rama’s anubhav · 2020. 2. 19. · rama’s anubhav january 2020 editorial g reetings dear...

RAMA’s Anubhav January 2020

RAMA’SANUBHAV

January Edition- 2020


1. Editorial……………………………..…..…………………………………………………….………………………..…..03Mr. Ankit Somani

2. Will Accountants be Replaced by AI in this Decade?....................……………………………..04Mr. Nitin Champawat

4. Understanding GST TDS..............................................................................................…....08Mr. Ajit Jain

5. The Citizenship Amendment Bill And How It Affects You………….……………………….……..10Mr. Abhishek Panegal

Priya Mishra– Editor, Communicator/ Nammika Giddi - Creative & Art work

3. Why Migration Is Important to your Business?...........................................................06Mr. Samit Mallick

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6. Sleepless Nights…………………………………………………….…………………………………………………12 Mr. Kalpit Jain

INDEX

7. Moments To Celebrate……………….……………………………..………..…………………….….………..14Ms. Anjali Singh


Editorial

Greetings Dear Readers!!Wishing you’ll a Happy New Year2020

The year 2019 has ended andreminded us that another yearof our life has blended intohistory. If January is the monthof resolutions, December is themonth for introspection. It is themonth to look back, analyze andfind out what we have achievedand what we further wish toachieve. It is also the month toaccelerate the pace to achieveone’s targets and goals. And forthe accomplishment of any goalin life, a person needs apersistent mind, vigorousendeavor and unshakabledetermination.

You have to cultivate thesequalities if you wish to ensure abright future and an honorableand worthy career. While facingdifferent situations in life, youhave to learn to practiceequitability and kindness. Equal-mindedness and a sense ofoneness with all, are thebenchmarks of a true humanbeing. You have to play animportant role to contributeoverall growth and progress ofour society, profession andcountry.“The difference between theimpossible and the possible liesin a person’s determination.”

For all those who have writtentheir November 2019 exams andexpecting results this month, Iextend my best wishes. I am surethat you shall come out withflying colors. This is period to de-stress your mind, to replenishyour vigor and vitality, toconstructively think and plan foryour career and professionalpursuits. You can seek guidancefrom your Principal, your Mentorregarding your professionalaspirations, technical / skilltraining and preparation forbetter career prospects.It is very overwhelming to noticevarious internal trainings,seminars and regular meetingsof team RAMA with suchenthusiastic contribution andparticipation from you all. Asprofessionals, we must attendthese trainings to enrich ourrepertoire. They are stepping-stones that exhort us to deviseour own mechanism to tackleproblems / issues, helping us toexplore new pathways tolearning. Remember, “Every wallis a door”.

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Every challenge is a hiddenopportunity beckoning you.It is said, “It’s not what you’vegot; it’s what you use thatmakes a difference”.Further, I would also thank youall for your continued supportgiven to contribute to all theeditions of Anubhav.Your motivation has helped usprovide continuous updates onall important regulatory andother matters for a little over 3years now. We would be happierto receive various queries,responses and comments to ourAnubhav which are a source ofmotivation. We will strive tocontinue this endeavor and alsostrengthen the “Newsletter”section with elaborated contenton recent regulatoryamendments and other Articles.That said – the requirement tostay abreast to regulatorychanges becomes veryimportant.Extending my heartiest bestwishes for a peaceful, warm andwonderful Year ahead!

-Ankit Somani


Will Accountants be Replaced by AI in this Decade?

In today's world wheretechnology has a solution foreverything, even the accountancysector hasn't remaineduntouched.Accounting software has createdthe fear that one day accountantswill become obsolete. AI hasmade working more efficient andeasier in every sector.The rate at which developmentand advancement are takingplace, it won't be a long timewhen AI will strengthen its gripon the accountancy sector aswell. Though it's been a long timewhen accountants used to giveup on their jobs, now they needto understand what they aretrying to skip.It is often said that AI is thefuture and it might be trueconsidering it has the capabilityto do almost all things thathumans are capable of as well.New technologies are beingdeveloped and launched in themarket every day and people aremore and more curious abouttheir implementation in varioussectors.Nowadays new software is ableto do human work easily, moreefficiently, and without anyhassle. Online Accounting hasgained a lot of popularity overthe years.What AI Does For Accountants?• AI uses Cloud Accounting. So,despite wherever you are in the

world, you will always haveaccess to your accounts.• AI has already started

handling various accountancyfunctions like tax preparation,payroll, audits, etc.

• Many Accounting Softwaredevelopers have alreadystarted incorporating AItechnologies to perform eventhe basic of tasks like bankreconciliation, invoicecategorization, auditprocesses and many more.

• It offers you the feature ofdoing multiple transactions ina single go. Not only does itsave time but it also reducesthe costs. Along with that,you can also keep track of allyour payments.

• Inventory Management is alsoanother spectacular featurethat will provide you with allthe information about thesales and stock market.

• Import and export of databecome easier withBookkeeping Software.

• The accounting systemdesigned by AI is more flexibleand less time- consuming.

How Can Accountants GetAhead Of AI?It is not a matter of technologiesreplacing accountants in theirfield of work, it is more aboutwhat more AI has to offer andhow we as humans and matchand get ahead of it.

As humans, one of our biggestplus points is human to humaninteraction. That is anirreplaceable commodity whichmakes the stepping stone to arelationship filled with trust.

It is important that the accountsbeware of the upcomingtechnologies and AccountingSoftware as well as their benefitsand repercussions. Though, it ispredicted that with theadvancement of technologiesthe lower level jobs will affectfirst. But it is a wakeup callnonetheless.Over time, a relationshipdevelops between the providerand the client. Accountants arefully aware of their client'sneeds. Accounts need to bemore efficient than BusinessAccounting Software. There aredifferent types of clients andthey have different needs. Suchpeculiar requirements will not beunderstood by first- and second-generation technologies.


To be given preference over AI itis important that accountantshave something unique to offerto their clients. Evolving intosomething like a businessadvisor to help your clients bydevising long term plans will go along way in making themirreplaceable in the market.

Humans should be well aware ofthe possibilities that theemergence of new technologieswill create for them. Outracingthe machines is hard and wastageof time. However, rummagingthrough the opportunities thatthese machines might create willhelp attract more client thanever.

Polishing your skillset will helpyou match these machines. AImight be a computer but let's notforget that humans are the oneswho created computers in thefirst place.

AI will take over the basic taskseasily, but it won't be able toreplicate human interactionsever. It will not be able tointerpret hidden assets that areinvisible to empirical data.

As humans, we are able to knowour strengths and weaknesses.There is always a scope ofbetterment as compared to amachine that as inbuiltcharacteristics leaving no placefor improvement.

Humans can also judge thesituation and interpret in aproper manner that will bebeneficial to not only the clientbut to themselves as well.

Situations are tricky and theyneed to be understood properlyto avoid messy encounters.

Humans are capable of readingother humans, an ability that notechnology possesses.Accountants have a specialrelationship with every singleclient. AI will never be able toachieve that level of trust andunderstanding. No robot canthreaten that. However, it isbetter to be prepared than to sitin the dark.

Accountants should be able toprove to their clients that theyare unique and that they are notthreatened with theadvancements taking place.Having a stronghold is important.Accounting Software might beefficient but accountants havedone intensive study and they areno less.

Final Note

Accountants need not bethreatened of completeannihilation but you need toshow that you are not someonewho is going to let a machinetakeover. It is impossible to stopdevelopment, new technologiesare going to keep on emerging,

however; you can have thepower to be in control of thechange. To use thesetechnologies in your favour andoffer services to your clients.

Accountancy is an intricatedisciple that requires a lot ofhard work to allow theaccountants to do what they can.Technology and humans canexist together. One doesn't needto wipe out the other toestablish dominance.

-Nitin Champawat

Will Accountants be Replaced by AI in this Decade?


Why Migration Is Important to your Business?

Migration to new software is adaunting task. Whether youwant to migrate to a newversion of the software whichyou have been using or wants tomigrate to another application,the process involves difficulty.Finding the rightimplementation partner is veryimportant for that purpose. Ifyou’re using Microsoft Navision,then you have the optionto migrate to Dynamics 365Business Central.

Why NAV Migration to Cloud?

If you want to migrate from NAVto the cloud then MicrosoftDynamics 365 Business Centralis the option for you. Dynamics365 Business Central is an all-in-one business managementsolution that enablesorganizations to upgrade fromtheir entry-level accountingsoftware or legacy ERP systemto one single, comprehensivesolution. Dynamics 365 BusinessCentral connects finances,operations, sales, and customerservice to streamline processesand automate workflows.

Dynamics 365 Business Centralprovides you to twodeployment options: -

• D365 Business CentralDeployment to Azure Cloud

• Dynamics 365 BusinessCentral as a SaaS

D365 Business CentralDeployment to Azure Cloud

Microsoft Azure is a cloudcomputing service created byMicrosoft for building, testing,deploying and managingapplications like MicrosoftDynamics 365 Business Central.Dynamics 365 Business Centralcan be deployed into theMicrosoft Azure datacentres.Microsoft may replicate customerdata to other regions availablewithin the same geography fordata durability. However,Microsoft does not control orlimit the locations from whichcustomers or their end users mayaccess customer data. Dynamics365 Business Central on Azureservices migrates currentcustomer workloads onto Azureto deliver the flexibility andfunctionality of cloud.

Following options are availablein this: -

• Less than 20 concurrent users

• VM types: D(s) or F(s) series.Premium Storage is a must!

• Set SQL Server with RAM usagelimit (50% SQL, 50%applications)

• If you’re using NAV Web Client,consider that it has a low CPUusage

NAV Service Tier and SQL Serveron separate Azure VMs

• More than 20 concurrent users

• Create VM1 for SQL Server andVM2 for NAV Service Tier

• SQL VM: D(s) or F(s) series, withPremium storage

• DS2v2 is ok for starting with SQLServer Standard Edition, whileDS3v2 is the starting point forSQL Server Enterprise Edition

• NAV/D365BC VM (service tier):E series

• Create the Azure VMs in thesame region


Dynamics 365 Business Centralas a SAASIn the SaaS model, the system ishosted in the cloud which ismanaged and maintained byMicrosoft professionals ratherthan traditional IT infrastructuremodel where your ERP system ishosted locally. This deploymentmodel, which is in the cloud, is amonthly fee per user. The back-end Infrastructure is managedby Microsoft and the software isaccessed through a browser.Business Central SaaS isgoverned by Microsoft’s ModernLifecycle Policy that ensures thatthere are continuous serviceupdates and a major update tothe product every 6 months, inApril and October. BusinessCentral SaaS is slightly morelimited in terms of scope forcustomization; however, you canstill utilize Extensions 2.0 toenhance your solution.

Navision Migration to BusinessCentral On-premiseD365 Business Central providesyou the flexibility to deploy it onthe premise. For this, you needto buy perpetual licenses whichmeans you own them outright,or through a subscription modelwhich is priced per user/month.Though, Microsoft Dynamics365 Business Central on-premises gives you morefreedom and control, however,you require expert time like usto keep the system wellmaintained and secure at alltimes.

-Samit Mallick

Why Migration Is Important to your Business?

http://www.navisionindia.in/services/business-central/


Understanding GST TDS

1. What is GST TDS?

Goods and Service Tax Deductedat Source (TDS) is one of theways to collect tax based oncertain percentages on theamount payable by the receiveron goods/services. The collectedtax is a revenue for thegovernment.

2. Who could be liable todeduct TDS under GST law?

• A department or anestablishment of the CentralGovernment or StateGovernment; or

• Local authority; or

• Governmental agencies; or

• Such persons or category ofpersons as may be notified bythe Government.

As per the latest Notificationdated 13th September 2018, thefollowing entities also need todeduct TDS-

• An authority or a board or anyother body which has been setup by Parliament or a StateLegislature or by a government,with 51% equity ( control)owned by the government.

• A society established by theCentral or any StateGovernment or a LocalAuthority and the society isregistered under the SocietiesRegistration Act, 1860.

• Public sector undertakings.

3. When will the liability todeduct TDS be attracted?What is the rate of TDS?

TDS is to be deducted at the rateof 2 percent on payments madeto the supplier of taxable goodsand/or services, where the totalvalue of such supply, under anindividual contract, exceeds twolakh fifty thousand rupees. Nodeduction of Tax is requiredwhen the location of supplierand place of supply is differentfrom the State of the registrationof the recipient.4. What are the registration

requirements for TDSdeductors?

A person who is liable to deductTDS has to compulsorily registerand there is no threshold limitfor this. The registration underGST can be obtained withoutPAN and by using the existingTax Deduction and Collection


Account Number (TAN) issuedunder the Income Tax Act. Thus itcan be said having TAN ismandatory.5. When and to whom should

the TDS be paid?TDS shall be paid within 10 daysfrom the end of the month inwhich tax is deducted. Thepayment shall be made to theappropriate government whichmeans:The Central Government in caseof the IGST and the CGSTThe State government in case ofthe SGST6. What are the provisions

relating to the issue of TDScertificates under the GSTlaw?

As in Income Tax Law, here alsothe person deducting tax has toissue the TDS certificate in formGSTR-7A to the concerned personwithin 5 days of depositing the taxto the government. Failure to doso will make the person liable topay a late fee of Rs. 100 per dayup to a maximum of Rs. 5000.7. How will the Value of supply

on which TDS shall bededucted be considered?

For purpose of deduction of TDS,the value of supply is to be takenas the amount excluding the taxindicated on the invoice. Thismeans TDS shall not be deductedon the CGST, SGST or IGSTcomponent of invoice.For Example: Supplier A makes a

supply worth Rs. 5000 to B. Therate of GST is 18%. When B paysA, He/She will pay Rs. 5000 (worthof Supply) + Rs 900 (GST) to A andRs. 100 (RS. 5000*2%) as TDS tothe government. So it can be saidthat TDS is not deducted on thetax element (GST) of atransaction.8. Which form is required to file

the TDS return?The person deducting tax isrequired to file a TDS return inform GSTR-7 within 10 days fromthe end of the month. WhenGSTIN of the unregistered supplieris not available, their name can bementioned. The robustness of thesystem reflects these filled-indetails in the electronic ledger ofthe supplier.9. What is the benefit of TDS to

the deductee (Supplier)?As stated above, there will anautomatic reflection in theelectronic ledger of the deductee(supplier) once the deductor fileshis/her returns. The deductee canclaim credit in his electronic cashledger of this tax deducted anduse it for payments of other taxes.10. How is Refund of TDS

possible under GST?If any excess amount is deductedand paid to the government, arefund can be claimed as this isnot the tax amount that thegovernment has a right on.However, if the deducted amountis already added to the electronic

cash ledger of the supplier, theamount so added cannot be gotback as a refund by thedeductor. Deductee can claim arefund of tax subject to refundprovisions of the act.

-Ajit Jain

Understanding GST TDS

https://cleartax.in/s/what-is-sgst-cgst-igst


The Citizenship Amendment Bill And How It Affects You

With promises of attempting totackle with the pains of Partitionand playing the role of themagnanimous sanctuary-providerfor those facing persecution, thenewest bill proposed by HomeMinister Amit Shah,the Citizenship (Amendment)Bill 2019, provides grounds toalter the broader parameters ofIndia as we know it. Whether forbetter or worse, is anotherquestion altogether.

What Is The CitizenshipAmendment Bill?

The original Citizenship Act, 1955within Indian law, bars all illegalimmigrants (persons who haveentered and resided in Indianterritory without supportingdocuments such as passport, visaetc., or persons who haveoverstayed their designated timeperiod in the respectivedocuments) from acquiringcitizenship in the country.

The proposed amendment seeksto change this, allowing a certaingroup of illegal immigrants to beeligible for citizenship if they areHindus, Sikhs, Christians, Jains,Parsis or Buddhists from Pakistan,Afghanistan or Bangladesh, whohave crossed into Indian territoryon or before 31st December2014.

Why This Exception?

The reasons, as explained by AmitShah in the Lok Sabha, arethreefold. First, are the dwindlingnumbers of these religious groupsin the three Muslim majoritycountries. Shah asserted that thefalling numbers prove theirvulnerable positions in their owncountries, and the necessity toprotect them. This is why itbecomes justifiable to grant themcitizenship and asylum in India. Incontrast, Muslims in Afghanistan,Pakistan and Bangladesh are notsusceptible to any such threatssince they are the majority, andthus, need not be endowed withany citizenship rights in India incase of illegal occupancy.

Secondly, Shah drew attention tothe corrective function of the actwith respect to the sufferingfaced by these groups duringPartition. Many Sikhs, Hindus,Parsis, etc. could not cross over tothe Indian mainland after it was

divided in 1947 into India andPakistan, and later with thecreation of Bangladesh in 1971.Their ancestral homes and culturalroots remain in this country, andthe amendment provides theopportunity to recuperate thesegroups.

Lastly, Shah also seemed to laysignificant emphasis on the factthat the Partition of the countrytook place on the basis of religion.Sub textually, he seemed tosuggest the fact that despiteIndia’s secular fabric, it remains apredominantly Hindu nation thatshould provide asylum to thosewho face endangerment withinIslamic countries.

How Does It Affect ExistingCitizens?

a) The North East

The North East is arguably thearea which has showcased themost opposition against this



move. The conservation of tribalidentities at the face of increasingmainstream population explosionand movement has always been apertinent issue in the North-Eastern states. This amendment,by

specifically identifying religiousgroups, encourages them tooccupy the Indian mainland atthe cost of endangering thealready marginalized tribalidentities.

The government has tried toincorporate a mechanism toprotect their identity by adding afourth criterion. Illegalimmigrants in certain tribal areasof Assam, Meghalaya, Mizoram,or Tripura included in the SixthSchedule to the Constitution, orareas under the “Inner Line”permit, i.e., Arunachal Pradesh,Mizoram, and Nagaland will notbe provided with the provisionsof the amendment.

One might be inclined to think ofthis as a solution, but a closerexamination is necessary. Giventhat these areas are the oneswhere India shares borders withother countries, this provisionseems instinctivelycounterproductive. Most illegalinfiltration occurs from theseregions. Denying them entry fromthese areas seems to workagainst the purpose of the bill—

to provide asylum. The fourthprovision and the basic purposeof this bill stand in conflict withone another.

b) The Rest Of India

The NDA government insists thatit does not affect on any other ofthe existing citizens in thecountry. When faced with thebiased nature of the amendmentthat purposely disregards Muslimillegal immigrants whilstpreferring those with alternatereligious identities, one majorarea the government emphasisedon was the fact that existingcitizens, Muslim or not, will notface any threat whatsoever.Therefore, the amendment doesnot violate the secular principlesof the nation. Rather, it providesfurther opportunities tosafeguard the interests of variousreligious groups with Indianroots.

But is the amendment asinnocuous as Shah and otherproponents of this move assure?Before coming to specificproblems, let’s just look at whatcauses illegal migration. Refugeestypically cross borders forsurvival. Religious persecution isone of the many reasons thatcause them to battle with theirlives. It is why Jews migrated inmass numbers out of the Nazi-occupied areas in Europe, why

Rohingyas are fleeing today fromMyanmar. However, there areother reasons for migration aswell, including poverty and hunger.

The search for a basic standard ofliving, of work, food and saferesidence are other motivators,especially when the same isn’tavailable in one’s own country.People have crossed over fromBangladesh to India mostly insearch of jobs and livelihoods or toavail health benefits. Why religiouspersecution seems morejustifiable as a threat to life thanother needs to earn one’s basiclivelihood has not been elaboratedon.

However, for the purposes of thisamendment, we are looking onlyat one motivator: facing religiouspersecution. Further, we arelimiting the ambit of scrutiny tothree Islamic countries. It isunclear why the government is notextending similar facilities to TamilMuslims and Hindus in the majorlyBuddhist Sri Lanka or Rohingya



Muslims escaping Myanmar. Onecould point out this move is alsodirected at the rehabilitation ofPartition victims, and thus, onlyaccounts for those countries thatwere born out of the same.

The inclusion of Afghanistan thenbecomes inexplicable. Alsonecessary to remember is thatChristians, Hindus, Sikhs, Parsis,Jains and Buddhists are not theonly ones facing religiouspersecution in these countries.One could point at thepersecution of AhmadiyyaMuslims in Pakistan or atheists inBangladesh. The magnanimousproject that this amendmentseems to profess is not one that ittruly espouses.

Many foundational points withinthe amendment—both the threecountries and the six religiousgroups selected are actually

inexplicable if one view it purelyfrom the lens of rehabilitatingreligiously persecuted groups.Another arbitrary criterion is thedate—31st December 2014. Fewpeople seem to be talking aboutwhy this random benchmark wasdecided as the make or breakdate for illegal immigrants.

Conclusion

This bill is the NDA government’sbest shot at providing Indianswith a solid identity base byrestructuring history and politics.It may claim it isn’t affectingcitizens in any way, but it isplaying a conscious and activerole in refiguring theirunderstanding of what it meansto be an Indian.

When one critically views theprovisions and reasons behindthe bill, it is clear that there aregaps. What binds it together is

the larger identity politics of theBJP within the Indian societalframework. And whether we liketo acknowledge it or not, most ofus who are willing to concede toits claims are those whosubscribe to the larger and moredangerous us vs. them rhetoricthat they are propagating.

-Abhishek Panegal


Night is the time when one tends to retire and rest,But here are some in whose mind so many thoughts makes nest.

A mother - concerned for her infants carePeaceful nights for her are very rare,Her love for her child is an amazing beauty,For this she awakes tirelessly as a sole duty.

A father - raising a family is far more challengingFather's keep their personal comforts and dreams for hanging,The whole day he keeps slogging and thinking,The night he spends are simply sleepless without blinking.

A student - when exams are nearingThe anxieties to perform well keeps them fearing,It's the time when one's entire year pays off,The sleepless nights they spend with no mood to lay off.

Old - as they say that old is gold

time of life which is very difficult to hold,

where the body loses its vital energy and strength,

Spending sleepless nights in pain at a length.

Lovers - loving someone is not an easy task

A lot of commitment and dedication it asks,

Where heart beats go at abnormal rate,

Night becomes sleepless in remembering one's soul mate.

Rich - Getting reach is of course a dream

The thoughts inside you to be rich always scream,

How to increase one's richness is a big curiosity,

Even being rich not let's one sleep out of insecurity.

Poor - a lot of hardships and life twists

to be poor is not in someone's wish-list,

Where life is only from hand to mouth,

Sleepless nights is the only layout.

Soldier - to secure the nation is their only oath

Life and own comfort they don't care for both,

Spending time with near and dear ones is rarity,

They spend sleepless nights to carry on their duty.

Sleepless nights............ -Kalpit Jain

Sleepless nights......


Moments to Celebrate

14

Vishal Mandani- 1st Jan

Gaurav Adani- 10th Jan

Khushboo Parmar- 12th Jan

Kapil Dev- 14th Jan

Abhishek Panegal- 16th Jan

Irbaz Qazi- 17th Jan

Arshit Jain- 18th Jan

Roshni Pandey- 19th Jan

Girish More- 22nd Jan

Ram Agarwal- 27th Jan

Praneeti Panchal- 31st Jan

Aditya Murarka- Sr. Analyst

Meghana Surve- Analyst

Dhvani Puthli- Sr. Consultant

Punit Kriplani- Article

Hitesh Kudtarkar- Sr. Analyst


Thank You&

Goodbye

Until Next Time

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Jogeshwari East, Shankarwadi

Mumbai - 400060

Contact: +91 22 6223 1063 / 1060

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Ph: +971 4 354 5186 / +971 4 352 9466

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Visit us at: www.rama.co.in / www.ramaerp.in

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rama’s anubhav · 2020. 2. 19. · rama’s anubhav january 2020 editorial g reetings dear...

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