and employer. Every employer at the time of payment of salaries to employee has to compulsorily deduct TDS at the average rate computed on the basis of estimated income of the employee. … [Read more...] about Requirements of Form 16 and 12BA in Income Tax
How to create WBS User Status Profile – What is WBS status
WBS User status profile can be created with transaction code CJ20N or following path; SAP IMG > Structures > Operative Structure > Work Breakdown structures > WBS User Status > Create Profile A project has different stages which begins at creation and continues till completion. Followings are various WBS User profile status you will come across in … [Read more...] about How to create WBS User Status Profile – What is WBS status
Salary received from more than one employer – Multiple form16
During the financial year, an assessee can be employed simultaneously under more than one employer or can change the employment during the financial year. In both cases, employee can furnish details of salary due or received by him to either of the employer of his choice. Such company after getting employee’s salary details has to compulsorily deduct TDS after considering … [Read more...] about Salary received from more than one employer – Multiple form16
SAP FICO Interview Questions Part 17
What is validation rule in sap? Validation rules are set with transaction code OB28. These validation rules are defined to enforce certain conditions while posting FI document. In validation rule, certain prerequisite check has to occur for the validation check to take place. If these checks are not met then sap will return an error message. What is the difference … [Read more...] about SAP FICO Interview Questions Part 17