RAMA’S ANUBHAV

1. RAMA’S ANUBHAV MARCH 2019 HOLI EDITION

2. INDEX Editorial……………………………..…..…………………………………………………….……..….…..03 Mr. Jigneshkumar Raval Indian Accounting Standard (Ind AS) 110 - Consolidated Financial Statements….05 Mr. Mayur Chandak GST Topic……………………………………………………………………………………………..……08 Ms. Sakshi Khaitan Retail Modern POS…………………………………………………………………..…………....…09 Mr. Samit Mallick Tax Deducted at Source………………………………………………………………….………...11 Ms. Roshni Pandey The Goldilocks Rule: How to Stay Motivated in Life and Business……………..13 Mrs. Swati Chaturvedi Inner Peace in Daily Life……………………………………………………………..….……...…14 Ms. Bhagyashree Sawant Moments To Celebrate……………….……………………………..……………..…….……..…15 Ms. Anjali Singh Priya Mishra– Editor, Communicator/ Nammika Giddi - Creative & Art work

3. Editorial Dear Friends, Dear Friends, This is my first editorial article and I am extremely happy to part of Anubhav. Recently, there was a terrorist attack on our CRPF Jawans in Phulwama, Jammu & Kashmir. Our 40 Jawans lost their life in that attack. We also see in the day to day news that Jawans are fighting with terrorist to eliminate them to give secure life to all Indians. We are proud to have such brave Jawans are thinking national security ahead of their family. Our AIF replied very strongly, and we are proud of them. Definitely, this is the achievement of Indian Air Force without any doubt. But at the same time, we should also take into consideration the current government provided a fully free hand to act against terrorism. This is a very big step from Indian government because in case any action goes wrong, the government needs to be taken care on diplomate front on the international platform. The government also working hard on an international platform to support out fight against terrorism. As we all are responsible citizens of India, we all are standing with our Braveheart’s family who lost their life for the country. I am very happy with the step was taken by RAMA employees to contribute to the “Army Welfare Fund”. This is a very small tribute to our Braveheart’s family. Information Asset As a company, we have multiple types of assets like Fixed Asset, Current Asset, Human Asset and many more. I will not discuss in detail as we all know in detail more than me. There is one more type of asset is called “Information Asset”. This is the most important part of any company. We all know that all business-related data should be managed with Data Backup & Archival Policy, Data Access & Security Policy etc, these policies are made to manage Information of Company. In transactional Information, Analysis if Information becomes Knowledge that will utilize for further decision making. Here is the flow: 1. We have raw information available from sources 2. Analysis of Information as a requirement 3. Meaningful Analysis will result in Knowledge Knowledge helps further in Decision making for corrective/precautionary action. Now, I will discuss one step ahead. There is one more type of data is “Experience/knowledge base Information” available with Employees / Team. When an employee works on any assignment, they will gain knowledge during the assignment. As we are Project based company, the knowledge should be maintained through proper Information Management system.

4. Editorial Here is the flow 1. Experience during execution of project/assignment 2. With Experience addition in Knowledge 3. Knowledge further documented as meaningful Information Asset 4. Information Asset helps further in Decision making for corrective/precautionary action. Let we discuss with an Example of “Lesson Learned”, lesson learned is most important document should be generated at the time of assignment/project closure. While executing project/assignment we observe/face many issues related to Geographical Area, Company culture, project team member competencies, third party etc… are to be documented. Some of the issue examples as below 1. While working in “ABCD” City, connectivity is very awkward, that consumed more time in then expected. Need to take care in a future assignment for “XXXX” City 2. While Working with “ABCD” Company, they are very strict on punctuality 3. While Working with “ABCD” Company, they are not punctual, even if the meeting was prescheduled & communicated in advance, they cancel it frequently. Take care in a future assignment while planning. 4. While Working with “ABCD” Company, they are very late in release payment, for the future purpose we should introduce a late payment penalty. 5. While Working with “ABCD” Employee, we found his / her communication skill is very poor, need to work on improvement. This knowledge is valuable for the company, we gain with lots of efforts and experience, this type of knowledge is generally in memory of Project team and will be “Evaporated” by time. Also, we lost this valuable information when an employee leaves the company. This is very important to document and maintain all information project wise so that • it will be utilized for future assignment for better execution of the project. • - Jigneshkumar Raval

5. Indian Accounting Standard (Ind AS) 110 - Consolidated Financial Statements • financial statements • • Ind AS 110 does not apply to post-employment benefit plans or other long-term employee benefit plans to which Ind AS 19, Employee Benefits, applies. • A parent that is an investment entity shall not present consolidated financial statements if it is required by this Standard to measure all of its subsidiaries at fair value through profit or loss. • Consolidated financial statements are the financial statements of a group in which • the assets, liabilities, equity, income, expenses and cash • flows of the parent and its subsidiaries are presented as those of a single economic entity. • Control • An investor, regardless of the nature of its involvement with an entity (the investee), shall determine whether it is a parent by assessing whether it controls the investee. An investor controls an investee when the investor is exposed, or has rights, to variable returns from its involvement with the investee; and has the ability to affect those returns through its power over the investee. • An investor shall consider all facts and circumstances when assessing whether it controls an investee. The investor shall reassess whether it control an Objective: The objective of Ind AS 110 is to establish principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities. Ind AS 110 requires an entity (the parent) that controls one or more other entities (subsidiaries) to present consolidated financial statements: (a) defines the principle of control, and establishes control as the basis for consolidation; (b) sets out how to apply the principle of control to identify whether an investor controls an investee and therefore must consolidate the investee; (c) sets out the accounting requirements for the preparation of consolidated financial statements; and (d) defines an investment entity and sets out an exception to consolidating particular subsidiaries of an investment entity. • Scope • Barring the following exceptions specified in this Standard, an entity that is a parent is required to present consolidated financial • statements: • • A parent need not present consolidated financial • statements if it is a wholly-owned subsidiary, its debt or equity instruments are not traded in a public market; it did not file, nor is it in the process of filing, its financial statements with a securities commission or other regulatory organisation for the purpose of issuing any class of instruments in a public market; and its ultimate or any intermediate parent produces financial statements that are available for public use and comply with Ind AS. • The above exception also applies in the case of a partially-owned subsidiary, if its other owners, including those not otherwise entitled to vote, have been informed about, and do not object to, the parent not presenting consolidated

6. Indian Accounting Standard (Ind AS) 110 - Consolidated Financial Statements • investee if facts and circumstances indicate that there are changes to one or more elements of control mentioned above. • The following factors may assist in determining whether an investor controls an investee: • (a) the purpose and design of the investee; • (b) what the relevant activities (of the investee) are and how decisions about those activities are made; • (c) whether the rights of the investor give it the current ability to direct the relevant activities; • (d) whether the investor is exposed, or has rights, to variable returns from its involvement with the investee; and • (e) whether the investor has the ability to use its power over the investee to affect the amount of the investor’s return. • Power • The determination about whether an investor has power depends on the relevant activities, the way decisions about the relevant activities are made and the rights the investor and other parties have in relation to the investee. An investor has power over an investee when the investor has existing rights that give it the current ability to direct the relevant activities, i.e., the activities of the investee that • significantly affect the investee’s returns. • Power arises from rights. Sometimes assessing power is straightforward, such as when power over an investee is obtained directly and solely from the voting rights granted by equity instruments such as shares, and can be assessed by considering the voting rights from those shareholdings. In other cases, the assessment will be more complex and require more than one factor to be • considered, for example when power results from one or more contractual arrangements. An investor with the current ability to direct the relevant activities has power even if its rights to direct have yet to be exercised. Evidence that the investor has been directing relevant activities can help determine whether the investor has power, but such evidence is not, in itself, conclusive in determining whether the investor has power over an investee. • If two or more investors each have existing rights that give them the unilateral ability to direct different relevant activities, the investor that has the current ability to direct the activities that most significantly affect the returns of the investee has power over the investee. • An investor can have power over an investee even if other entities • have existing rights that give them the current ability to participate in the direction of the relevant activities, for example when another entity has significant influence. However, an investor that holds only protective rights does not have power over an investee, and consequently does not control the investee. • Accounting Requirements • A parent shall prepare consolidated financial statements using uniform • accounting policies for like transactions and other events in similar circumstances. • Consolidation of an investee shall begin from the date the investor obtains control of the investee and cease when the investor loses control of the investee. • Non-controlling interests in subsidiaries shall be presented in the consolidated statement of financial position within equity, separately from the equity of the owners of the parent. • Changes in a parent’s ownership interest in a subsidiary that do not result in the parent losing control of the subsidiary are equity transactions (i.e., transactions with owners in their capacity as owners). • If a parent losses control over the subsidiary, the parent shall: • (a) derecognise the assets and liabilities of the former

7. Indian Accounting Standard (Ind AS) 110 - Consolidated Financial Statements • subsidiary; • (b) recognise any investment retained in the subsidiary at its fair value when control is lost and subsequently account for it in accordance with relevant Ind Ass. That fair value shall be regarded as the fair value on initial recognition of a financial asset in accordance with Ind AS 109 or, when appropriate, the cost on initial recognition of an investment in an associate or a joint venture. • (c) recognise gain and loss associated with the loss of control. • Consolidation procedures • In its consolidated financial statements, an entity shall: • (a) combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its subsidiaries. • (b) offset (eliminate) the carrying amount of the parent’s investment in each subsidiary and the parent’s portion of equity of each subsidiary (Ind AS 103 explains how to account for any related goodwill). • (c) eliminate in full intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the group (profits or losses resulting from intragroup transactions that are recognised in assets, such as inventory and property, plant and equipment, are eliminated in full). Ind AS 12, Income Taxes, applies to temporary differences that arise from the elimination of profits and losses resulting from intragroup transactions. -Mayur Chandak

8. Recent Clarifications issued by CBIC vide Circular No. 89/2019 and 90/2019 dated 18-02-19: 3. Changes in GSTR-1 for FY 17-18: Any changes / rectification / amendment in the invoices uploaded during FY 17-18 can be done till filing of GSTR-1 for Mar-2019. 4. New Series of Tax Invoices: If anyone wants to change the series for billing in the new year, then he can do that from 1st April 2019. New numbering should be started from 01-04-2019. 5. Opt for Composition Scheme: Any registered person who opts to pay tax under Section 10 shall electronically file an intimation in FORM GST CMP-02 on the common portal prior to the commencement of the financial year. 6. Prepare to file ITC-03: Person opting for composition scheme by filing CMP-02 shall prepare the stock status as on 31-03-19 and shall declare the same in GST ITC-03 within 60 days of commencement of financial year. 7. HSN Codes in Invoices: 1. Compliance while issuing invoices in case of inter-state supply: It is mandatory to mention the place of supply along with the name of the state in the tax invoice. Contravention of any of the provisions attracts penal action under the provisions of the Act. 2. Mentioning details of inter-State supplies made to unregistered persons: Registered persons making inter-State supplies to unregistered persons shall report the details of such supplies along with the place of supply in Table 3.2 of FORM GSTR-3B and Table 7B of FORM GSTR–1 as mandated by the law. Contravention of any of the provisions attracts penal action under the provisions of the Act. Things to do in GST before 31-03-19 1. File GSTR-3B returns without Late Fees: GSTR-3B for the period Jul-17 to Sep-18 can be filed up to 31-03-19 without any late fees. 2. Claim Input Tax Credit of missed Invoices: Any missed invoice for FY 2017-18 on which ITC is not claimed, can be claimed till the due date of filing of GSTR-3B for Mar-2019. 8. Monthly / Quarterly Returns: Taxpayers should check the turnover for the year 2018-19. If aggregate turnover is below Rs. 1.5 crore then he has an option to file the quarterly GST returns. 9. Reconciliation of Input, Output and Cash ledgers: All the taxpayers should reconcile the cash ledger and liability ledger with their books of accounts. 10. File FORM GST TRAN-1: In certain cases, where registered persons could not submit GST TRAN-1 as per earlier deadline due to technical issues at GST Portal can file the same. - Sakshi Khaitan

9. Retail Modern POS On supported laptops, tablets, and phones, Retail Modern POS users can perform a variety of retail tasks. These include processing sales transactions, viewing customer orders, managing daily operations and inventory, or viewing role-based reports. The Microsoft Dynamics AX Retail Modern POS device is a client. It does not perform business functions or data processing. All business functions are provided by Microsoft Dynamics AX Retail Server. Retail Modern POS clients can communicate with Retail Servers that are deployed in your store or in a data centre. Retail Modern POS clients can also communicate with peripheral devices such as cash drawers, credit card readers, and printers by using Microsoft Dynamics AX Hardware Station. Hardware Station must be deployed in your store and all Retail Modern POS clients can connect to the same Hardware Station. Figure 1: Retail Modern POS high-level topology As of AX 2012 R3 CU8, Retail Modern POS can either connect to a channel database directly, or through Retail Server. Figure 2: Retail Modern POS connected to a channel database Figure 3: Retail Modern POS connected to a Retail Server

10. Retail Modern POS Retail Modern POS Architecture The view, view-controller, and devices layers depend on the operating system (for example, Windows Surface) on which you plan to deploy Retail Modern POS. The other layers are operating system independent and use TypeScript classes and modules to perform Retail Modern POS functionality such as workflows and entities. Figure 4: Retail Modern POS technical architecture diagram Retail Modern POS Offline Architecture Figure 5 describes the architecture of Retail Modern POS offline.

11. Tax Deducted at Source FORM 26QB- TDS ON PROPERTY TRANSACTION 1. WHAT IS 26QB A buyer of a property has to deduct TDS and deposit it to the government. This TDS is deducted from the payment made to seller of a property. Form 26QB is required to be submitted by the buyer with details of this TDS. 2. FORM 26QB Form 26QB is a challan cum declaration statement. Therefore it’s not possible to pay TDS without filing this form and not possible to file the form without payment of TDS 3. APPLICABILITY Tax is to be paid on the entire sale amount. For example, if you have bought a house at Rs 55lakh, you have to pay tax on Rs 55lakh and not on Rs 5lakh (i.e. Rs 55lakh – Rs 50lakh). This is applicable even when there is more than 1 buyer or seller. 4. WHEN TDS IN DEDUCTED TDS is deducted at the time of payment or at the time of giving credit to the seller, whichever is earlier. 5. 26QB DUE DATE Such TDS can now be deposited within 30 days from the end of the month in which it was deducted. For Example - If you have deducted TDS on property on 8th August 2016, you can deposit it by 30th September. a period of more than one year then additional penalty of Rs. 10,000 to 1,00,000 is to be paid under section 271H. Amount of such penalty is to be calculated by the Assessing officer. 8. FORM IS HAVING VARIOUS SECTIONS AS FOLLOWS Applicable Select Corporation tax if the purchaser is a Company otherwise Income Tax. The status of seller is irrelevant. b) Type of Payment By default TDS on sales of property will be selected. c) Status of Payee/Seller/Transferor Select option of Resident. If the seller is Non-Resident then Form 27Q is require to be filled. d) Enter the PAN and address of the purchase and seller and the complete address of the property transferred. e) Enter the amount paid/credited to the seller. If the payment is being made in 6. INTEREST FOR TDS DEDUCTED BUT NOT PAID Interest at the rate of 1.5% per month or part thereof, for the period from the date on which TDS is actually deducted/collected to the date on which such TDS/TCS is actually paid. Calendar month is considered in calculating interest therefore if you delay payment by one day, you have to pay interest for two months. For example, if TDS is deducted in month of July and deposited on 8th of August then you have to pay interest for 2 month i.e. July and August. Total interest payable shall be 3%. 7. PENALTY FOR LATE FILING OF FORM 26QB Along with the interest penalty is also payable at the rate of Rs. 200 per day for which the default continues. The penalty amount cannot exceed the amount of TDS to be deducted. And if the default continues for

12. Tax Deducted at Source instalment then enter the amount of the instalment to which this form 26QB is applicable Enter the amount paid or credited. TDS rate of 1% will get auto filled on the basis of the PAN number entered above. Enter the amount of the TDS and any interest or Fee which are being paid by using this Challan. g) Select e-tax immediately in case the payment will be made using internet banking or debit cards. You can select e-tax payment on subsequent date when the payment will be made using authorised bank branches. h) Enter the confirmation code and click on Proceed button. On the next screen name of purchase and seller will be shown along with all the details filled on previous screen. Click Confirm after cross checking all the information 4) An acknowledgement number will be generated and will be required in case if there are any changes in the challan filed. 5) If you have selected e-tax immediately then you will be redirected to the banking site otherwise a challan will be generated which can be deposited in any • authorized branch. Return will be considered as submitted only when the TDS payment is completed as the form is TDS challan cum TDS statement. • 9. HOW TO PAY TDS AND FILE FORM 26QB • 1. Go to https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp • 2. Click on Form 26QB. for TDS on property • - Roshni Pandey

13. The Goldilocks Rule: How to Stay Motivated in Life and Business minutes. By high school, his material had expanded to include a five-minute act and, a few years later, a ten-minute show. At nineteen, he was performing weekly for twenty minutes at a time. He had to read three poems during the show just to make the routine long enough, but his skills continued to progress. He spent another decade experimenting, adjusting, and practicing. He took a job as a television writer and, gradually, he was able to land his own appearances on talk shows. By the mid-1970s, he had worked his way into being a regular guest on The Tonight Show and Saturday Night Live. Finally, after nearly fifteen years of work, the young man rose to fame. He toured sixty cities in sixty-three days. Then seventy-two cities in eighty days. Then eighty-five cities in ninety days. He had 18,695 people attend one show in Ohio. Another 45,000 tickets were sold for his three-day show in New York. He catapulted to the top of his genre and became one of the most successful comedians of his time. His name is Steve Martin. The Goldilocks Rule The human brain loves a challenge, but only if it is within an optimal zone of difficulty. If you love tennis and try to play a serious match against a four-year-old, you will quickly become bored. It’s too easy. You’ll win every point. In contrast, if you play a professional tennis player like Roger Federer or Serena Williams, you will quickly lose motivation because the match is too difficult. Now consider playing tennis against someone who is your equal. As the game progresses, you win a few points and you lose a few. You have a good chance of winning, but only if you really try. Your focus narrows, distractions fade away, and you find yourself fully invested in the task at hand. This is a challenge of just manageable difficulty and it is a prime example of the Goldilocks Rule. The Goldilocks Rule states that humans experience peak motivation when working on tasks that are right on the edge of their current abilities. Not too hard. Not too easy. Just right. Martin’s comedy career is an excellent example of the Goldilocks Rule in practice. Each year, he expanded his comedy routine—but only by a minute or two. He was always adding new material, but he also kept a few jokes that were guaranteed to get laughs. There were just enough victories to keep him motivated and just enough mistakes to keep him working hard. -Swati Chaturvedi In 1955, Disneyland had just opened in Anaheim, California, when a ten-year-old boy walked in and asked for a job. Labour laws were loose back then, and the boy managed to land a position selling guidebooks for $0.50 apiece. Within a year, he had transitioned to Disney’s magic shop, where he learned tricks from the older employees. He experimented with jokes and tried out simple routines on visitors. Soon he discovered that what he loved was not performing magic but performing in general. He set his sights on becoming a comedian. Beginning in his teenage years, he started performing in little clubs around Los Angeles. The crowds were small, and his act was short. He was rarely on stage for more than five minutes. Most of the people in the crowd were too busy drinking or talking with friends to pay attention. One night, he literally delivered his stand-up routine to an empty club. It wasn’t glamorous work, but there was no doubt he was getting better. His first routines would only last one or two

14. Inner Peace in Daily Life To experience peace does not mean that your life is always blissful. It means that you are capable of tapping into a blissful state of mind amidst the normal chaos of a hectic life.” ~Jill Botte Taylor We all live busy life, finding peace and turning off stress is not easy but it’s equally important. Here would love to share few ways to find peace. • Be your own support system No one will ever tell you how to deal with your problems or what to do when you’re panicking. You have to sail your own boat. People could offer help but that’s not going to last forever. Therefore, be your own support system. • Take It as an Opportunity Every situation is an opportunity if you look for it. When life is hectic, it is an opportunity for you to train your mind to stay calm. • Acceptance: Stressing about being stressed is worse. Accept the stress and tell yourself — this is just the practice. Even bigger stresses will come in your life and you’ll handle them like a boss. • Learn the power of a smile Whenever you are laughing or smiling, something interesting happens. Not only does something happen on a • chemical level to make you feel better, but it also stops all stress and negativity from entering your psyche. A simple smile can make such a difference. • • Trust Your Decisions: Stop doubting your choices. Instead, thank it for leading you to a decision. If the choice made you feel relaxed and opened. • • Remember: There's a day tomorrow too. Sometimes you have a bad day. Or life interferes with your plans for the day. And so you don’t get what you had planned or hoped for done. The best way to handle such a situation is – • simply to kindly tell yourself that there’s a day tomorrow too and that you can get it done then. • • Keep learning: One thing that provides us with much stress in life is the fact that we always worry about not having all the answers. Just accepting that you do not know everything, and that you are open to always keep learning is a tremendous step to take towards achieving inner peace. Accept that life is one big journey of never-ending learning and you will find yourself closer to experiencing true peace within yourself. -Bhagyashree Sawant

15. Moments to Celebrate Mr. Gurudev Singh Namdhari – 2nd March Mr. Dharmendra Sathwara- 04th March Mr. Farhan Parkar- 13th March Mrs. Swati Chaturvedi- 17th March Mr. Pravin Gawde-19thMarch Mr. Vivekkumar Shah- 19th March Mr. Rakesh Borigam- 20th March Mr. Nikhil Seth Mr. Farhan Parkar

16. Thank You & Goodbye Until Next Time Visit us at: www.rama.co.in / www.ramaerp.in Dubai: M-01,Bank Street Building, Next to Citibank, Bur Dubai, P.O. Box: 120349, Dubai, UAE. Ph: +971 4 354 5186 / +971 4 352 9466 Mumbai: Unit 401, Hub Town Viva, Jogeshwari East, Shankarwadi Mumbai - 400060 Contact: +91 22 6223 1063 / 1060 www.linkedin.com/company/ram-agarwal-&-associates-chartered-accountants www.facebook.com/ramaitllp/