Rama's Anubhav August Edition 2019

1. RAMA’S ANUBHAV August Edition- 2019

2. INDEX 1. Editorial……………………………..…..…………………………………………………….………………………..…..03 Mrs. Arifa Gumani 2. Changes introduced in CA examinations to be held in May 2019 & onwards…………….04 Mr. Akhilesh Yadav 3. ­­­­­­Data Management in Dynamics 365 for Finance & Operations………………………………....06 Mr. Syed Anees 4. All you need to know about Kerala flood cess………………………..…………………………....….08 Ms. Neha Shah 5.Chandrayaan-2 Launch………………............................................….…………………………..09 Mr. Ajit Jain 6.Fixing Finances at Fifty………………….……………….…….…………………………………….....…...11 Mr. Vikash Vasani 7. Moments To Celebrate……………….……………………………..………..…………………….…….….13 Ms. Anjali Singh Priya Mishra– Editor, Communicator/ Nammika Giddi - Creative & Art work

3. Editorial Dear Team RAMA, It’s always my pleasure to speak to you all, through this editorial. We, as a professional, some time achieve success and sometime we fail. So, let’s discuss success and failure. The only difference between success and failure is your perception towards them, how you handle both of them. To be very frank, success is what makes you happy when it comes to you. It changes your attitude towards everything. Everyone loves to be successful. As far as failure is concerned, have you ever thought, how do you realize that you’re successful in something? The simple answer is ‘after knowing what failure is’. Without failure, there’s no success because you’re going to be neutral anyway. Both are good in their place. You just got to learn how to deal with them. Failure motivates you to move further, it motivates you to be successful, provided your perception is clear and positive. People who know to deal with them are always happy. They either gain rewards from success or experiences from failure. In both cases, they ‘gain’ something. The exceptions are those failures that become stepping stones to later success. Such is the case with Thomson Edison whose memorable invention was the light bulb which purportedly took him 1,000 tries before he developed a successful prototype. When someone asked him, how did you feel to fail 1000 times? Thomson Edison responded that the light bulb was an invention with 1000 steps. Unlike Edison, many of us avoid the prospect of failure. In fact, we are so focussed on not failing that we don’t aim for success, settling instead for a life of mediocrity. Let’s take another example of Kentucky Fired Chicken. The real-life story of Colonel Harland Sanders who was disappointed umpteen times in his life and still made his dream come true late in his life is really inspiring. He is a seventh grade dropped out who tried many ventures in life but tasted bitter every time. He started selling chicken at the age of 40 but his dream of a restaurant was turned down many times due to conflicts and wars. Later he attempted to franchise his restaurant. His recipe got rejected 1,009 times before the final approval. And soon the secret recipe, “Kentucky Fried Chicken (KFC)” became a huge hit worldwide. KFC was expanded globally and the company was sold for 2 million dollars and his face is still celebrated in the logos. So, what we learnt from Mr. Colonel Harland Sanders to try hard and believe in yourself until you see success despite how many times you have failed. It is easy to become downtrodden and lose motivation when things don’t go as planned. Instead, use the failure as a mechanism to reset your perspective, make a mental change or embark on a new, much needed direction. Remember one thing friends, “Failure is a key ingredient to Winning”. -Arifa Gumani

4. Changes introduced in CA examinations to be held in May 2019 & onwards Students are hereby informed of the following changes that are being introduced with effect from the CA examinations to be held in May 2019 and onwards. Exam papers of both Intermediate and Final level exams (both under the Old and New syllabus) shall have Multiple Choice Questions (MCQs) to the tune of 30 per cent marks. The question papers in respect of the above-mentioned papers will have two parts, Part I comprising MCQs to the tune of 30 marks (each carrying 1 to 2 marks) and Part II comprising descriptive type questions to the tune of 70 marks. Introduction of UDIN and its applicability: In light of the recent cases of fraudulent actions and misconduct in auditing processes by even renowned firms like Deloitte, the Institute of Chartered Accountants of India (ICAI) has made it mandatory for CAs to mention the Unique Document Identification Number (UDIN) in all audit reports from July 1, 2019. UDIN is an 18-digit system-generated unique number for the identification of every document attested by practicing chartered accountants. ICAI issues five more internal audit standards: The CA institute has issued five more Standards on internal audit (SIA) to provide guidance to its members. These SIAs are particularly relevant in situations of internal audit of listed enterprise. The five SIAs are – Nature of Assurance, Objectives of internal audit, Using the work of an expert, Communication with management and Reporting results. The SIA on Nature of Assurance is a new one. How should a chartered accountant stay updated with all the amendments? As they say, “The study period of a Chartered Accountant never ends.” If you are not updated, you don’t have any value! • It’s your business to remain updated after all! Talking about amendments, there are a few common things which I have seen and would suggest: • ICAI Website • SEBI/RBI/Other websites • New Apps like TOI, Hindu, Financial Express, Bloomberg • Brainstorming

5. Changes introduced in CA examinations to be held in May 2019 & onwards • would be the last attempt for the Post Qualification Course on International Trade Laws & WTO. Further, the Council has decided that no fresh registration would be taken in the said course. • - Akhilesh Yadav • International Amendments: • The International Accounting Standards Board (Board) proposes to amend IAS 12 Income Taxes. The proposed amendments would require an entity to recognise deferred tax on initial recognition of particular transactions to the extent that the transaction gives rise to equal amounts of deferred tax assets and liabilities. The proposed amendments would apply to particular transactions for which an entity recognises both an asset and a liability, such as leases and decommissioning obligations. • ICAI has initiated foreign language courses in German, French and Spanish to • overcome the language barriers while dealing with foreign companies and also to meet the mandate of Government of India under Action Plan for Champion Sector. However, ICAI has not taken any decision to make the foreign language course mandatory for its members and students as published in some local newspapers. • The Council at its 382nd (Adjourned) Meeting held from 15th to 16th April, 2019 has decided to provide 3 more attempts w.e.f. November, 2019 to all the existing registrants subject to receipt of their full payment of fees. It may be noted that November, 2020

6. Data Management in Dynamics 365 for Finance & Operations The data management framework in Dynamics 365 for Finance and Operations, Enterprise edition is based on Data Import/Export Framework (DIXF). This tool, along with the other tools in LCS, helps the customers and partners to quickly set up their initial environment from blank data, manage the configuration data throughout the lifecycle of the project, plan and execute data migration, and move the data from one to another environment. There are several tools and concepts that constitute the overall data management platform in Dynamics 365 for Finance and Operations. Some of these tools are within the Finance and Operations application while the others are available in LCS. Let's learn about these tools and concepts. Data management concepts Let's first understand the various concepts used within the data management framework. The data management workspace • The data management workspace in finance and operations provides a single-entry point for the data administrator to configure, plan, export, import, and monitor data projects. The data management workspace is available in the Finance and Operations, system administration area, or from the dashboard. • The following screenshot shows the data management workspace in Dynamics 365 for Finance and Operations: The data management workspace has several functions that can be used to import data, export data, export entities to an external Azure SQL database, get list of data entities, set up roles, and facilitate other

7. Data Management in Dynamics 365 for Finance & Operations • used to perform the actual import or export operation. It contains the uploaded files, the schedule or recurrence information, and the processing options to use for the job. • A data job is created when the import or export operation is performed. The data job creates an instance of the data project and runs it. If you're doing an ad hoc import or export, then there's typically only one job for each data project. If it is being done multiple times with different data, then you can use the same data project to import data multiple times by using different jobs. • Data package – Data packages are key concepts for many application lifecycle management scenarios, such as copy configuration and data migration. A single compressed file that contains a data project manifest and data files. This is generated from a data job, and is used for the importing or exporting of multiple files with the manifest. Once a data project is defined, including the data entities and the mapping and sequencing between these data entities, you can then create a data package. The data package can then be used to move the definition of the data project Data entities Data entities provide a conceptual abstraction and encapsulation of the underlying table schema that represent the data concepts and functionalities. Data entities are the foundation bricks of a data management platform and serve many other purposes, such as integration, analytics, and office integration. Data project A data project is automatically created when you select Import or Export from the workspace and should have at least one job. It contains configured data entities, which include mapping and default processing options. A data project allows users to configure the entities that should be part of the project, and defines the format that is used for each entity. It allows users to define the mapping that is used from the source file to the staging, and specify the default processing options. Data job – This is a job that contains an execution instance of the data project, uploaded files, schedule (recurrence), and processing options. A data job is • from one environment to another. • Users can generate a data package from a data job. To create a data package, go to the Data management workspace, load the project that you want to create the data package for, and then select Download. This generates a zip file. • Conclusion: • This article reviewed the Data Management creation and use. also covered the complete lifecycle of Data Management and a custom data entity to illustrate that you can populate new table structures quickly and effectively using these tools. In addition, the potential for your use of these process in your operation expand the ability to automate data updates that range from very simple to complex. • -Syed Anees

8. All you need to know about Kerala flood cess • The said Cess shall be collectible on “Taxable Value” as per section 15 of CGST Rules of the outward Supply at the rates mentioned below- • (as per Table given under sub-clause (2) of Clause 14 of the Kerala Finance Bill, 2019 amended as on 19th July,2019) • Kerala Flood Cess is levied to raise the fund required for re-construction of State after the devastating flood occurred in the State during August 2018. • Kerala Flood Cess is applicable from the 1st August, 2019 onwards as per notification No. S.R.O. 436/2019 dated 29/06/2019 for a period of two years. • Kerala Flood Cess is levied under Section 14 of Kerala Finance Act, 2019. It is published vide Notification SRO.No.359/2019 published as G.O.(P)No.80/2019/TD dated 25-05-2019. • 32nd meeting of the GST council has accorded sanction to levy of Kerala Flood Cess. • Following are the insights: • Kerala Flood Cess is to be levied only on “Intra – State Supplies” made to “Unregistered Person”. • It shall be shown separately on the Invoice. • One-time registration need to be obtained from the website - www.keralataxes.gov.in. • Monthly payment shall be done and return in “Form No. KFC-A” shall be filed by the assessee on or before GSTR 3B through the above-mentioned portal. • Provided that Kerala Flood Cess (KFC) shall not be levied on:- • Supplies made by composite dealers as per section 10 • Supplies of goods and services or both made by a registered taxable person to another registered taxable person • Supplies of goods and services or both exempted by notifications issued under section 11 of the Kerala GST  Act 2017 • Details of Intra State Supplies made to Unregistered Person as furnished in GSTR 1 shall match with details of Form KFC-A. • Interest @18% will be applicable for delayed payment of Cess. • There shall be no refund of Kerala Flood Cess paid along with the returns. • - Neha Shah

9. Chandrayaan-2 Launch One of India's most ambitious space-based mission, Chandrayaan-2, took flight today. The brainchild of Indian Space Research Organization (ISRO), the mission will attempt to explore the south polar region of the Moon. It is a region hitherto unexplored by any country. Delayed yet undeterred The lunar mission, which was originally planned for July 15, 2019, was delayed when a 'technical snag' was discovered just before the final countdown. Chandrayaan-2 will reach its orbit with the help of GSLV MK-III, which is capable of carrying 4-tonne class of satellites to the Geosynchronous Transfer Orbit (GTO). Mission Check The tech being used The payload will include terrain mapping cameras to prepare a 3D map of the intended area, while a collimated large array soft x-ray spectrometer will map the majority of major rock-forming elements. An orbiter high resolution camera will capture high-resolution images of the landing site and an imaging infrared spectrometer will identify minerals along with signatures of hydroxyl (OH) and water (H2O) molecules in polar regions. "While there, we will also explore discoveries made by Chandrayaan-1, such as the presence of water molecules on the Moon and new rock types with unique chemical composition. The space mission will help us understand our natural satellite better, through complex topographical studies, and comprehensive mineralogical analysis. These studies will be performed by the lander, 'Vikram', named after the space luminary, Dr Vikram A Sarabhai, who spearheaded India's nascent space Programme. At the time of launch, the Chandrayaan 2 Orbiter will be capable of communicating with the Indian Deep Space Network (IDSN) at Byalalu, as well as with 'Vikram'

10. Chandrayaan-2 Launch Through this mission, we aim to expand India's footprint in space, surpass international aspirations and inspire a future generation of scientists, engineers and explorers", ISRO said in a statement.  Made in IndiaIndia's Central Tool Room and Training Centre (CTTC) has manufactured 22 types of valves for fuel injection and other parts for the cryogenic engine of the GSLV Mark III rocket. This Bhubaneswar-based institution had started manufacturing the parts for this particular lunar mission in March 2017. Elaborating on the seven assemblies manufactured by the CTTC for navigation and inertial momentum of the orbiter, Managing Director Sibasis Maity said these were solar array drive assemblies (SADA) to help the solar panels of the orbiter and lander; momentum wheel assembly (MWA), reaction wheel assembly (RWA), dynamically tuned gyroscope (DTG), ISRO laser gyroscope (ILG), mini advanced inertial navigation system (AINS) and rate gyro electronic package device (RGPD).  • Indian ingenuity ISRO wanted to test the rover, Pragyaan, on lunar soil-like substance so that the experiments on Moon go without a hitch. The moon's surface is covered with craters, rocks and dust and its soil is of different texture. A report by IANS explained that importing lunar soil like substance from the US was a costly affair. It was then ISRO looked for a local solution as its need was about 60-70 tones of soil. Many geologists had told ISRO that near Salem in Tamil Nadu there • were "anorthosite" rocks that would be similar to features of moon soil or regolith. The ISRO finalized to take the "anorthosite" rocks from Sithampoondi and Kunnamalai villages in Tamil Nadu for moon soil. The rocks were crushed to the required size and moved to Bengaluru where its Lunar Terrain Test Facility was located and the test bed created. • -Ajit Jain

11. Fixing Finances At Fifty How to ensure a financially secure retired life even if you miss planning early? Everyone dreams of retiring rich. But it is easier said than done as it ultimately will depend on your financial planning and how early you started. You may have slogged through your job to get the higher increment and promotions. But, did you put the money to work wisely? Today, the awareness about starting financial planning early is high. However, many still do not see the need for systematic investment and financial planning till in the later stages of their life, when expenses like a child’s higher education or wedding come up. Typically, you are at the peak of your career when you are around 50. In an ideal situation, you would have already accumulated a sizeable corpus in your investment basket. Perhaps, some of you just depended on the monthly provident fund contribution that the employer deducted from your account, hoping that it would generate enough in your kitty over time. But, given the way the costs are rising, it may be extremely inadequate to meet all the expenses. Then when you are nearing 50, the realisation strikes that the savings are just not enough and you start worrying about funding large expenses. More importantly, you will have to consider how you will maintain your lifestyle post retirement. The dreams of retiring rich vanish as reality strikes. But all is still not lost. Though financial planners advise starting early and staying invested over long periods of time, it is never too late. Where should you park your money? Should it be left in the savings bank account? Should you open fixed deposits with scheduled banks? Should you buy bonds? Should you buy stocks or invest in mutual funds? The financial maze is a lot more complex than you think it is. It is never too late to start; the big challenge is to have a mix to have a steady income while ensuring capital appreciation.” If you are a conservative investor, you might be inclined towards saving money in bank accounts or opening fixed deposits. But savings bank accounts typically offer an interest rate of 3.5 per cent to 4 per cent, which is taxable. If you consider the average inflation to rise at 3 per cent to 6 per cent rate, just parking your money in banks is not going to help you accomplish your dreams. Some people choose fixed deposits, which offer a higher interest rate. However, that is also taxable, and coupled with the annual rise in inflation, your returns will not be much. Remember that if you are starting late, you have a shorter

12. Fixing Finances At Fifty • That brings us to equity or mutual fund investments. Many people consider it as a risky option, particularly in the short-term. At 50, one would rather protect the money one already has. But the risk can be minimised by judiciously investing in a basket of quality equity funds, mixing it with debt funds of varied durations. • Once you have built a corpus, you plan and use it with care in your post retirement years. One avenue could be the Pradhan Mantri Vaya Vandana Yojana, which is a pension scheme by the government for senior citizens. The minimum age of subscription to this policy is 60, and the policy term is ten years. You will get a time horizon to invest and build a corpus. The Reserve Bank of India has already reduced its benchmark repo rate twice and the expectation is that there will be more rate cuts this year to jump-start a slowing economy. So, the interest rates that banks offer are likely to fall. Add to that the income tax you pay as per your tax slab and the inflation rate; your returns on bank deposits will look too little. Any income will be subject to inflation. So, if you are not beating inflation, then inflation will beat your capital. Traditional instruments like bank fixed deposits have lost their sheen due to falling interest rates.” • pension of 8 per cent for ten years. Another option is mixing post office senior citizens’ scheme and senior citizens' bank deposits with low-risk liquid funds, which will help meet any emergency needs. At the same time, some savings could remain in equity funds, which will provide the long-term growth. • “There are a lot of people who knowingly or unknowingly delay retirement planning, which can hurt them significantly in their post retirement life,” • “But it is better late than never.” • -Vikash Vasani

13. Moments to Celebrate Ritesh Mishra- 13-Aug Harshil Mehta- 24-Aug Ajit Jain- 29-Aug Prashant Pandey Ankita Gada Piyush Jain Kalpit Jain

14. 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/