Benefit of Seeing Pending Purchase Order Report — DAILY

Monthly Archives: June 2022

Benefit of Seeing Pending Purchase Order Report — DAILY

Benefit of Seeing Pending Purchase Order Report — DAILY

Pending Purchase order Register – YTD

1.    Is this circulated to the management by Email Daily ?, or
2.    Do you give a Printout, of this to Management Weekly ?

As per Finsys SOP’s ( Standard Operating Procedures), this is highly Recommended ( Almost compulsory).


Why ? See the benefits below.


100% Purchase orders will be ENTERED, and in TIME … Nothing “Oral”

* No order will be duplicate… since mgmt. will see / get it rectified
* No Purchase order will be incomplete…( 9 rows out of 10 entered…. since mgmt. will see / get it rectified
* No Purchase order will be Missing… since mgmt. will see / get it rectified
* Short closing of Purchase orders will be done regularly….. Suppose  Purchase order was 15000 kg, Vendor sent shipment of 14924 kg, … only 76 kg left… this is not be shipped usually, so, mgmt. will get this closed

so,

Correct PO position

+ Better Vendor Followup


100% MRR will be there

* No MRR will be Duplicate… since mgmt. will see / get it rectified
* No MRR will be incomplete…( 9 rows out of 10 entered) …. since mgmt. will see / get it rectified

* Again, Correct PO position


Thus, the Correct PO position, leads to

A) Better Purchase Planning …
B) Don’t miss any Production schedule, due to shortage
C) Avoid Excess Stocks, Avoid Shortages
D) Don’t forget followup of any Purchase orders, especially small ones


And thus we Create a Stronger Industry. A Stronger Economy. And, A Stronger India

Come make your company more Efficient, More Economical, More Powerful, More System Driven, More Effective

Use Finsys ERP Properly


Similarly, There are about 50+ such Reports, we have shown on the link below. Each Report is similarly, very powerful, very important.

We suggest you that you must use them .

Make your Business Better and Better


Ideas Courtesy : Making Business Better, the Consulting and System Audit Arm of Finsys Infotech Limited

New Order – Behror, and Neemrana, Rajasthan – ERP Software – Corrugation

Congratulations

, New Order placed on Finsys by a mid size corporate based in Behror in Rajasthan , with another plant in Neemrana , Rajasthan.

They are into Large Scale Corrugation Packaging. We are proud to share that they selected us based on our expertise in this Line. Our Past Experience, our Track Record, and In Depth Specialised Technology in this line.

Get the perfect protection with a wide range and premium quality of corrugated boxes. Two generations of experience in corrugated boxes is anchored in our deep commitment to quality. They are a one-stop solution for all of your corrugated boxes requirement – from the smallest pizza box to large refrigerator sizes.

Thank you Patrons,

TDS 194R – TDS on Perks like Travel vouchers, Gold Coins, Cars, Freebies

TDS 194R – TDS on Perks like Travel vouchers, Gold Coins, Cars, Freebies


Do you sometimes give Gifts to your Customers ?

on Diwali ?

on Marriage Like Events ?


 

Good, now please remember to take their PAN number, and take TDS also from them if possible, or pay from your own pocket this TDS and deposit it by 7th of next month.

One more thing, if you think, you will hide it ? …… In that case the expense itself will be disallowed. for non deduction of TDS


This new section 194R requires deduction of tax at source @ 10%, by any person, providing any benefit or perquisite, exceeding Rs. 20,000 in value, in a year, to a resident, arising from the business or profession of such resident and such benefit or perquisite is in the nature of income falling under section 28(iv) of the Income tax Act.


Disallowance Provision – IT Act

40(a)(ia) : In that case, 30% will be Disallowed.

Section 40(a) (ia)  says…… thirty per cent of any sum payable to a resident, on which tax is deductible at source under Chapter XVII-B and such tax has not been deducted or, after deduction, has not been paid on or before the due date specified in sub-section (1) of section 139

Note : Our this 194R is in Chapter XVII-B hence fully covered.

Example : Gift Given : Rs 50000 worth of Gold Coin. Dont want to Deduct TDS. Get this disallowed. And Pay Tax 22+sc+cess = 26% on the 30% of this coin = Rs 15000 x 26% = Rs 3900

so the Gold Coin is now costing not Rs 50,000, but Rs 53,900.


Penal Provision – TDS Rules

Plus, the implications under TDS rules, TDS non payment penalties, TDS interest, etc will continue…. there is no exemption, to that. That continues.


Effective from

The new provision part of the Finance Act 2022 will become effective from July 1.


Clarifications

CBDT. vide Circular No. 12/2022 dated 16.06.2022, issues guidelines for removing difficulties on implementation of Section 194R On guidelines on deduction of tax at source under.


The Central Board of Direct Taxes (CBDT) gave some clarifications


According to the guidelines, it is not necessary for the payer/deductor to check the taxability of the sum in the hands of the payee before deducting TDS by clearly distinguishing the principles governing TDS under Section 195 from the TDS under Section 194R.


  1. It is made clear that the benefit or perquisite covered under Section 194R can be either in cash or in kind or partly in cash and partly in kind.
  2. The nature of asset given as benefit or perquisite is not relevant and even capital assets given as benefit or perquisite are covered within the scope of Section 194R.
  3. CBDT categorically uses the phrase ‘of whatever nature’ on benefit or perquisite for fastening TDS liability on the payer.

 


Section 194R will apply to seller giving incentives, other than discount or rebate, which are in cash or kind e.g., car, TV, computers, gold coin, mobile phone, sponsored trip, free ticket, medicine samples to medical practitioners.


However, CBDT has provided a breather on sales discount, cash discount and rebates allowed to customer by excluding them from the purview of Section 194R as their inclusion would put the seller into difficulties.


This law was enacted via Budget / Finance Act 2022