CA CMA Syam sundar

 Letter of Intent (LOI) vs. Letter of Award (LOA): Understanding the Legal Difference: In the world of contracts and project execution — especially in construction, infrastructure, and government procurement — Letter of Intent (LOI) and Letter of Award (LOA) are two terms that are often used interchangeably. However, their legal implications are entirely different.  1️⃣ Letter of Intent (LOI): Expression of Intention — Not a Contract An LOI signifies a preliminary intention of the employer to enter into a contract in the near future. It’s an indication that the bidder has been selected, but the final contract terms are yet to be agreed upon.  Legal position: An LOI does not create a binding contract unless it expressly or impliedly shows intent to be bound. Key Case Law: Rajasthan Co-operative Dairy Federation Ltd. v. Maha Laxmi Mingrate Marketing Service (1996) 10 SCC 405 The Supreme Court held that an LOI merely indicates an intention to enter into a contract in the fut...

  New GST Rule on Credit Notes – Effective 1st October 2025 The Finance Act (No. 7) 2025 ( Section 126 ), read with Notification No. 16/2025–CT, has introduced compliance for businesses issuing credit notes under GST. What Changes? Until 30th September 2025 – Suppliers can reduce their output tax liability on issuing a credit note (subject to customer declaration in case of post-sale discounts). From 1st October 2025 – Supplier will be permitted to reduce their output tax liability only if the registered recipient has reversed the corresponding ITC, if availed. Applicability Applies only to credit notes issued on/after 1st October 2025. Past credit notes (before this date) remain under the old framework, except post-sale discounts, where recipient’s ITC reversal declaration is still mandatory. The new compliance mechanism means Credit Notes flow from supplier's GSTR-1 to the customer's Invoice Management System (IMS) for acceptance. It can be proof of the ITC reversal ...

  To read financial statements, understand the balance sheet, income statement, and cash flow statement, and the notes to the financial statements. Analyze these statements by looking for trends across periods, understanding key ratios, and checking for consistency to get a comprehensive view of a company's financial health, profitability, and cash management. The Three Main Financial Statements 1. Balance Sheet: a. What it shows: A company's financial position at a specific point in time, detailing its assets (what it owns), liabilities (what it owes), and equity (owner's stake). b. Key equation: Assets = Liabilities + Shareholders' Equity. c. How to read it: Look at the types of assets and liabilities to understand liquidity and long-term debt. 1. Income Statement (P&L Statement): a. What it shows: The company's profitability over a period, summarizing revenues earned and expenses incurred to arrive at net income (profit). 2. Key elements: Revenue, C...

  What ITC Means Input Tax Credit (ITC) = The GST you already paid on your business purchases (inputs) can be deducted from the GST you collect on your sales (output). Example: You buy raw materials worth ₹10,000 and pay 18% GST = ₹1,800. You sell the finished goods for ₹15,000 and collect 18% GST = ₹2,700 from your customer. Instead of paying full ₹2,700 to the government, you subtract the ₹1,800 already paid → so you only pay ₹900. This system avoids double taxation. 🔹 Why a Last Date? The government fixes a last date (30th November of the next FY or earlier) because: To close accounts of that financial year properly. To avoid misuse of ITC after too much time has passed. To ensure businesses claim credits in a timely and transparent manner. 🔹 Why You Need to Pay If you don’t claim ITC before the deadline: You lose the right to set it off against your GST liability. That means you will have to pay the full GST amount to the government, e...

  Procurement & Purchase: 1. 𝗣𝗢 (Purchase Order) – A formal document issued by a buyer to a supplier to confirm a purchase. 2. 𝗣𝗥 (Purchase Requisition) – An internal request to procure goods/services before raising a PO. 3. 𝗤𝘂𝗼𝘁𝗮𝘁𝗶𝗼𝗻 (RFQ – Request for Quotation) – A request sent to suppliers asking for price, terms, and availability. 4. 𝗚𝗥𝗡 (Goods Receipt Note) – A confirmation that ordered goods have been received in correct quantity/quality. 5. 𝗜𝗻𝘃𝗼𝗶𝗰𝗲 – A bill sent by the supplier for delivered goods/services. 6. 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗧𝗲𝗿𝗺𝘀 – Agreed conditions on how and when the supplier will be paid 7. 𝗟𝗲𝗮𝗱 𝗧𝗶𝗺𝗲 – The time taken between placing an order and receiving goods. 8. 𝗦𝗼𝘂𝗿𝗰𝗶𝗻𝗴 – Process of identifying and selecting suppliers. 9. 𝗖𝗼𝗻𝘁𝗿𝗮𝗰𝘁 – A legally binding agreement between buyer and supplier. 10. 𝗩𝗲𝗻𝗱𝗼𝗿 / 𝗦𝘂𝗽𝗽𝗹𝗶𝗲𝗿 – The external party providing goods/services. 11. 𝗠𝗔𝗧𝗘𝗥𝗜𝗔𝗟 𝗠𝗔𝗦𝗧𝗘?...

  SAP FICO Technical Tables (with Names) 🔹 General Ledger (FI-GL) Table Description BKPF Accounting Document Header BSEG Accounting Document Line Items BSIS G/L Account – Line Items (Open) BSAS G/L Account – Line Items (Cleared) BSIK Vendor Line Items (Open) BSAK Vendor Line Items (Cleared) BSID Customer Line Items (Open) BSAD Customer Line Items (Cleared) SKA1 G/L Account Master (Chart of Accounts level) SKB1 G/L Account Master (Company Code level) 🔹 Accounts Payable (FI-AP) Table Description LFA1 Vendor Master (General Data) LFB1 Vendor Master (Company Code Data) LFBK Vendor Bank Details BSIK Vendor Open Items BSAK Vendor Cleared Items BNKA Bank Master Data 🔹 Accounts Receivable (FI-AR) Table Description KNA1 Customer Master (General Data) KNB1 Customer Master (Company Code Data) KNBK Customer Bank Details BSID Customer Open Items BSAD Customer Cleared Items 🔹 Asset Accounting (FI-AA) Table Description ANLA Asset Master Record (General Data) ANLB Asset Master Record (Deprecia...