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Showing posts from May, 2017

Quick Overview on G20 - 2023 India

  The 2023 G20 summit was held in New Delhi, India, on September 9-10, 2023. The main venue was the Pragati Maidan, a large exhibition complex in central Delhi. The summit was also held at other venues in New Delhi, including the Hyderabad House, the Prime Minister's residence, and the India International Centre. The 2023 G20 summit was attended by the leaders of the 20 member countries of the G20, as well as the leaders of several invited countries, including Argentina, Indonesia, Senegal, South Africa, and Turkey. The summit was also attended by the heads of international organizations, such as the United Nations, the World Bank, and the International Monetary Fund. The G20 Delhi Declaration was the outcome document of the 2023 G20 summit. It was a 38-paragraph document that covered a wide range of issues, including: The global economy and finance: The declaration called for continued efforts to strengthen the global economy and financial system. It also emphasized the importance

Exemption from quoting Aadhaar Number/Enrolment ID to certain individuals

The central government recently made the quoting of  Aadhaar Number / Enrolment ID  mandatory for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 2017.But now the government has given relief to certain persons/states from quoting of Aadhaar/Enrolment ID. As per the notification dated 11th May, 2017, the requirement of quoting of Aadhaar / Enrolment ID shall not apply to the following individuals if they do not possess the Aadhaar / Enrolment ID:- An individual who is residing in the state of Assam, Jammu and Kashmir and Meghalaya. An individual who is a non-resident as per the Income-tax Act, 1961. An individual of the age of eighty years or more at any time during the previous year. An individual who is not a citizen of India. It is to be noted that if the above individuals possess Aadhaar Number or Enrolment ID, then they must mention it while filing return.It is only when they donot possess i

Update on Sec 80 G- Donations for charity

The Central Government has recently notified the Shri. Ram and Ramdas Swami Samadhi Temple & Ramdas Swami Math at Distt. Satara, Maharashtra to be a place of public worship u/s 80G (2).It means any donations made to this temple would qualify as deduction from the income u/s 80G. Sec 80G specifies the various relief funds, charitable and religious institutions to which donation can be made for the purpose of claiming it as a deduction from the total income. These donations are allowed either up to 100% or 50% depending upon the fulfilment of conditions laid down in section 80G. In order to qualify as deduction, the donations exceeding Rs 2,000 should not be made in cash. It can be made in any mode other than cash. The central government has the power to specify any temple, mosque, gurdwara, church or any other place as an eligible charitable or religious institution u/s 80G.The government can do this through notification in the official gazette. (As per CBDT Notificati

Minimum educational qualification for apprenticeship

Minimum educational qualification for apprenticeship training lowered under Apprenticeship (Third Amendment) Rules, 2017 The Ministry of Labour and Employment has introduced the Apprenticeship (Third Amendment) Rules, 2017 to amend the Apprenticeship Rules, 1992. Rule 7A(2) : The amended rule has lowered the minimum educational qualification to undergo apprenticeship training in optional trade as  “fifth class pass”. Earlier the minimum educational qualification requirement was “eighth class pass”.   Rule 7A: REGULATION OF OPERATIONAL TRADE (1)    A person shall not be qualified for being engaged as an apprentice to undergo apprenticeship training in any optional trade, unless he: (a)  Is not less than fourteen years of age, and for optional trades related to hazardous industries, not less than eighteen years of age; and        (b)   Satisfy such physical fitness as determined by employer. (2)   The minimum qualification for person to undergo apprenti

GST impact on SAP MM SD and FI

SAP Materials Management (Procure to Pay)  Purchase Info Records Material/Service Master Purchase orders, Invoices Subsequent Credit /Debit, Debit/Credit Notes Master Data SAP FI, SD, MM, G/L Master Vendor Master Customer Master SAP Sales & Distribution (Sales Order to Cash) Sales Orders, Invoicing Distribution Channels & Sales areas Pricing (Types of Conditions)  Billing Schedules, Delivery Debit/Credit Notes SAP Financial Accounting Accounts Payable and Receivables Invoicing (Non-PO)  Management of Master Records  Billing (Non-SO) Petty Cash  Invoices and Credit Notes  General Voucher G/L Account SAP Forms & Reporting Other Statutory Reporting  G/L Account Reporting Goods and Service Tax Structure: CGST: Central GST SGST: State GST