Optimism is the faith that shows the path for achievements and success. Nothing can be done without hope, confidence and sincere hard work.

Transcription

1 Optimism is the faith that shows the path for achievements and success. Nothing can be done without hope, confidence and sincere hard work.

2 Index S. No. Topic 1. Income tax Return 2 Tax Audit Report (form 3CD) AY Amendments and Detailed Analysis 3. Equalisation Levy 4. SME Listing 5. Opportunities of SAP for chartered accountant

3 Benefits of Income Tax Return This article aims to: Highlight the benefits of Income tax returns CA Gaurav Bhatia Priyanka Gattani i i

4 ITR Filing and other incidentals What is Income Tax Return?? Income Tax Return is the form in which assessee files information about his Income and tax thereon to Income Tax Department. The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year. These returns should be filed before the specified due date. Income Tax Return Forms vary depending on the criteria of the source of income of the Assessee and the category of the Assessee. What are due dates for filing ITR/ Audit reports Assessee under Different situations Due Date of submitting Return Individuals not requiring audit under any law. Companies,non companies or a working partner of a firm or Individuals requiring audit under any law. Any person (corporate/non corporate) who is required to furnish a report in Form No. 3CEB u/s 92E (regarding international specified domestic transactions). 31 july, September November 2018 The tax department recently has extended the last date to file ITR (Income tax return). The due date for filing ITR for financial year or assessment year has been extended to 31st August from 31st July. Different Forms of ITR : Forms of Income tax Return ITR-1 SAHAJ ITR-2 ITR-3 ITR- 4 ITR-5 ITR-6 ITR-7 ITR-V Form No.:ITR-1 SAHAJ For individuals being a resident other than not ordinarily resident having Income from Salaries, house property, other sources (Interest etc.) and having total income upto Rs.50 lakh. Form No.:ITR-2

5 For Individuals and HUFs not having income from profits and gains of business or profession Form No.:ITR-3 For individuals and HUFs having income from profits and gains of business or profession Form No.: ITR-4-Sugam For Presumptive Income from Business & Profession Form No.:ITR-5 For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7 Form No.:ITR-6 For Companies other than companies claiming exemption under section 11 Form No.:ITR-7 For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) Form No. ITR-V Where the data of the return of Income in Forms ITR-1, ITR-2, ITR-3, ITR-4 and ITR-5 transmitted electronically without Digital signature. Is it mandatory to file it? The income tax act requires to file a tax return in case gross total income (i.e., before allowing any deductions under sections 80C to 80U of the Income-tax Act, 1961) exceeds Rs.2.5 lakh (Rs.3 lakh for tax payers older than 60 years and Rs.5 lakh for those older than 80 years) in the financial year. Further, even if you do not have taxable income but resident individual and have any asset or financial interest in an entity located outside of India, then also it is mandatory for you to file. Is it beneficial to file ITR even when Income is below Exemption limit? There are certain benefits that one can avail of filing the ITR. Claiming of refund: There could be a possibility that there has been tax deducted at source (TDS) on some income from or otherwise made in the name of the individual. "If TDS has been cut, one will have to file the ITR to claim refund of the same as refund of TDS cannot claimed/received without filing ITR. Proof of Income Proof of one's income which can be established through filed ITRs. "Income tax return gives a detailed picture of total income earned during a year and taxes paid on it. Carry-forward of losses: Income tax rules allows carry-forward capital losses or business losses to set them off against capital gains,future gains only to those who file ITR in the relevant assessment year. "There are possibilities that you may have incurred losses for a year. In such a scenario, you cannot stay away from filing of your return saying you have an income below the exemption limit. In fact, you must ideally file your return so that you can carry forward the losses you have incurred to set it off against the income of Subsequent years. proof in compensation cases: 1. Although, the Motor Vehicles Act does not make it compulsory to provide the ITR while arriving at compensation in case of accidental death or disability, the claims tribunal agreed procedures approved by Delhi High Court mentions the need for ITR in case of self-employed persons.

6 2. The idea is to establish the income of the person to arrive at the compensation for which an ITR can serve as an income proof. In the case of private sector employees, the salary statement from employer and last six months of bank statement will suffice. 3. Being a law abiding citizen: More than any other benefit, being on the right side of law helps. "It is also recommended to keep the income tax department informed about your income and taxability. This communication is only possible when you file ITR. Buying a high life cover: The sum insured one can get with a term cover depends on many factors,one of which is the income of the insured. If an insured does not have a very high salary, he doesn t get a higher insurance cover. These covers are available against your ITR documents to verify annual income. Government tender: Experts say that if one plans to start their business and need to fill a government tender or two for the same, they will need to show their tax return receipts of the previous five years. This again, is to show your financial status and whether you can support the payment obligation or not. However, this is no strict rule. It may vary depending on the internal rules of the government department. Even the number of ITRs required can vary. Conclusion: So here we can conclude that we must file ITR. 1. Even if the tax is zero or all taxes are paid 2. Even if there is gross total income below Exemption limit 3. The individual must file the return because there are various benefits of filing return.

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8 Tax Audit Report (form 3CD) AY Amendments and Detailed Analysis In order to get various amendments made to Income-tax Act, 1961 and other laws (indirect taxes) within the format of tax audit report (TAR), the Central Board of Direct Taxes (CBDT) issued notification No. 33/2018 on 20 July 2018 amending the report format of tax audit. These amendments to TAR will come in force from 20 August 2018, which implies that the tax audits filed with the Income-tax on or after 20 August 2018 will have to be in the amended TAR. The point wise changes have been discussed in the ensuing paragraphs: A. Serial no. 4 of Form 3CD Registration details of indirect taxes Details regarding the registration number of Goods & Service Tax (GST) has been added B. Serial no. 19 and 24 of Form 3CD Deduction for investment in new plant or machinery Disclosure with regard to section 32AD has been added in these clauses to Form 3CD. This section allows deduction in respect of investment made in new plant or machinery in notified backward areas of Andhra Pradesh, Bihar, Telangana and West Bengal. This clause was inserted by the Finance Act, 2015 w.e.f C. Serial no.26 Section 43B Certain deductions on actual payment basis Clause f of section 43B has been added for reporting under this clause which pertains to allowing of liability outstanding towards Indian Railways for use of their assets, on actual payment basis D. Serial no 29A New clause introduced for section 56(2) (ix) of the Act This section was introduced in Finance Act 2014 primarily to tax the advance amounts initially received against the capital asset in the course of negotiation, and later forfeited and no transfer effected. Reporting under this section has been got under the TAR E. Serial no. 29B New clause introduced for section 56(2)(x)of the Act This section of the Act widened the scope of taxability of any sum of money, immovable property or any other property received by one person from another person for no consideration or inadequate consideration. In case of applicability of this section certain details viz. nature of income and amount thereof needs to be given F. Serial no. 30A New clause introduced for section 92CE of the Act ( Secondary adjustment ) Section 92CE was introduced by the Finance Act, 2017 which brought in the concept of secondary adjustment in the Act. According to this section, where there has been any primary transfer pricing adjustments made in the case of an assessee, under various circumstances (viz. suomotu by the assessee, by the assessing officer, as per safe harbour rules, etc.), the assessee is required to make a secondary adjustment provided: Such primary adjustment is more than 1 crore, and

9 The adjustment pertains to assessment year on or after 1 April 2016 This provision also provides that where such amount is not recovered, then such balance should be treated as an advance given to the AE and recovered along with interest. Details required to be reported under this clause are as follows: Reference of relevant section Amount of primary adjustment Where repatriation is required to be made in India as per section 92CE and if the same is made within prescribed time Computation of interest income on such excess money not repatriated to India G. Serial no. 30B New clause introduced for section 94B of the Act ( Thin Capitalisation ) Section 94B was introduced in Finance Act 2017 to limit the interest deduction in certain cases and to bring in the concept of Thin Capitalisation. Thin Capitalisation is a situation where an entity is financed at a relatively high level of debt compared to equity. Some multinational companies engage in aggressive tax planning techniques such as placing higher levels of third party debt in high tax countries, using intragroup loans to generate interest deductions in excess of their actual third party interest expense, using third party or intragroup financing to fund the generation of tax exempt income. In order to curb such structuring by the multinational group Companies having their presence through subsidiaries/ associate companies or permanent establishments in India, the Finance Act 2017 introduced a new section 94B under the Income-tax Act, 1961 ( the Act ), in line with the recommendations of OECD BEPS Action Plan 4, from the FY , to provide that interest expenses claimed by an entity to its associated enterprises shall be restricted to: 30% of its earnings before interest, taxes, depreciation and amortization (EBITDA) (or) Interest paid or payable to associated enterprise whichever is less. Relaxations provided by this section A threshold limit of interest expenditure of INR 1 crore (INR 10 million) is provided to carve out entities which have a low level of interest expense on the borrowings from their non resident associated enterprises. Further, to reduce the impact of earnings volatility on the ability of an entity to deduct interest expense, the interest expense which is disallowed can be carried forward up to 8 immediately succeeding tax years. Moreover, taxpayers engaged in the business of banking or insurance are excluded from the scope of this provision keeping in view their specific sector-related features. Where this clause is applicable to the assessee, following details are required to be reported in TAR. Amount of interest expenditure EBITDA during PY Amount of interest expense over 30% of EBITDA Interest expenditure brought forward Interest expenditure carried forward

10 H. Serial no. 30C New clause introduced forsection 96 of the Act ( GAAR ) Section 96 (impermissible avoidance agreement) falls under the Chapter X-A (General Anti Avoidance Rule). This section was inserted to curb such arrangements where an agreement creates such rights between the parties to the agreement, by misuse of the provisions of the Act, which would not have been created in normal course between parties dealing at arm s length. Under this clause, where the tax auditor is of the view that a particular arrangement falls under this provision of the act then they are supposed to state the nature of such arrangement and the tax benefit created in the previous year to all parties in aggregate. I. Serial no. 31 Clause (ba), (bb), (bc) and (bd) introduced after clause (b) to serial no. 31 of TAR pertaining to section 269ST of the Act Pursuant to introduction of section 269ST by Finance Act 2017, the TAR has been amended to include disclosure under this provision whereby there is a restriction on receiving by any person of an amount exceeding INR two lakh in aggregate from a person in a day; or in respect of a single transaction; or in respect of one event otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system. Where this section of the act is applicable only to the recipient, the disclosure requirements even mandate the payer to make the relevant disclosures along with the name, address and PAN of the party involved. J. Amendments have been made to the language of clause 31 (c), (d) and (e) of the TAR with regard to the provision of section 269T of the Act K. Serial no. 34 Clause (b) Details of etds returns Earlier this provision required only reporting of the fact as to whether the etds statement submitted contains all details/ transactions (Yes/ No). Now with the amendment to this clause, the TAR requires reporting of such details/ transactions which have not been reported in the etds return. This will be a task for the assessee with huge volumes of transactions which will require reporting of all such entries. It would be ideal that the assessee reports all transactions in the etds returns and in case of differences they should maintain proper reconciliations. L. Serial no. 36A New clause for details regarding deemed dividend u/s 2(22)(e) of the Act Under the provisions of this section where any company, in which public are not substantially interested, makes any payment by way of loan or advance, to any person who holds not less than 10 percent voting power or to any other person in which such shareholder has substantial interest, then such payment to the extent of accumulated profits, will be treated as deemed dividend. M. Serial no. 42 New clause for details regards Form no.61, 61A and 61B This requires reporting of details of submission and due date of the respective forms with the income-tax. It also requires the auditor to ensure if all the required details have been submitted and if not, then the unreported details/ transactions are required to be reported in Form 3CD. The details required to be submitted in respective forms have been given hereunder: Form 61 this form requires details of all Form 60 to be submitted. Where transactions specified under Rule 114B of the Income-tax Rules, 1962 ( the Rules ) have been undertaken by the assessee and document with that regard has been collected by the assessee without the

11 PAN of the person giving the document, then the assessee is required to collect declaration in Form 60. Form 61A Statement of specified financial transactions as given in Rule 114E of the Rules which mandates reporting of certain financial transactions undertaken during a particular financial year, before due date (31 May). Form 61B Statement of reportable accounts in accordance with FATCA and CRS for a calendar year. N. Serial no. 43 New clause with regard to Country by Country Reporting (CbCR) u/s 286 of the Act Section 286 r.w.r 10DB specifies the Companies liable to comply with CbCR requirements. Entities to whom CbCR is applicable need to comply with reporting requirements of Form 3CEAC and 3CEAD, wherever applicable. The details of parent entity, alternate reporting entity and date of furnishing of these reports are to be mentioned under this clause of TAR. O. Serial no. 44 New clause of expenditure with respect to registered/ unregistered entities under GST This clause requires breakdown of entire expenditure debited to Profit & Loss a/c into the following heads: Relating to goods or services exempt under GST Relating to entities falling under composition scheme Relating to entities not registered under GST Relating to other registered entities

12 Equalisation Levy This article aims to Highlights: BEPS Action Plan Equalisation Levy Specified Service Definition Charge of Equalisation Levy Collection & Recovery of Equalisation Levy Consequences of Delayed Payment CA Karan Sharma Mycle Garg

13 EQUALISATION LEVY BEPS (Base Erosion and Profit Shifting) Action Plan At the behest of G20 countries in 2012, the Organization for Economic Corporation and Development (OECD) prepared an action plan against the tax avoidance strategy of BEPS. In its first action plan, Addressing tax challenges in digital economy, OECD proposed options to overcome tax challenges the digital economy brings. Equalisation Levy (Adoption of BEPS Strategy) In Finance Act 2016, in Chapter VIII, Equalisation Levy has been introduced. Equalisation Levy means Tax levied on consideration received or receivable for any specified service under the provisions of this chapter. The levy has a separate self-contained code and is not part of the income tax law. Specified Service Definition Specified service is defined as follows; (a) Online Advertisement (b) Any Provision for digital advertising space or facilities / service for the purpose of online advertisement. Charge of Equalisation Levy There shall be charged an equalisation levy at the rate of six percent of the amount of consideration for any specified service received or receivable by a person, being a non-resident from (i) A person resident in India and carrying on business or profession; or (ii) A non-resident having a permanent establishment in India. The equalisation levy shall not be charged, where (a) the non-resident providing the specified service has a permanent establishment (PE) in India and the specified service is effectively connected with such permanent establishment; (b) the aggregate amount of consideration for specified service received or receivable in a previous year by the non-resident from a person resident in India and carrying on business or profession, or from a non-resident having a permanent establishment in India, does not exceed one lakh rupees; or (c) Where the payment for the specified service by the person resident in India, or the permanent establishment in India is not for the purposes of carrying out business or profession. Collection and recovery of equalisation levy 1) Every person, being a resident and carrying on business or profession or a non-resident having a permanent establishment in India shall deduct the equalisation levy from the amount paid or payable to a non-resident in respect of the specified service at the rate specified, if the aggregate amount of consideration for specified service in a previous year exceeds one lakh rupees. 2) The equalisation levy so deducted during any calendar month in accordance shall be paid by every assesse to the credit of the Central Government by the seventh day of the month immediately following the said calendar month. 3) Any assesse who fails to deduct the levy in accordance shall, notwithstanding such failure, be liable to pay the levy to the credit of the Central Government in accordance.

14 Consequences of Delayed Payment If person fail to pay the equalisation levy on time, then have to pay simple interest at rate of 1% of such levy for every month or part of a month by which such crediting of the tax or any part thereof is delayed.

15 SME LISTING. This article aims to highlight Criteria for listing SME Benefits of listing of SME Procedure for listing TAYYAB ALI SHWETA SINGHAL

16 What is SME? SME means Small and medium-sized enterprises or small and medium-sized businesses (SMBs) are businesses whose personnel numbers fall below certain limits. What is SME Exchange? SME exchange means a trading platform of a recognised stock exchange having nationwide trading terminals permitted by the Board to list the specified securities issued in accordance with this Chapter and includes a stock exchange granted recognition for this purpose but does not include the Main Board. Criteria for Listing 1. Incorporation-The Company shall be incorporated under the companies Act,1956 or Financials- Post Issue Paid up Capital The post-issue paid up capital of the company shall be at least Rs. 3 crore. Net-worth Net worth (excluding revaluation reserves) of at least Rs.3 crore as per the latest audited financial results. Net Tangible Assets At least Rs. 3 crore as per the latest audited financial results. 3. Track Record- Distributable profits in terms of Section 123 of the Companies Act 2013 for at least two years out of immediately preceding three financial years (each financial year has to be a period of at least 12 months)or the net worth shall be at least Rs.5 crores. 4. Other Requirements- It is mandatory for a company to have a website. It is mandatory for the company to facilitate trading in demat securities and enter into an agreement with both the depositories. There should not be any change in the promoters of the company in preceding one year from date of filing application to Different Exchange for listing under SME segment. Benefits of Listing in SME Easy access to Capital: Different Exchange SME provides an avenue to raise capital through equity infusion for growth oriented SME s. Enhanced Visibility and Prestige: The SME s benefit by greater credibility and enhanced financial status leading to demand in the company s shares and higher valuation of the company. Encourages Growth of SMEs: Equity financing provides growth opportunities like expansion, mergers and acquisitions thus being a cost effective and tax efficient mode. Ensures Tax Benefits: In case of listed securities Short Term Gains Tax is 15% and there is absolutely no Long Term Capital Gains Tax.

17 Enables Liquidity for Shareholders: Equity financing enables liquidity for shareholders, provides growth opportunities like expansion, mergers and acquisitions, thus being a cost effective and tax efficient mode. Equity financing through Venture Capital: Provides an incentive for Venture Capital Funds by creating an Exit Route and thus reducing their lock in period. Efficient Risk Distribution: Capital Markets ensure that the capital flows to its best uses and that riskier activities with higher payoffs are funded. Employee Incentives: Employee Stock Options ensures stronger employee commitment, participation and recruitment incentive. Procedure for Listing Planning The Issuer Company consults and appoints the Merchant Banker/s in an advisory capacity. Preparation The Merchant Banker prepares the documentation for filing after: conducting due diligence regarding the Company i.e. checking the documentation including all the financial documents, material contracts, Government Approvals, Promoter details etc. and planning the IPO structure, share issuances, and financial requirements Process Application procedure: Submission of DRHP/Draft Prospectus - These documents are prepared by the Merchant Banker and filed with the Exchange as well as with SEBI as per requirements. Verification & Site Visit - BSE verifies the documents and processes the same. A visit to the company's site shall be undertaken by the Exchange official. The Promoters are called for an interview with the Listing Advisory Committee. Approval - BSE issues an In Principle approval on the recommendation of the Committee, provided all the requirements are compiled by the Issuer Company. Filing of RHP/Prospectus - Merchant Banker files these documents with the ROC indicating the opening and closing date of the issue. Once approval is received from the ROC, they intimate the Exchange regarding the opening dates of the issue along with the required documents. Public Offering The Initial Public Offer opens and closes as per schedule. After the closure of IPO, the Company submits the documents as per the checklist to the Exchange for finalization of the basis of allotment.

18 Post Listing BSE finalizes the basis of allotment and issues the Notice regarding Listing and Trading. Guidelines for Listing 1. Capital- The post issue face value capital should not exceed Rs. Twenty-five crores. 2. Trading Lot Size- The minimum application and trading lot size shall not be less than Rs. 1,00,000/- The minimum depth shall be Rs 1,00,000/- and at any point of time it shall not be less than Rs 1,00,000/-. The investors holding with less than Rs 1,00,000/- shall be allowed to offer their holding to the Market Maker in one lot. 3. Participants- The existing Members of the Exchange shall be eligible to participate in Platform. 4. Underwriting-The issues shall be 100% underwritten and Merchant Bankers shall underwrite 15% in their own account.

19 Opportunities bkjbn in SAP for Chartered Accountants This article aims to To introduce about SAP (Systems, Applications & Products) Why need Chartered Accountants? Traits of SAP consultants CA KUNIKA THAKUR AYUSH KHANDELWAL

20 Opportunities in SAP for Chartered Accountants Every business has its own objectives, processes and requirements. Above all, today s businesses need technologies with complete functions which can bridge the gap between business processes and people. To run a large organization with multiple departments and teams successfully, an ERP system gives a helping hand by synchronizing all information and communication within the organization. ERP is a combination of software and company s activities performed to manage operations. With ERP software, the entire project value chain is aligned and critical processes are streamlined effectively. Nowadays, SAP is a very common term in ERP but only a few people know exactly how it works. The Germany based software solutions; SAP is the No.1 software solution providers throughout the industry. What is SAP? A German company named 'SAP' developed an Enterprise Resource Planning (ERP) software. SAP stands for systems, applications & products in Data processing. SAP is mostly involved in R&D of ERP and other similar software packages. However, SAP doesn't implement its software for its clients. These software solutions by SAP was only used by large companies and enterprises whereas, with the increase in complicated forms of accountancy and in order to enhance the accounting efficiency, SAP is now widely used by small and medium sized enterprises as well. Why need Chartered Accountants? SAP has an enormous range of features & the implementation of SAP differs from company to company. Because of this implementation complications, various IT companies such as Accenture, IBM and many more came up with the idea of SAP consulting. The implementation of SAP requires engineers with the knowledge of software coding and IT companies had these engineers. Now, the IT companies needed was some more people with the understanding of the business process (like Chartered Accountants). The Chartered Accountants acts as a bridge between engineers and the client s business. Role of a Chartered Accountant is to ensure that implementation of the SAP system as per the plan of the management & the generated output is in compliance with accounting & taxation principles. There are various modules of SAP such as Human Resources, Production Planning, Project Management, Treasury, FI (Financial Accounting), CO (Controlling/Management Accounting) etc. As Chartered Accountants, the core areas of competency in SAP are FI and CO (commonly referred to as SAP FICO). For a Chartered Accountant involved in financial accounting, statutory reporting, costing, taxation (direct and indirect) etc, the modules which are most relevant are SAP FI (Financial Accounting) and SAP CO (Controlling/Management Accounting). A qualified Chartered Accountant can choose to be an SAP Consultant or to be a certified SAP Auditor or to be into the Finance team of an organisation having SAP ERP or be a certified SAP Trainer. The options are endless. Although the training in SAP is advised it's not mandatorily required, it increases the chances of getting hired. There are various sets of certifications & training for SAP FI & SAP CO. The FI module mainly deals with accounting, preparation of financial statements, year-end adjustments, tax computations etc whereas; CO module deals with the costing related issues as well as management/internal reporting. Among others, it covers Internal Orders, Cost analysis, Budgeting, Inventory Control, Cost Allocation, Cost Centers, Profit Centers, etc. It depends upon your interest, you can look to specialize in the modules of your choice.

21 Also, as SAP is an international software solution brand, a SAP course for CA helps him acquire an accounting as well as a management skill recognized globally. Also, SAP for CA reduces the task to manage, implement and comply the result with the required accounting and taxation principles. SAP for CA would help him to efficiently work to his or her potential Following Traits of SAP consultants: Credibility to transform good ideas into a reliable tangible product. Ideas are only good until they are formulated together with technology to realize some tangible and great! Typically, there is no shortage of ideas on SAP projects because you are literally reshaping how the entire companies work. What is lacking behind on many SAP projects is the members that can transform those typical ideas into the system to show users the end-to-end process. Without seeking an optimal solution, it s very difficult to imagine how it will work and what issues might come later. SAP project needs the quality project to be delivered. Strong verbal and written communication skills. Communication is one of the major keys in any position, but the accelerated and integrated nature of SAP projects necessitate frequent communication skills in the right manner, to the right people. This signifies escalating issues when required, sharing important design decisions and communicating status with the project. Excellent teacher and willing to teach others. As an SAP consultant, user or support person, you will predictably spend your optimum time in teaching others about SAP and other variety of solutions. For an instance, to download a report from SAP, the user will also require the help to use the report in Excel. A desire to teach and patience are crucial in SAP implementation. Strong dedication to work on weekends when required to meet project deadlines. Working for long hours and even on weekends is often on an SAP project. People who gripe about the hours and who try to shift their work on others will miss serious opportunities to cultivate something good out of their career. Having a positive attitude makes a huge difference. A strong focus on SAP solution quality. There are generally two or three ways to construct a process in SAP and each of the solutions has its own pros and cons. But an only single solution can be chosen and it must meet most business requirements. The chosen solution should be fully understood and communicated to the process owners. Ability to provide the solution for issues instead of dwell on them. Projects in SAP normally have the vast scope of a rotating timeline and too often deliverables are over-promised by consulting firms. Resulting in an overworked and tiresome team trying to achieve impractical deadlines and ensuring frustration. There are several things in life, and particularly in work, that no one can control. Focusing on providing a solution rather than getting upset and frustrated. This will show your leadership abilities and assist other members to stay focused on the end goal. Translating Business to technology. Technology drives most of the business processes, so it is very important for technical and functional SAP consultants to really understand the purpose of SAP reports, enhancements and transactions. Ability to foresee risks, issues and escalate to leadership. Escalating issues and risk to leadership is key for leaders to realize the true status of the SAP project and to take crucial decisions on resources, budget, and timeline. Furthermore, raising risk and issues in the right format and at the correct severity is important. Critical issues require a phone call over an ordinary and must be communicated immediately. Minor issues can be discussed in a

22 status meeting and it shouldn't be over-dramatized. Enhance the decision-making procedure: With SAP Consultants, businesses can able to create a shared database with extremely high quality and hence it is highly responsible for real-time streaming and also improves the decision-making process as well. Preparing accurate future scenarios: By possessing enhanced information, businesses can easily create accurate estimation as well as predict for future scenarios. I hope this write up you a brief understanding of how SAP works & how a Chartered Accountant, as a professional, can make a career out of it. Benefits of SAP training The SAP training would be much beneficial if added to the following qualifications: Interns: SAP for CA intern would be beneficial as it would help him to audit and analyse client s book. The SAP course would provide such an intern with a technical edge over other chartered accountants. Semi-qualified:- SAP for CA student who is semi-qualified would help such a student to have an added advantage over other CA candidates who have only theoretical accounting knowledge and are unaware of the technical side of SAP accountancy. CA firms: SAP for CA employed in various CA firms shall also opt for SAP accounting training and SAP FICO training as it would help them to move along with the growing technology and give them an edge over the newly produced chartered accountants as these employees would have the advantage of experience and technology. I hope this write up you a brief understanding of how SAP works & how a Chartered Accountant, as a professional, can make a career out of it. CONCLUSION These additional disclosure requirements under TAR indicate that the CBDT has sifted majority onus relating to verification of compliances and income computation from assessing officers and GST auditors to tax auditors and have widened the scope to include international tax and other compliances such as CBCR, FATCA & CRS reporting, etc. Considering this, the reliability of tax officers on the tax audit reports have increased thereby increasing the documentation and verification requirements by the auditors.